How will the finance industry be impacted by AI?
Artificial intelligence (AI) is very much a reality in the 21st century and its influence has become intrinsically linked with the fortunes of many sectors.
That influence is now particularly pervasive in financial services where the landscape has changed seismically in just a few short years, with early AI adopters being handed a vital competitive edge, not to mention a considerable saving.
The benefits of implementing an effective AI strategy are wide, potentially laying the foundations for heightened efficiency, better working practices, and freeing up staff from repetitive admin tasks, in turn allowing them to target fresh growth.
Ever more disruptive landscape
Such a competitive edge could be a vital one if institutions want to continue to deliver the services that their customers demand in an ever more disruptive landscape.
Key examples of the benefits of AI in finance are:
- Credit scoring based on a faster, cheaper, and more accurate assessment thanks to AI’s ability to leverage complex data to reach a better informed decision. Objectivity is also greater than that of a human as there is no bias involved
- AI’s ability to battle fraud is considerable thanks to its analysis of behaviour, location and buying habits. It can spot suspicious or simply different activity, in turn triggering an alert when typical patterns change. This can equally apply to money laundering
- Arguably AI’s biggest benefit has been in the area of personalised banking. Virtual assistants can help to quickly solve problems while reducing the burden on call centres. Furthermore, apps are able to provide sound advice and planning based on an individual’s financial activity
- Risk management is another strong and burgeoning area of performance for AI. With sophisticated algorithms in place, the history of risk cases can be analysed, allowing issues to be detected early and averted
- Of course, process automation represents a quintessential element of the AI offering. Suddenly, repetitive admin is massively reduced for humans, as is the potential for errors. It also means that humans are better deployed where they can make a significant difference.
So what does the future of AI in finance look like, and will it impact the recruitment process?
Demand will remain high
Firstly, demand for financial services staff will remain high, and particularly so for AI and machine learning experts. This will be a key area of education and training investment.
Where the recruitment process is concerned, AI is expected to make the process more efficient by analysing many CVs in a short space of time and quickly defining a shortlist of the best candidates.
Against this unprecedented backdrop of change, Momenta has continued to provide leading people for a range of financial projects.
Momenta’s sector expertise and approachability is perfectly placed to help you find the best employment opportunities.