Why the banking and finance sector should not fear AI

As digital adoption hastens, there is now more data than ever. Just in 2020, data volume amounted to 59 trillion gigabytes globally and is expected to grow to more than 180 zettabytes by 2025. Yet, for all this abundance of data, the financial services industry remains surprisingly information-poor. Rapid change is needed if the industry is to unlock the riches of its data and turn what is currently a problem into an opportunity. 

Artificial intelligence (AI) can shine a powerful light on the huge volume of data that flows around financial institutions, allowing firms to harness the power of their data, unlock its value, and provide better services to their clients. However, fear persists over legal concerns and security of sensitive data. Despite this, AI has the capacity to drive a revolution in data processing and the sector should overcome its hesitation and abandon outmoded ways of operating, adopting innovative technologies with confidence.

In this whitepaperunderstand how the power of AI-enabled technology can help the banking and finance sector in harnessing data information to its advantage and overcome its concerns about AI.

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