It has been reported that 80% of banks recognize the benefits that AI can provide. Whether it’s personal finance, corporate finance, or consumer finance, the highly evolved technology that is offered through AI can help to significantly improve a wide range of financial services. For example, customers looking for help regarding wealth management solutions can easily get the information they need through SMS text messaging or online chat, all AI-powered. Artificial Intelligence can also detect changes in transaction patterns and other potential red flags that can signify fraud, which humans can easily miss, and thus saving businesses and individuals from significant loss. Aside from fraud detection and task automation, AI can also better predict and assess loan risks.
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