Banking on AI

Financial sector spending on Artificial Intelligence technology is growing rapidly, with estimates suggesting that investments, that are currently at about $45 billion, will cross $126 billion in 2028.

Operational efficiency is, most often, the low hanging fruit. Financial service organisations are automating routine operations – data entry, transaction processing, customer service, reconciliation, reporting etc. – to save millions, dramatically improve turnaround time, and slash error rates. Back-office activities, such as document checks and customer identity verification, are being performed using AI, ensuring faster, cleaner processing at lower cost. At the front-end too, AI tools are automating a variety of time-consuming manual tasks.