The term artificial intelligence (AI) has been around for 60 years. However, thanks to recent advances in big data, improved computer processing speeds, cloud computing, and open source software, AI technologies are now being more widely adopted. In sectors such as banking, investments, and insurance, companies continue to adopt these technologies to improve their products and services.
Why is AI becoming more prevalent?
AI has become increasingly prevalent in everyday life, from contesting parking tickets and finding new recipes, to IBM Watson diagnosing cancers better than any human doctor can. Here at Aigen, we are confident that the current surge of interest in AI is far more than just hype. We are seeing AI deliver tangible and reliable benefits to business that it has never done before; AI is being applied rather than theorised, and much of it is ready to use.
How is this impacting financial services?
The financial services (FS) industry is no stranger to computerised systems and programs. Robotic Process Automation (RPA) has long been implemented as a means to help organisations improve efficiency. However, with the rise in AI technologies, there are other areas in which FS firms can leverage the power of new tools to give themselves a competitive edge.
Each sector applies AI differently. In insurance, AI can be used to streamline the claims process, which is currently labour intensive and full of frictional cost. High street banks are using chatbots as part of their customer service engagement. In asset and wealth management AI adoption has been slow, but that is rapidly changing. Advances in computer processing power have enabled organisations to analyse customer data at a level not previously possible. Anti Money Laundering (AML) teams are using AI to better identify and tackle fraud.
The question is, how successful have these applications of AI been? Are they actually delivering real value and return on investment?
This publication contains a collection of articles from the Aigen team which set out to answer these very questions, based on our own experiences and what we’ve seen in the market.