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With the advancement of technologies such as Optical Character Recognition (OCR), Natural Language Processing (NLP), Artificial Intelligence (AI), and Machine Learning (ML), we have seen a significant shift in how financial institutions are using technology to help support and engage with their customers. Changing customer expectations, fierce competition, increasing regulatory pressures and the strain to improve operational efficiency has seen the industry force itself into a reactive process where speed to market became even more vital for survival. Below we provide some thoughts and insights on emerging technologies impacting financial services.

The role of AI in an age of accelerated digital transformation in financial services

It is impossible to discuss the role of AI in financial services without highlighting that 2020 was hugely disrupted by COVID-19 and the ripple effect is expected to last for years. Financial Institutions digital transformation strategies previously defined for 2020 quickly unravelled, exposing the inefficiencies to react and respond quickly when the pandemic gripped the world at an unprecedented speed. The reality is AI is encountered by most people from morning until night.

 

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