“AI’s influence will undeniably be far-reaching, with both winners and losers. Industries focusing on data analysis and decision-making – Financial Services, for instance, are likely to flourish, as AI can provide valuable insights, automate complex tasks and help with financial decisioning processes.

“If financial service providers can adapt their strategies to leverage AI capabilities, they’ll be able to better provide efficient and customer-centric solutions, such as implementing AI-powered chatbots and virtual assistants. AI can also assist by detecting fraudulent activities in real-time by analysing transaction patterns and flagging suspicious behaviour, among a plethora of other uses.

“Conversely, finance companies unwilling or unable to adapt to AI advancements might struggle to keep up with their competitors who utilise the technology to improve efficiency, security and customer satisfaction. Although AI’s impact will vary across industries, success will not be dictated by the industry a company operates in but by its ability to adapt, innovate and leverage the advantages of AI.”

Full Article: Dynamic Business