Artificial Intelligence will “fundamentally reshape” the financial services industry for firms and consumers, says deVere Group.
Founder Nigel Green said: “Despite the lack of familiarity for most people, AI is a technology that’s transforming the way we do business, interact and, without exaggeration, how we live.
“It’s a wide-ranging tech that enables people to rethink how we integrate information, analyse data, and use the resulting insights to enhance our decision-making. AI is already changing the world and raising important issues for society, the economy, and governance.”
Green’s comments follow Microsoft announcing that its suite of productivity tools is being enhanced by AI software.
Chancellor Jeremy Hunt lent further weight to the technology when he announced that the UK will launch an ‘AI sandbox’ to encourage groundbreaking research into AI as it seeks to become a “science and technology superpower.”
Green said: “Whilst there are also concerns about the ethical and social implications of AI, such as privacy and bias, it has the potential to bring about considerable positive changes, not least in areas including healthcare, education, business, and public services. It will fundamentally reshape the industry for firms, consumers, and markets.”
According to deVere Group, AI chatbots and virtual assistants can help financial institutions offer round-the-clock personalised customer service and respond to client queries in real time. It could also help financial institutions discover fraudulent activities by analysing large amounts of data in real-time and identify unusual behaviour trends.
Green continued: “This will help financial institutions make better and faster decisions by analysing facts and figures and providing insights into potential opportunities or risks.
“We expect that algorithms can help financial institutions make more informed trading decisions by more accurately assessing market reports and, therefore, predicting future trends and patterns.”
Green also hopes that AI will help finance companies adhere to regulatory and reporting requirements by automating compliance processes and identifying potential areas of non-compliance.
He added: “By pushing the boundaries, improving efficiency, reducing costs, and providing better services to their clients, I’m confident that AI will change the financial sector for the better in more ways than in most sectors.”
