AI Becoming Core Component of Financial Services

According to a 2019 study by Forrester about half of financial services and insurance firms around the world are already using AI; “We are only scratching the surface of the potential that AI has for the industry,” says Katherine Wetmur, Morgan Stanley’s international Chief Information Officer, to the FT; AI is being used to automate menial tasks, fraud detection and even to help customers in an accident receive an insurance quote in minutes; the use cases across firms are increasing and chatbots are also becoming the norm which has helped firms handle larger call volumes during the pandemic; the technology is still in the early stages when it comes to voice, natural language processing is becoming more sophisticated but most tasks performed now are simple; “We are not at the level yet where machines have the equivalent intelligence of humans,” says Chris Skinner, a financial services consultant and author, to the FT. “But AI is getting more and more advanced every day.”; the impact on jobs to date has been positive, but the better the tech becomes the more likely job losses will follow. Financial Times.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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