The Financial Services Industry has entered the Artificial Intelligence (AI) phase of the digital marathon, a journey that started with the advent of the internet and has taken organisations through several stages of digitalisation. The emergence of AI is disrupting the physics of the industry, weakening the bonds that have held together the components of the traditional financial institutions and opening the door to more innovations and new operating models.
How Artificial Intelligence is Transforming the Financial Services
AI is an area of computer science that emphasises on the creation of intelligent machines that work and perform tasks like humans. These machines are able to teach themselves, organise and interpret information to make predictions based on this information. It has therefore become an essential part of technology in the Banking, Financial Services and Insurance (BFSI) Industry, and is changing the way products and services are offered.