How AI Is Transforming Finance

AI applications are gradually making up parts of our lives without even noticing it.

You might have already get used to asking Siri or Cortana to play a song or make a phone call without activate your phone by your hand.

  

That’s just one example of how AI is applied in our daily life. The application of AI is also seen in industries such as agriculture, autopilot, healthcare, security, education and almost all aspect covering people’s living and wellbeing.  

 

AI is also transforming the financial industry, rapidly.

 How is AI transforming finance? What are the applications of AI in the finance industry?

 

1) Biometric Identification

Traditional identification includes fingertip and Face ID. Now AI can tell who you are from the way you walk, your voice, and even your scent. And it’s been wildly used.

The problems of document fraud and identity theft in the Finance Industry now has a new solution. Biometrics can quickly identify and authenticate individuals in a reliable and fast way, and it provides helps with Anti-Fraud, adding service spectrum and offline data.

 

2) AI marketing

Similar to retail, AI marketing distribute goods based on consumer database and personas. The financial institutions have tons of first-hand data to dig into. With AI plus big data, a precise marketing platform is build.

 

3) Intelligent Customer Service System

Intelligent Customer Service System helps reducing labor cost. A securities company saved about $2 million per year starting the implement of AI since 2018.

 

 

4) AI Financial Advisor

AI can suggest the best investment portfolio for you based on your risk preference, financial condition, and earning targets.

 

What can investment bankers do now? 

Invest your time and energy into improving your social skills, and be innovative.

There are too much data and information. AI will process then in a more productive way. But the interpersonal information can only be acquired face to face.

And it means that as an investment banker, you need to be problem-driven, and be super creative to provide solutions.

(Images from the internet)