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AI and Cognitive Computing Transforming Financial Services
How AI & cognitive computing are transforming financial services?
According to 70% of financial services executives, artificial intelligence in finance and cognitive computing will notably transform their organizational structures by 2020. Adoption of artificial intelligence in finance is not to replace workers, but to help them perform their jobs better. This will impact every job in the financial service sector as well.
Artificial intelligence will change the financial industry on a much larger scale than what web or spreadsheets did a few decades ago. Workers in the financial service sector will leverage machines to enhance customer experience and augment decision-making. This will invariably lead to the creation of new opportunities and jobs. Relationship managers and wealth advisors are taking the help of cognitive technologies to reach new levels of responsiveness and expertise. It will enable them to transform loyalty and client engagement, drive operational excellence across capital markets, augment decision-making, banking, insurance, and assets management to name a few.
Choosing virtual agents over digital channels which are empowered by cognitive computing can help financial organizations see meaningful transactions in convoluted areas like brokerage and mortgages. Using cognitive computing, the financial industry can now address fraud and risk management more efficiently and effectively. Advanced predictive analytics and incorporating external and internal data is enabling the detection of fraud and emphasize on proactive prevention. Operations cost and IT are the two areas where much of the financial industry struggle, in terms of both productivity and predictability. Productivity gains are in demand and always given a substantial amount of spending from these areas. Cognitive computing is a new way of containing costs with exceptional optimization options which is possible through automation and cognitive tooling.