Artificial intelligence is rapidly spreading across industries that rely heavily on data — which covers virtually all industries. The financial services sector is no exception.

Some studies show that 52% of financial services industry executives are currently making “substantial” investments in artificial intelligence (AI), and 72% of business decision-makers believe that AI will be a business benefit in the future. Machine learning (ML) has become a perennial competition in fintech, creating almost infinite possibilities as it grows and develops.

With this in mind, read on more about some of the areas where financial institutions are developing machine learning capabilities.

Also Read:Artificial Intelligence Solutions For Banking and Finance Industry

Customer service

Customer service is an integral part of banking and other financial services for the foreseeable future, which is why machine learning is so important in this area.

For example, to process and call automation, JPMorgan Chase, Bank of America, Citibank, PNC and US. Many large banks, including the bank, are focused on improving customer service in the region while increasing revenue.

Security and fraud detection

It is always important to identify security and fraud in the financial sector for obvious reasons. With ever-evolving technological advances and increasing transactions, the security threat is on the rise, and ML is a prizefighter in this regard. ML algorithms can be used to find out if a particular activity is suspicious or out of character and can be flagged accordingly. Not only that, but it also provides better user authentication by analyzing a variety of factors.