How AI is transforming the banking and financial services industry
Introduction
The banking and financial services industry is a fundamental component of the global economy and plays an essential role in the intermediation of economic resources, risk management and the facilitation of financial transactions. Over the years, this industry has undergone significant transformations in response to economic, technological, and regulatory changes.
Historically, banks and financial institutions have been the pillars of economic stability and capital distribution. However, in recent decades, increasing digitization and rapid technological evolution have profoundly altered the financial landscape. The emergence of new technologies, such as artificial intelligence (AI), has sparked a revolution in the way financial services are offered and consumed.
Artificial intelligence has emerged as a key tool for financial institutions to address a number of challenges and opportunities. From automating processes to improving the customer experience, AI has proven its ability to revolutionize the way financial services are delivered and consumed.
This whitepaper will explore in detail how AI is transforming the banking and financial services industry, identifying its applications, benefits, challenges and future prospects, in order to fully understand the central role that AI plays.