FinTech LIVE: AI in financial services
AI is the big buzzword in almost every industry right now, perhaps none more so than the financial industry.
Financial technology has been on the rise for some years now, streamlining both back and front-end operations; adding AI to the mix, and the potential for further innovation in the sector is extrapolated to the nth degree.
In this forum from FinTech LIVE New York, we discuss how AI is already beginning to transform the financial services sector with AWS’ Global Banking Industry Strategist Sachin Tandon, and MSU Federal Credit Union’s Chief Digital Strategy & Innovation Officer Benjamin Maxim.
AI in Financial Services
For Tandon, the benefits AI can have on financial services are broad-ranging.
Focusing on the end-to-end user journey, Tandon believes AI has a hand in all stages of this journey.
“Financial service providers are enhancing every touchpoint of the customer journey, whether it be an onboarding aspect or services, enhancement is happening across the board.
“Throw in fraud prevention, AI is really benefitting in this too, helping stop fraud in real-time. Text extraction and document processing also are areas where AI is already starting to supplement providers’ offerings.”
Maxim adds: “Personalisation is a huge plus AI can bring to the financial services industry. We have endless data at our fingertips, and it takes a lot of power to be able to do something with that. AI and machine learning are the foremost ways to do something with this data.
“Using data in the right way can really help personalise experiences for customers of financial service providers.”
To watch any of our other speakers from Fintech LIVE New York, and our interviews from Money20/20 Europe, click the link HERE.
You can also look at our upcoming events, FinTech LIVE London and InsurTech LIVE, coming your way in November and October respectively.
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