From the days of bartering to maneuvering blockchain and cryptocurrency, we’ve come a long way with how money has evolved and there’s still much farther to go. With the AI boom, boundaries are being broken, and there’s no saying when a new technology will join the club and rule the roost.
The Banking and Financial Services Industry (BFSI) has always been a progressive one – we had the ATM machines replace bank personnel, we had digital wallets replace manual transactions and bank-to-bank transfers, and apps replace traders at the stock market. As an industry, the quest to improve upon the quality of life using AI is perennial. AI companies have their hands full in attempting to solve and improve fraud-detection and keep data secure, as financial risk analysis becomes integral to more and more companies.
Here’s a short compilation of how AI has influenced the Banking and Financial Services Industry to remain pertinent as ever!