Artificial Intelligence is fast becoming a major technology for business transformation, shaking up every facet of many companies across many industries such as the finance.
While still in infancy, AI and its related technologies are now being leveraged by many financial institutions such as banks and investment houses. One example is the natural-language search engines and chatbots which enable banks to allow their clients to search information in a conversational manner. On a more strategic level, AI is also being utilized to identify and eliminate frauds. In fact, Citibank has recently acquired Feedzai, a data science company that can conduct large-scale analysis and identify fraudulent or suspicious activity by alerting the customer immediately.
However, aside from customer service and fraud analysis, another aspect of financial services that is set to be changed by AI is compliance. To know how AI can help financial companies stay compliant with various regulations through the help of AI, check the infographic below from TeleMessage.