How AI is revolutionizing financial services

From customer service to risk management, artificial intelligence is ushering in the next financial revolution — as long as compliance issues can be addressed.

How AI is revolutionizing financial services
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Financial services firms are helping lead the way in adopting artificial intelligence, with banks expected to spend $5.6 billion on AI solutions in 2019, second only to the retail sector, according to IDC.

And the fruits for finservs could be considerable: McKinsey Global Institute predicts AI and machine learning could generate more than $250 billion in value for the banking industry.

Still, many financial firms remain cautious on artificial intelligence, thanks to potential financial, reputational, and regulatory fallout. Here, gaining greater insights into how AI systems arrive at decisions is key.

In the meantime, financial services companies seeking competitive advantage are rolling out AI systems to support customer service operations, undertake risk analysis, and overhaul marketing and sales processes. Following is a look at how several financial services firms are putting AI to work.

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