Artificial Intelligence provides $450 Billion opportunities in banking sector
It’s not only IT sector which is enhancing its wings towards Artificial Intelligence, but now Artificial Intelligence is providing $450 billion opportunities to banking sector. Through implementing some strategies, we can easily achieve these activities.
Across the financial services industry continues to proliferate amid considerable hype in providing Artificial Intelligence opportunities around the technology, and for good reason and is estimated at $447 billion by 2023
80% of banks are highly aware of the potential benefits presented by AI, banks with over $100 billion in assets say they’re currently implementing AI strategies, and 46% at banks with less than $100 billion in assets, AI use cases have already gained prominence across banks’ operations, with chatbots in the front office and anti-payments fraud in the middle office the most mature.
The back and middle offices of investment banking and all other financial services for that matter could also benefits from AI.
Winning strategies used by financial institutions so far in Artificial Intelligence are recommendations for how banks can best approach an AI-enabled digital transformation. AI applications offer the greatest cost savings opportunity across banks in frontend and middle office.