Today’s finance industry is racing to embrace artificial intelligence. As consumer expectations are on the rise, the finance industry is deploying chatbots to bring new insights and efficiency to tasks.
The largest spenders on AI are banks with an average of $77 million per company in 2015. In fact, chatbots will be handing at least 85% of all customer service interactions in banking in 2022, according to a recent analyst report by Juniper.
Not only will chatbots be available to help customers 24/7 to organize their personal finances, but they will also help with expense tracking and alerts, managing business expenses for tax deductions, and perform simple online transactions.
Some finance companies that have already been using AI in 2015 reported 17% increase in revenues and 13% decrease in costs. When chatbot use is further fostered, the industry will gain a better understanding of customer behavior which will allow a more accurate and adequate responce to their needs.
Financial industries mostly use AI in IT, followed by the department of finance and accounting, customer service, sales, corporate levels, marketing, and R&D.
The use of AI and chatbots will boost financial services and help in regulatory and systemic risk surveillance which are key benefits for the financial stability.
If you would like to learn more about the use of AI and chatbots in industries, please read our guide on AI and chatbots.