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Evolution of AI in Finance Sector

The document discusses how AI has impacted the finance sector. It describes how customer service, banking, and fraud detection used to rely heavily on human staff but can now be augmented or replaced by AI through automated customer support, virtual assistants, and more accurate fraud detection systems that can process large amounts of data. AI is now used across the finance sector for tasks like decision-making, customer service, fraud detection, insurance management, and predictive analytics.

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Ruchika Singh
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6 views2 pages

Evolution of AI in Finance Sector

The document discusses how AI has impacted the finance sector. It describes how customer service, banking, and fraud detection used to rely heavily on human staff but can now be augmented or replaced by AI through automated customer support, virtual assistants, and more accurate fraud detection systems that can process large amounts of data. AI is now used across the finance sector for tasks like decision-making, customer service, fraud detection, insurance management, and predictive analytics.

Uploaded by

Ruchika Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Before AI IN FINANCE SECTOR

• CUSTOMER SERVICE: In the past, a good customer service team was


vital for any company involved in finance. Anything that involved the
handling of money or financial matters required trained staff to be able to
help sort out problems and provide assistance to people.
• OFFLINE banking: Banking was traditionally something that was done
in the non-virtual world. People would go into bank to withdraw money,
transfer funds from one place to another, and sort out their finances.
• Fraud detection: The investigation and identification of fraud used to be
an equal effort from both man and machine. The system would help to track
potential fraudulent transactions, but it would be up to the staff who were
trained to find fraud to look through all the information and determine if
there was fraudulent activity on the account or not.
After AI IN FINANCE SECTOR
• ACCURATE DECISION-MAKING:

• AUTOMATED CUSTOMER SUPPORT

• FRAUD DETECTIONS AND CLAIMS MANAGEMENT

• INSURANCES MANAGEMENT

• AUTOMATED VIRTUAL FINANCIAL ASSISTANTS

• PREDICTIVE ANALYSIS IN FINANCIAL SERVICES

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