Artificial Intelligence in Finance

Artificial Intelligence means the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.
Artificial intelligence is currently the cool kid on the technology block and everyone is vying for a seat at the popular table, where AI reigns supreme with its posse of algorithms and insights.
We’ve put together a rundown of how AI is being used in finance and the companies leading the way.
5 ways how AI has transformed the finance industry are:
1. Risk Assessment
2. Fraud Detection and Management
3. Financial Advisory Services
4. Trading
5. Managing Finance
AI in Compliance and Fraud Detection
Did you know that the regulatory compliance technology market is expected to be over worth over $118 billion by 2020?
Following the financial crisis of 2009, firms operating in the financial services are under immense pressure to be compliant with complex regulatory frameworks designed to protect the system against undue risk and fraudulent behaviour. The process of compliance is in itself long and arduous with mountains of paperwork and legal documents often involved. A prime example AI in action to help streamline the processes is JP Morgans implementation of COIN, a machine learning system that completed 360,000 hours of compliance work in seconds.

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