Written by Volodymyr Sofinskyi, co-founder of Datrics.ai, a startup based in Sigma Software Labs.Volodymyr is a proficient Data Scientist and Machine Learning Consultant focused on bringing AI technology to the banking industry.
Adoption of Artificial Intelligence in the Banking Industry
The banking industry is one of the leading industries in terms of Artificial Intelligence adoption and according to IDC by 2022 over $5B will be spent on AI applications, including automated threat intelligence & prevention systems and fraud analysis & investigation systems. This is mainly due to AI’s ability to improve financial firms administrative and customer service levels, provide predictive analytics functionality, improve fraud detection, automate and accelerate core functions while saving money all at the same time. The Financial Brand states that adopting AI powered solutions is expected to save over $1T by the end of the decade in the banking industry worldwide.
With overall digitalization of the services and the increase of measurable data that can be collected and analyzed for each customer, data insights are as important as ever, in order to achieve efficient customer communication and reduce churn rates. With constant growth in the cost of new client acquisition and improved methods in increasing client retention, adopting an AI-powered solution ...
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