For federal agencies like the U.S. Department of Treasury, artificial intelligence is being implemented to better the customer journey, increase customer engagement, fight cybercrime activities, and more. This week hear from the Office of the Comptroller of the Currency on AI adoption, how AI will impact human employees, and what the future of AI in the finance and insurance sectors look like.
According to a recent Accenture survey, 86 percent of executives say they “anticipate that the pace of technology change will increase rapidly or at an unprecedented rate in their industry over the next three years.” This is especially true for the financial sector that is implementing AI from bank transactions to anti-money laundering technology – but what does this mean for employees?
While this technology improves customer experience and reduces risk for financial institutions, it isn’t a direct threat to current employees’ jobs. Humans and AI must work together to uncover relevant information and make an educated decision on risk and other threats. AI will most likely automate busy work freeing up employees for higher level tasks.
Read more here.
The ACAMS moneylaundering.com 24th Annual International AML & Financial Crime Conference showcased the transformation taking place in the financial industry due to technology. The conference brought together leaders in the government, finance, and law enforcement field to discuss the tech revolutionizing the financial sector.
“We have to bridge between the standard we have today that allows us to comply with the law and what the future looks like as we take advantage of new tools,” said Joseph M. Otting, Comptroller of the Currency at the Office of the Comptroller of the Currency (OCC). For financial institutions, navigating the expanding world of technology and the compliance that accompanies it can be a big challenge, but now is the time for the financial sector to embrace technology like AI and machine learning to combat continuous issues.
Read more here.
AI Enhancing Financial Services
AI technology in the banking, financial, and insurance market was worth $2.5 billion in 2017 and is expected to grow 30 percent by 2024. Combing AI, ML, and big data, financial institutions are leveraging this tech to improve customer experience, reduce costs, and fight money laundering activities.
For insurance companies, AI will help insurers asses risk, set premiums, and find new customers. Both the financial and insurance industries are sure to see changes in customer engagement thanks to AI. While this technology helps to improve businesses, it’s important to keep security top of mind.
Read more here.
