Artificial Intelligence (AI) is taking most of the sectors by storm, and finance sector is one of the beneficiaries. To a layman, AI basically is the ability of a machine or a computer program to perform functions in place of humans.
Of late, several finance companies have been making investments in AI and autonomous devices such as Robo-advisors and chatbots that allow them to provide a simpler and less time-taking experience to clients. Improving economic backdrop in the United States has made these investments easy, especially for banks, majorly due to lower tax rates and capital strength.
Let’s walk through where AI is being applied and the potential areas of its use.