In recent times, technology automation has seen tremendous growth and integration of artificial intelligence, machine learning, and data science. These technologies have paved the way for some of the most advanced, efficient, and secure systems across various industries, including financial services. With the availability of quality information and data, these technological innovations have impacted and improved operational capabilities, ushering in a new phase of superior functioning.
The finance industry has particularly benefited from this technological revolution, leading to the emergence of several startups that leverage AI and data science to predict cash flow events, assess creditworthiness, and detect fraud. These startups using AI have made better data-driven decisions, increased profits through efficient targeting, automated repetitive tasks, and unlocked competitive advantages. Consequently, significant headway has been made in financial inclusion, enabling increased penetration to previously un-serviced populations.
The global spending on AI is projected to exceed $110 billion by 2024, nearly doubling the total expenditure recorded in 2020. As a result, it is anticipated that AI will continue to play a significant role in financial services, allowing for improved efficiency, risk management, and better decision-making. The emergence of AI-based startups, coupled with the increasing adoption of this technology across various industries, will undoubtedly drive innovation and transform the way we do business. The future of finance looks promising, with the continued integration of AI and data science set to unlock endless possibilities.