AI Only Scratching the Surface of Potential in Financial Services

By Financial Times

Financial services companies are becoming hooked on artificial intelligence, using it to automate menial tasks, analyze data, improve customer service and comply with regulations. About half of financial services and insurance firms globally already use AI, according to a 2019 study, and that number is expected to grow as new uses are found for the technology.

Insurers are also using AI to analyze large amounts of data and identify connections and anomalies, simplifying an insurance agent’s task of determining whether a claim may be fraudulent.

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