By helping financial firms process both existing and new untapped unstructured data sources, AI will exponentially improve organizational productivity and create new forms of competitive advantage.

With the recent influx of regulations the focus of AI applications in FinTech has shifted to market surveillance, fraud and rogue trading pattern detection. These applications increase the demand for scalable real-time data services.

AI can be a great accelerator in insurers’ digital transformation journey to meet the expectations of customers and market. IDC expects the adoption to improve significantly in the coming years.

Many examples show the breadth of applications where AI will emerge as “utility in the future.” Bots and artificial intelligence in banking have the potential to reduce costs, expand skills, and improve the customer experience.

Artificial intelligence (AI) has the potential to significantly change the business of insurance by automating simple tasks to improve labor efficiency and provide real-time customer service via chatbots.

AI is changing the paradigm on product design and customer experience, underwriting and pricing, claims and fraud, and data driven decision-making. Already a reality, and growing rapidly.

A.I. is nascent in insur-tech and fin-tech, especially in asset management. The future will be entirely A.I. decision-making for investments, loans, credit, and claims because these industries are transaction/data rich.

The first generation of AI is only now emerging in various forms of fintech service offerings. It is crude and still in its infancy like e-commerce in the late 90s. The future state of AI in fintech will provide tremendous conveniences to everyone, every day.

Consumers, empowered by their AI-capable bots, will become rational financial beings – they will shop for banking and insurance services based on fees, rates and performance rather than loyalty, brand and hearsay.