How much time do you spend at the bank or ATM? Is that time well spent? This article explores five financial services that use AI to improve their customers’ everyday lives.
AI has transformed many industries over the last decade. Now, banks, insurance companies, and other financial institutions are also using this technology to develop new ways to serve consumers. From payment processing to account management, these companies are finding innovative ways to meet customer demands.
1. Amazon Pay
Amazon is one of the most recognizable brands in the world. It’s a retail juggernaut known for its dominance in e-commerce and cloud computing. The company recently entered into the banking industry by launching Amazon Pay.
2. Capital One
Capital One says it uses machine learning to identify spending patterns across different categories. Then, it suggests budgeting tools based on those habits. For example, if you’re consistently buying coffee every day at Starbucks, Capital One might suggest you set aside money for a weekly treat instead of splurging on lattes each morning.
Fidelity is another big name in financial services. The company offers brokerage, retirement planning, mutual funds, and more. It has used AI to create a digital advisor called “Digital Wealth.” The tool helps clients plan for long-term goals such as saving for college or retirement.
4. JPMorgan Chase
JPMorgan Chase is the largest bank in the United States. It’s been around since 1825, and it’s still growing today. In fact, the company just announced plans to invest $100 million into fintech startups working on blockchain, cryptocurrency, and other innovations.
UBS is one of the oldest banks in the world. It traces its roots back to 1644. Today, the company manages $2.7 trillion in assets from over 30 countries. In September 2018, it launched a new robo-advisor product that combines algorithmic asset allocation with human financial advisors.
In conclusion, we’ve explored five examples of how artificial intelligence is being used in the financial services sector. Just about all business ventures use some sort of AI to operate their finances, ranging from stores, online casinos such as https://www.gamblingsitesreview.com/ and even food outlets. These applications range from helping people save money to investing decisions. As AI becomes increasingly ubiquitous, businesses will find new ways to leverage it for competitive advantage.