Haunted by visions of robots compiling information and spitting out numbers as you wonder what happened to your once booming financial services firm?
You won’t have to surrender to any robot overlords.
In fact, jobs in financial services — tax preparation, auditing, consulting — are about to get more efficient. That’s because machines eliminate manual data entry and provide instant insights, leaving you and your business development team with more time to ensure ongoing loyalty and drive new business.
What is AI?
Artificial intelligence (AI) is technology that collects information and learns from what it stores, enabling computers to perform tasks that normally require human intelligence. Financial institutions have been investing in it for years. One study found that 32% of financial services executives were already using AI. That number will continue to increase, since according to MIT Boston Consulting Group, 79% of executives believe AI not only leads to a competitive advantage but also an increase in productivity.
But keep in mind that while AI cuts a lot of corners for your employees, it doesn’t eliminate their roles or responsibilities. AI is only as good as the data and people behind it. It is up to you and your team to determine how AI can fit into your organization, from automating processes to improving the customer experience.
Read on to discover how your financial services firm can leverage AI to drive your business to unprecedented heights.
7 Ways to Leverage AI in Financial Services
According to Tech Emergence, global financial services firm JP Morgan Chase has implemented AI-powered technologies to analyze legal documents and extract critical points and clauses. What took 360,000 hours of manual labor annually can now be done in seconds.
But once again, that doesn’t mean less work for you.
It means you can redirect your efforts to the more human side of your job and take the information you get from AI to provide clients — and more of them — with meaningful information that resonates. This allows your firm to become more client centric, which is the real reason firms are able to withstand the test of time.
2. Market Analysis
Understanding consumer and business decision makers is crucial for success. AI-powered market analysis offers a more efficient and effective way to aggregate data for real-time insights and total traceability into the entire customer journey, providing your company with invaluable strategic planning market intelligence.
3. Relationship Scoring
Financial services firms run on relationships. How can your business development team make interactions with potential and existing clients more valuable? Relationship scoring provides instant insights into where you stand with prospects and existing clients so that you can unlock new opportunities and protect key accounts. And with AI, you can fine tune your organization’s scoring algorithm and alerts to be sure your team takes appropriate action at the right time.
4. Client Support and Service
Where clients once navigated through several pages on a website, they now initiate a simple conversation in an automated chat environment to find answers to common queries. They can perform day-to-day transactions 24/7 and even get smart recommendations from AI-powered chatbots. This improves the financial lives of your customers but also rids employees of repetitive tasks, so they can challenge themselves with more rewarding problem-solving activities.
In addition to automating labor-intensive tasks like data entry, AI can extract information from invoices and purchase orders that go into auditing systems, so you can focus more time delivering analytics and insight on a machine’s output as part of your role. With the heavy lifting being performed with AI, auditors are free to investigate potential gaps that may pop up during an audit.
6. Risk Assessment
Cognitive computing can handle massive data sets from past projects — the kind that don’t fit neatly in a spreadsheet — and use advanced algorithms against a proposed project to analyze indicators of known and unknown risks. Companies who anticipate and proactively manage risk stand to gain significant competitive advantages.
Your AI-driven tools successfully collect and enter critical, far-reaching data about prospects and customers every day. Now what? Most employees lack access or time to gather it all into coherent data sets. The same technology can empower sales and business development professionals to make sense of it all and act on the data they’ve collected, often in the click of a button.
Technology Helps Firms Win
Innovative technology solutions help firms become more efficient and close more deals. Uncover more ways to elevate your financial services firm by embracing new technology trends.