Opinion | Finance firms near the moment of truth to truly embrace AI
According to Accenture research, the financial services industry is now the third most impacted by productivity gains achieved with the implementation of AI, behind only the media and telecoms, and manufacturing sectors
In today’s rapidly growing digital age, long-term survival and success are increasingly being linked with how “smart” a business can be.
And for financial services firms that means using technology to become more intelligent, and processes and systems that talk to each other and learn from one another.
Banks, insurers and wealth managers are pouring billions of dollars into artificial intelligence (AI), machine learning and other types of technologies that are already not only raising productivity levels, but reducing risk and actually creating new jobs.
According to Accenture research, the financial services industry is now the third most impacted by productivity gains achieved with the implementation of AI, behind only the media and telecoms, and manufacturing sectors.
The figures show that by 2035 its use should have resulted in an increase of US$1.2 trillion in gross value added, which measures the output value of all goods and services in a sector.