How AI and Bots are Disrupting Banking and Finance

Artificial Intelligence is expected to permanently change the banking industry in profound ways during the coming months and years. Companies want to seek a competitive edge by implementing more technology to achieve improvements in speed, cost, accuracy and efficiency.

Autonomous Next reports that there are three primary ways in which artificial intelligence will transform the banking industry:

• AI technology companies, such as Google and Amazon, will add financial services skills to their smart home assistants then leverage this data and interface relationships with traditional banking providers.
• Technology and finance firms will merge and collaborate to build full psychographic profiles of consumers across social, commercial personal and financial data.
• The crypto community will build decentralized, autonomous organizations using open source components with the goal of shifting the power back to consumers.