Nowadays without ‘Cutting Edge Technology’, you will never able to stand in this tough competition. And this is the reason from health to the wellbeing sector, everyone wants to embrace Artificial intelligence. But it is surprising to know that after the health sector, the finance industry has covered more than 18% business in Ireland.

You know that more data means more competition. And you can only retain the customers if you are providing them with good service. Without Artificial Intelligence (AI), improving service is next to impossible. It is predicted that the finance industry is going to spend millions of pounds by 2020.

The motive behind AI in the financial industry is to overcome many problems. We have discussed each area where this technology helps to build strong financial services. We would like to discuss some basic pointers that will help you to understand the concept of Artificial Intelligence.

  What is Artificial Intelligence?

The theory behind AI is to make computer smart so that they can perform the various tasks with more efficiency and accuracy. The machine with artificial intelligence does not require any manual control Or if they need, then it is for a short time.

Uses: It has captured the whole market. You can experience them in the health sector, wellbeing, finance industry and many more. The objective is to make work easier and providing better services to the customers.

Now, let’s have a look at the vital use of AI in the finance industry…

  Artificial Intelligence application in the Finance Industry

Employing AI in the finance industry, businessmen are receiving large profit in this cut-throat competition. The reason is that they are able to retain the customer just to improve their services.

 Provide better data security

Data is one of the most important things for a consumer. They do not want to share that with everyone but due to data theft that became a serious issue a few years ago. People are losing their personal information that creates so many problems but with AI everything gets back on the track.

Nowadays, accessing information is not that easy. You have to pass from several phases such as:

  Voice recognition

  Face recognition

  Fingerprint recognition

The machine will scan your face, voice or fingerprint and check on the database. If they find any record, then you can proceed. It assures the necessary level of security for online as well as within an office. You can see how difficult is to crack this system. It means that your customer’s data is fully encrypted.

 Solve complicated financial issues 

People often frustrated because of the financial crisis. And at that moment, they need good advice so that they can again establish a healthy financial environment. Financial industries, particularly those associated with Fin Tech lending, provide their helping hand with the use of AI. In this, some tools have been using that will help the borrowers to personalize the insights. Though, it requires human efforts too.

Once market lenders analyse your situation and then they will provide you with the best solution. For example, you are facing a sudden loss and you do not know what you should do. They usually do a proper analysis of your prevailing situation, and then use AI to enlist possible lending solutions. To clear it further example, suppose they have found out that your problem just need a small financial assistance, they may give you cash-in-hand option like doorstep loans Ireland .

This may be reason why more and more Irish people prefer to contact online lenders like EveryHour Loans, as they provide with extra benefits such as instant approval. Similarly, if the problem is big they may offer you a solution like long term personal loans.

 Mitigate business risk

Anti-money laundering is always being a part of tension for the financial industry. It is basically an illegal process of obscure the origin of money. And this introduces a huge risk to the finance industry. Here, Artificial intelligence is used to react faster to fraud and secure their clients. Isn’t amazing?

The best part is that many financial companies have used advance AI technique. It means your data is now more protected and safe.

 Reduce the time

Before introducing Artificial Intelligence, checking documents to providing approval was not an easy task. It takes too much time to handle all stuff manually. But after AI, the time gets reduced and people get fast loan application result, as we have discussed above.

By opting AI financial industry has been receiving so many benefits as you can see. This not only useful for large business but small start-ups are leveraging the technology.