Artificial intelligence: How it’s transforming financial services in UAE
Originally published in Khaleej Times (link below)
Apart from enhanced customer service, any financial institution can use AI to enhance its competitive position.
Being around for more than 60 years, artificial intelligence (AI) is now a part of our daily lives – be it chatbots, robo advisors, cognitive computing and much more that act as an aid to many financial institutions. For many businesses transforming technology means enhanced customer experience to make it as personalised as possible. It has proved to be faster, engaging organisations further helping them grow. AI is the key to successful business operations. Apart from enhanced customer service, any financial institution can use AI to enhance its competitive position and improve performance.
Each sector is adopting AI for example, banks use chatbox for advanced customer services, insurance holders to claim processing to streamline flow and erase frauds. These days AI is accepted widely around the globe since it is secure, efficient and saves cost by eliminating manual work to be done by the back office. Some of the techniques have been highly successful but the rapidly changing market environment points that a strategy cannot always be successful.
Taxing is one of the most complicated processes that mainly relies on human expertise because of which AI is being slowly implemented. Many companies have started using revenue models, even investment managers have started using AI tools that ask individuals a few questions and then generate a retirement strategy to best fit their needs and risk profiles. Many firms use AI for capital planning, natural language or graph processing to track transactions. For all businesses there is one question – how will AI shape the business?