Artificial intelligence is revolutionizing the field of financial services. As banks use artificial intelligence technology to reduce costs and meet growing customer demands, the need for manpower will be significantly reduced. Advances in assisting customers with computing technology, machine learning, voice recognition, and face recognition have revolutionized financial services.
Algorithmic trading systems now control 75% of all transactions worldwide and are expected to increase steadily. Algorithmic trading tools in financial markets have created a great competitive advantage for investment companies, so that in a short period of time they have been able to completely eliminate traditional companies from the market. The reason for this competitive advantage is the use of computers instead of humans.
The effects and capabilities of artificial intelligence and robotic banking are admirable. The ability to perform basic financial and banking operations with robots that operate and learn automatically and are upgraded will transform the systems of banking support units. If AI and robotic banking can communicate with customers, for example, do customer banking, they will have a huge impact.
Some online lenders in banks and financial institutions use artificial intelligence to speed up the lending process and examine hundreds or thousands of features such as transaction data and financial data to determine a person's credit value in a short period of time. This intelligent lending system is also learning while continuing to operate.
Fraud detection is one of the areas that has been able to provide very successful and accurate results by using artificial intelligence. In fact, AI can learn and control customer behavior patterns and thus detect fraud. Detection of fraud is one of the most important issues in the field of financial services, and systems based on artificial intelligence have been the most successful in it.
Artificial intelligence has a variety of applications in the field of financial services, one of the most important of which is wealth management consulting, which can analyze large volumes of data; Provide financial advice tailored to each individual's circumstances, and create financial plans tailored to each individual's circumstances. Smart wallets can help people manage their wealth and assets by learning and controlling their spending habits to help them develop better financial habits.
The insurance industry is advancing towards the use of artificial intelligence technology in its processes, and considering that this industry has always been associated with the production of large volumes of data, the use of artificial intelligence in it has been very useful and this technology has been able to provide valuable services. To the industry. Among the benefits of using artificial intelligence technology in this industry are premium personalization, automated underwriting, hiring virtual assistants, customer-specific marketing, asset tracking, fraud detection, and more.
Proposing systems are among the most important applications of artificial intelligence in the field of financial services. These systems use the past data about users or data obtained from the bank, such as funds and investment strategies, etc., to offer the best offers to customers. Bidding systems are equipped with precise artificial intelligence algorithms and have created a huge change in the customer-oriented cycle of banks and financial institutions by processing their big data and fast calculations.