Potential Gains from AI in Finances Approach One Trillion Dollars

Artificial intelligence is pushing new boundaries—unequivocally disrupting every industry.

To capitalize on this new technological frontier, financial companies are heavily investing large sums of money and time in developing sophisticated AI algorithms across every sector of the financial industry—from regulatory initiatives to credit scoring and much more.

And the prerequisite for effectively optimizing AI is actionable data.

With a plethora of transactional consumer information, banks and credit unions are well positioned to fully take advantage of AI capabilities. But are financial institutions using data effectively and in a timely manner? The effective use of AI technology enables financial institutions to put the depth and breadth of their financial data to use—leading to new perspectives and a deeper understanding of customers’ needs.

As the financial industry landscape continues to evolve, we’re already seeing the number of fintechs using AI grow (exceeding 100 today); as well as the largest banks proactively using data-driven AI technology to acquire new customers while boosting retention and loyalty with their existing customer base.

The bottom line is that financial institutions have the data to power robust AI initiatives. How is your financial institution leveraging data-powered AI to win?