The impact of Artificial Intelligence in the financial and banking sector

AI ML development services have disrupted the physics of the finance industry, weakening the bonds of conventional financial institution components and opening the door for innovation and new operational models. With a renewed interest in AI/ML development services motivated by generative AI, the finance and banking industry found its way to the forefront of AI integration, demonstrating one of the highest adoption rates across the industry.

McKinsey’s latest CFO pulse survey reveals that AI tools generate insights that reduce the need for manual analysis. Among many functions that use AI across the finance industry, 71% of respondents indicate that AI tools have boosted overall productivity, and 54% say that they have improved the data-driven decision-making process. This is primarily attributed to the widely adopted conventional AI. In 2023, the finance industry invested around …<Read More>