The Impact Of AI On Finance

If there is one technology that has taken the world by storm, it has to be artificial intelligence. Artificial intelligence or AI is the use of machines to accomplish tasks that would traditionally not be possible without human interference. AI involves building models that learn from that data that is fed to them. Over time, these models can accurately predict values, classify variables and do much more. Several companies such as Clinc, are now invested in developing AI-based solutions dedicated to the finance sector.

AI in finance

AI is slowly transforming operations in several sectors, and finance is not an exception. How can AI help the finance sector?

Consider banks and other financial institutions that lend loans. A problem arises when they provide loans to people who are later not able to repay them. Machine learning is a branch of AI that can help in this aspect.

Using classification algorithms, banks can use a customer’s past data regarding credit score, disposable income, credit history and classify them into the high-risk or low-risk category. This way, financial institutions can avoid high-risk customers who are likely to struggle with repayment.

With prediction algorithms that are trained to detect unusual patterns, fraudulent cases in the finance sector can be minimised.

Conservational AI

Clinc – a force of innovation

Finie and IVR are some of the solutions that Clinc has developed. These solutions are similar to chatbots – just several times smarter! AI-based solutions are an example of how AI is revolutionizing customer service.

Finie is a virtual assistant that is built to help bank customers with all their finance-related queries. The customers will in no way feel that there is a lack of human interaction. What makes Finie intelligent is that it can remember important details from a conversation. Also, the assistant will retrieve the information when necessary.

The bottom-line

As the popular saying goes ‘Change before the change changes you,’ it is better to adapt to AI before it becomes the norm.