Since the onset of the digital revolution in the 1990s, FinTech has played an increasingly vital role in streamlining operations for financial institutions. From online bill pay to mobile banking apps and biometric security features, technology is now a dominant factor in the way account holders interact with their financial service providers. In the past decade, this technology has been driven more and more by software and platforms that use artificial intelligence (AI).
AI allows institutions and lenders to leverage multiple technologies to analyze data, foresee solutions, and make decisions. Now that most banking has gone digital, financial institutions are seeking to fine-tune their AI strategies, which will drive the adoption of AI technology even further in the industry.
Because it greatly increases efficiency, AI technology can help reduce expenses for financial institutions. In fact, AI is projected to reduce bank operating costs by 22% in less than 10 years, potentially resulting in $1 trillion in savings by 2030. In this blog post, we’ll discuss how AI tech is helping financial institutions increase efficiency, reduce costs, and improve their account holder experience.
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