Businesses that are watching the trends and changes of 2017 will be able to quickly implement new tools and strategies for greater success. While some trends are in their infancy, others are mainstream. In our new series, we have a weekly look at the business trends that will help drive growth in 2017. Today, we put Artificial Intelligence in the spotlight.
Financial services to embrace Artificial Intelligence
Chat-bots. Personal assistants. Robo-advisors. Machine learning. Cognitive computing. While the term artificial intelligence (AI) has been around for 60 years, it has finally become part of our daily lives — and how we bank, invest, and get insured.
With advances in big data, open-source software, cloud computing, and processing speeds, more financial services firms will use cognitive computing and machine learning to perform advanced analysis of patterns or trends. For example, firms may use AI to help spot non-standard behaviour patterns when auditing financial transactions. Firms may also use AI to sift through and analyse thousands of pages of tax changes.
We expect to see firms use AI more often with processes that rely on machines to make very specific decisions. We’ll also see companies modelling how customers might react to various scenarios, testing assumptions on users’ digital twins.