The phrase “disruptive technology” is thrown around a lot these days, but there’s no industry where its effects can be more keenly seen than banking. With the rise of digital-only fintech companies like Monzo, Iwoca, and eToro, traditional banking is being forced to step up and compete. But with fintech companies developing so rapidly, how can banks keep pace? Well, one option is machine learning, or ML. Here are just a few ways that machine learning can help banks stay relevant.
The energy industry is going through a major period of transition. Countries around the world are being forced to move away from traditional fuel sources such as coal, oil and gas, and are instead focused on the continual development of the renewables sector.
However, when it comes to making the most of this relatively new form of energy generation, it is essential to embrace equipment, technologies and processes that can increase efficiency levels across the board. To that end, machine learning is crucial.
You have probably heard of or encountered artificial intelligence (or AI) technology in large financial institutions. Recent technological advancements have increasingly made AI a powerful and essential tool in the sector. In fact, the prospects of AI-based systems in the banking sector have never been greater. However, not every bank understands the key considerations that should be made before implementing such systems. Remarkable precision at the planning stage is needed before implementing changes to avoid possible losses and inefficiency. Even as you dial up your initiatives to implement cutting-edge AI technologies in your bank, it is important to make the following considerations:
Throughout the years, data has been a vital cog in the wheels of the insurance sector. What has disrupted our current setting is the amount of data generated and the speed at which machines are processing the data to unravel new insights. Through artificial intelligence and machine learning, the insurance industry is slowly undergoing a rapid transformation in several ways. We’ll look at some changes below:
If there is one innovation that has dramatically shaped the future of the financial services industry throughout the entire value chain, it is artificial intelligence (AI). The technology has spread rapidly across the financial sector and has greatly revolutionised banking.
Let’s look at five ways AI is already transforming the banking industry: