Artificial Intelligence (AI) is being increasingly adopting the range of applications in the Financial services sector. It is necessary to maintain safety and protection of data in this particular field.AI had reduced the cost of financial services and made financing convinent avial to the consumers and the investors too.Financial vendors and institutions are using machine learning models to access credit quality,to price and market insurance contracts, and to automate client interaction.
Both public and private instituions are using AI technology for Regulatory compliance,surveillance,data quality.
As there is constant push for cashless economy and wireless transactions,there is always a risk of getting the data stolen or unauthorised transactions as well as duplication of data
AI has a lot of scope and future in Financial services in particular fields as
- Financial data Analytics
- Risk Assessment
- Fraud Detection and Management
- Financial Advisory Services
Brontobyte Analytics is working on designing models which could be useful widely in this particular field