Artificial Intelligence (AI) is a powerful tool that is already widely deployed in financial services. It has great potential for positive impact if companies deploy it with sufficient diligence, prudence, and care. Artificial Intelligence is a constellation of many different technologies working together to enable machines to sense, comprehend, act, and learn with humanlike levels of intelligence.

Artificial Intelligence works by extracting meaningful insights from raw sets of data and provides accurate results. This information is then used to solve complex and data-rich problems that are critical to the banking & finance sector.

Artificial intelligence in finance is transforming the way we interact with money. AI is helping the financial industry to streamline and optimize processes ranging from credit decisions to quantitative trading and financial risk management. Financial institutions are using AI-powered solutions to unlock revenue growth opportunities, minimize operating expenses, and automate manually intensive processes.

There are many benefits of using AI in financial services. It can enhance efficiency and productivity through automation; reduce human biases and errors caused by psychological or emotional factors; and improve the quality and conciseness of management information by spotting either anomalies or longer-term trends that cannot be easily picked up by current reporting methods.

However, if organizations do not exercise enough prudence and care in AI applications, they face potential pitfalls. These include bias in input data, process, and outcome when profiling customers and scoring credit, and due diligence risk in the supply chain. Users of AI analytics must have a thorough understanding of the data that has been used to train, test, retrain, upgrade and use their AI systems.

What can we expect in the future? There are high hopes for increased transactional and account security, especially as the adoption of blockchain and cryptocurrency expands. Blockchain will become part of the core business platform, enabling transactional transparency across a wide variety of business functions. In turn, this might drastically reduce or eliminate transaction fees as a result of removing the “middleman” in transactions.

Some of the known Work Flow & Productivity Tools

Analysis & Conclusion

• BlackLine
• Integrify
• Zvolv
• Ulimus
• Trintech
• AlignBooks
• Catalytic
• Blue Prism
• Finly
• Zoho Books
• Blue Prism
• Automation 360