Artificial intelligence is here to stay, and 2017 will be about the adoption of ML/AI by the FinTech community and beyond. Experts agree that FinTech companies will harness this technology to make better decisions and offer improved solutions – they will make use of predictive analytics to break down big data and analyze large volumes of consumer information.
Henri Arslanian, PwC’s FinTech and RegTech Lead for China/HK, emphasizes a particular area of focus for AI adoption, saying, “While the focus in the media is often on AI replacing human fund managers or traders, the most pressing use cases may be cost reduction or compliance issues – where AI helps banks in their anti-money laundering or employee misconduct detection efforts by replacing costly functions that are currently done manually by humans.” A variety of financial institutions have turned from words to actions, adopting ML/AI in various areas of operations. One of the latest and probably most vivid indicators of transformative processes in banking is Goldman Sachs, which brings significant automation into areas of trading like currencies and futures using complex trading algorithms, some with machine learning capabilities.
https://letstalkpayments.com/ai-most-defining-technology-banking-industry/
unknownx500
