AI in finance
The financial services industry has undergone a significant transformation in recent years, thanks to the advent of artificial intelligence (AI) technologies. AI has emerged as a game-changer, revolutionizing how financial institutions and banks operate, make decisions, and interact with customers. With its ability to process vast amounts of data, analyze complex patterns, and automate various tasks, AI is reshaping the landscape of financial services.
In our latest report, AI Applied: Financial Services, we explore the challenges and opportunities in the sector in greater depth. Our upcoming webinar, The Next Era of Finance: Harnessing the Power of AI, is a panel discussion with Globant thought leaders about how AI revolutionizes customer experiences and risk management processes in the financial services industry.
Lander Gamboa Sanz, Director of the Finance Studio at Globant, highlights three main benefits for companies adopting AI: quality, cost-efficiency, and speed.
As AI enhances financial organizations’ offerings and customer experiences, it can boost trust through omnichannel strategies and hyper-personalization. It streamlines operations, cuts costs, and automates repetitive tasks, freeing time for strategic digitalization focus.
Taking action: how can banks and financial organizations address the challenge of adopting AI?
While adopting artificial intelligence brings numerous benefits to banks and financial companies, it also presents several challenges.
AI algorithms heavily rely on quality data to deliver accurate and meaningful insights. Banks may face challenges accessing and integrating data from various sources within their organization. Lack of quality data or data silos can hinder the effectiveness of AI models and limit their capabilities.
Another crucial point for financial companies starting their AI journey is to embrace cloud solutions. Transferring a financial organization’s core digital systems to the cloud is a significant transformation; this is still unexplored for many of them. Financial organizations adopting the cloud must shift gradually, become aware of the benefits of cloud-based solutions, partner with cloud providers, and create cross-functional teams to involve both IT and business areas.
At Globant, we offer a holistic approach, helping companies in the financial sector understand the importance of including AI in their roadmap and implementing it to benefit their interests and needs. Our Finance and Data and AI Studios combine top industry knowledge with technological mastery to help financial institutions and banks leverage the power of AI.