How Artificial Intelligence is Disrupting Financial Services

by Nirmal Patel Degital Marketing Manager

There have been a plethora of movies, books and scientific discussions which have assumed the roles of cautionary tales, in order to warn the world about artificial intelligence. Technically, it is a subset of the field of machine learning, wherein there are technologies which help machines, help make the human a lot more simpler and efficient and thereby also scientifically advanced. There are about 60% of the people, who belong to the millennial population, who actually believe that AI is out there to help us and would ensure in the creation of an entirely new world system for the world civilization.

It may be so, because where 1 in 5 individuals is apprehensive about the entry of AI, there are a major amount of others, likely 40% of the entire human demographic, which believes that AI is definitely here to do some good work. So far, it has proven to be an asset for many companies working in the fields of military, home technologies as well as in media, advertising and marketing. Artificial Intelligence is definitely come to show its many benefits including, effective completion of tasks, increasing the amount of productivity in the work place as well as doubling the efficiency of predictive analysis in the spheres of business.

One thing is certain that AI is bound to improve the way people go on doing their jobs in the professional lives. This correlated to the fact that many companies today, have begun to adopt AI in the most rapid of manners and those who shy away from this, are sure to bear some major amount of losses. Take for instance the field of Financial Services, which includes everything from investments, portfolios, assets and wealth management. This field has seen a remarkable application of Artificial Intelligence in it over the past few years.

Earlier, many of these financial services firms used to employ expert professionals and depend entirely on their ability to interact with customers, in order to help get them to invest in the most lucrative of assets. There has been an increasing amount of development in this field these days presently because of the fact that there happen to robo-advisors, who base their deductions on the study of algorithms that help them out with assisting the customers with various aspects of investment banking. It is believed that by the year 2020 these robo- advisors will be able to manage about 10% of the global assets.

Artificial Intelligence has sort of encouraged the entry of the field of Fintech in the industry. Fintech or Financial Technology has brought in a host of interesting changes in the way the stockbrokers trade, the businesses take place and the way the consumers go ahead and purchase essential items. This is ensuring that everything becomes much easier to manage, store and work with. This is why the world of industry today, is faced with an increasing need for professionals who have the expertise of working with Artificial Intelligence. This is why many students seek out training institutes like Imarticus Learning, which can train them in similar line of work.