How AI And ML Are Changing Finance In 2022
Exactly a year ago, we interviews Dmitry Dologukov, HES FinTech Co-Founder, for a Finextra article about his predictions and expectations of how AI was going to transform banks and fintechs. He featured 5 key areas back then:
- Process control and optimization (PCO)
- Refined customer service
- AI in credit scoring and churn prediction
- Enhanced security.
Most of these predictions turned out to be true or partially true, such as a lot more personalized online customer service or the use of AI in credit scoring.
It seems that not so much can happen in the industry within just one year, but Dmitry shared with Forbes Finance Council an updated vision on how AI and ML are going to change finance in the upcoming 2022.
In the article, he mentions that 2021 was surprisingly rich in rapid digital transformation caused that gained momentum despite fewer lockdowns worldwide. People got used to digital and more often require hybrid customer experience that is becoming the new normal. Trends are turning into industry standards, while AI and ML happen to be at the heart of this.
By 2027, the industry is predicted to have a 17.9% CAGR and $ 17,440 million net worth. The key question is: how will companies use AI/ML-powered tools to fuel their growth?
Dmitry is persuaded that the following four transformations are going to happen in the financial industry in 2022 due to AI and ML:
- Data analytics becomes more than just statistics.
- Conversational AI can become hardly distinguishable from chatting with real support staff.
- Low-code and no-code solutions make the power of Artificial Intelligence more affordable, and the market of AI/ML-based solutions — more democratic.
- The Metaverse impact on online finance can be estimated more clearly in 2022, and this may have a major effect on the cryptocurrency world and large providers of financial services.
In the full article, you can find explanations and suggestions on what fintech areas companies should focus on in the next year.
Read the full article on Forbes: