radial gradient
mx-logo

< Back to Blog

Potential Gains from AI in Finances Approach One Trillion Dollars

June 1, 2018 | 0 min read

thumbnail

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?

Tags:

Artificial Intelligence

Fintech

Related Blog Posts
thumbnail

Harnessing the Power of AI for Fintech Innovation

March 10, 2023 | 1 min read

Among the disruptions 2023 so far, ChatGPT has made impressive headlines. AI is disruptive because it introduces a new process.
thumbnail

What’s Your Why? Defining Product Development Success

December 13, 2022 | 1 min read

It’s crucial for product teams to define and remember the reason behind building the product in the first place.
thumbnail

How Open Finance Fuels Innovation and the Democratization of Data

May 3, 2022 | 2 min read

Daniel Haisley, Apiture EVP, Innovation, and Lauren Flickinger, Truebill Product Director, share benefits of open financial data at our MX Product Forum.

Sign up to receive the latest news, announcements, and event info from MX.

envelope with airplane