The growing impact of artificial intelligence on financial institutions
Artificial Intelligence (AI) is the rage right now. It is difficult to open any mainstream publication without seeing some type of article about this technology.
Finance is an industry that is leading the charge in terms of implementation. Being a numbers-based system, it lends itself well to the existing level of AI capabilities. What is not so easy is the fact that many financial institutions are trying to implement these newer systems on 1980s computers. This is causing a problem for many of the traditional financial institutions.
The change is occuring at a fast pace. Are we looking at a situation where some of these long-time institutions are already passe? Is there still time for them to catch up to the newer FinTech companies that are not having to deal with legacy architectures?
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Although Finance is an industry that is leading the charge in terms of implementation.
But the financial system of many countries still Sceptical about the implementation of digitization and AI...and they must accept it as soon as possible
Many financial institutions have already started implementing digitization and AI.... Data science is the buzz now a days
It's one of those times when you innovate or get left behind.
Great post!
Thanks for tasting the eden!
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