Author: Lisa Shields
Publisher: Inside BIG DATA
Publication Year: 2020
Summary: The following article talks about how over the past few years, the financial services industry has made huge strides in adopting new technologies like artificial intelligence (AI) into its workflow. The cache of data that banks can access holds endless potential to create valuable new products and experiences for clients. But with the right business practices in place, banks can reap the benefits of AI while keeping customers in control of their data and protected from its misuse. According to a recent report from Business Insider Intelligence, banks could see an estimated $447 billion in cost savings by 2023 from AI applications. Business banks are also using AI technology to detect and prevent payments fraud, aid in underwriting assessments and improve anti-money laundering (AML) and know-your-customer (KYC) regulatory checks. New AI platforms are helping financial institutions stop money launderers, while saving them time and money in the long run.