Financial institutions in SG will be exploring bigger and wider digital transformations in 2019 via AI platforms. Artificial intelligence, also known as machine intelligence, is one of the many innovative platforms widely used by financial companies in Singapore because of its vast technology potentialities: can cut costs, provide human and systemic efficiencies, boost customer experience, promote loyalty and returns. (E&T)
AI is no ordinary programming tool that provides answers or results to your issue, rather a holistic tool that performs tasks and thinks like that of a human. It includes planning, understanding language, recognizing objects and sounds, learning and problem-solving. (medium.com)
What exactly is AI doing or will do to the finance industry in 2019?
Risk Assessment
AI’s very basis is learning from past data that is why it is able to make recommendations for next steps forward, less possibility of mistake and analyzing vast volumes of data; AI has established automation to the areas which require, intelligent analytical and clear-thinking.
Fraud Detection And Management
It has reduced risk conditions that surround the financial processes. Undoubtedly, AI is on top when it comes to security and fraud identification, using use past spending behaviors on different transaction instruments to point out odd behavior, such as using a card from another country just a few hours after it has been used elsewhere, or an attempt to withdraw a sum of money that is unusual for the account in question.
Financial Advisory Services
Robo-advisors are the new financial consultants and we can expect more of them in 2019 as financial institutions see a decrease in rates in commissions on individual investments. Same with bionic advisory, which combines machine calculation and human insight to provide options that are more efficient than what individual components offer.
Trading
Having AI tools to accurately predict the future and determine data anomalies from which trading and investments greatly rely on is a must. These tools can crunch a large amount of data in just a short time and can observe patterns in past data and forecast how the same may occur in the future.
Managing Finance
AI is helping almost every one of us manage our finances. PFM (personal finance management) is one of the latest features of the AI-based wallet, building algorithms to make consumers make smart decisions about their spending.
