“It is clear that Artificial Intelligence (AI) is the next big wave in computing, but it’s even bigger than that. It’s poised to usher in a better world, on the order of major transformations before it, like the agricultural revolution, the industrial revolution and the information age, accelerating solutions to large-scale problems, unleashing new scientific discovery, extending our human senses and capabilities, and automating undesirable tasks.”
– Mike Blalock, General Manager, Intel Financial Services.
All major executives, businessmen and companies are placing heavy bets on artificial intelligence and how it will reshape financial institutions. Recently, many banks have made heavy investments toward including AI-enabled functions onto their online portals. JPMorgan Chase & Co., Citi Bank, Goldman Sachs, Morgan Stanley, Wells Fargo, BoA Merrill Lynch, PNC, and Capital One have all made many acquisitions and added various AI, interpreting, and machine learning functions onto their platforms.
Below is what executives say about the importance of the convergence of AI and finance:
“I have never been more excited about the opportunities ahead. Our focus on innovation and aggressive optimization to meet new challenges will continue to result in dynamic changes to our operating model as we best position our businesses for the future.” – Matt Zames, CEO, JPMorgan Chase & Co., Annual letter 2016.
“AI technology allows us to take an experience that would have required our customers to navigate through several pages on our website, and turn it into a simple conversation in a chat environment. That’s a huge time-saving convenience for busy customers who are already frequent users of Messenger.” – Steve Ellis, head of Wells Fargo’s Innovation Group
“We want to be there for customers in the moments that matter most. Incorporating artificial intelligence into our mobile banking offering will help customers manage their simple banking needs more efficiently and consistently, which then allows our specialists in our financial centers to spend more time with customers to understand their more complex needs and help them improve their financial lives.” -Thong Nguyen, president of Retail Banking, Bank of America
“The future of financial services will be transformed by those who can successfully leverage APIs to connect consumers with best-of-breed providers, Citi Ventures is pleased to support Clarity Money, which is committed to responsible finance and is empowering consumers via APIs with actionable insights and third-party products that can help improve their financial health.” – Luis Valdich, Managing Director at Citi Ventures
It’s no secret that AI is reshaping how business ease the lives of customers; and this is just the beginning. With more and more advancements, AI will likely change the future of the financial institutions and how people manage their money.