Artificial Intelligence and Finance

Finance Industry

 If there's one technology that's paying dividends, it's AI in finance. Artificial intelligence has given the world of banking and the financial industry as a whole a way to meet the demands of customers who want smarter, more convenient, safer ways to access, spend, save and invest their money.

 Few companies who are using AI in their businesses are:

 ZestFinance is the maker of the Zest Automated Machine Learning (ZAML) platform, an AI-powered underwriting solution that helps companies assess borrowers with little to no credit information or history.
Industry impact: Auto lenders using machine-learning underwriting cut losses by 23% annually, more accurately predicted risk and reduced losses by more than 25%, according to ZestFinance.

 Different Sectors of finance using AI:

 MANAGING RISK

Time is money in the finance world, but risk can be deadly if not given the proper attention. Accurate forecasts predictions are crucial to both the speed and protection of of many businesses. 

 QUANTITATIVE TRADING

Quantitative trading is the process of using large data sets to identify patterns that can be used to make strategic trades. Artificial intelligence is especially useful in this type of trading.

 PERSONALIZED BANKING 
Traditional banking isn't cutting it with today's digital savvy consumers.
A study by Accenture of some 33,000 banking customers found 54% want tools to help them monitor their budget and make real-time spending adjustments. Additionally, 41% are "very willing" to use computer-generated banking advice. 


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