AI is transforming the financial industry. Financial intuitions are harnessing the power of data and AI-enabled innovation to help accelerate revenues in banks, fintech, insurance and financial services worldwide.

Each year NVIDIA produce a report on the state of play. Here are the key findings from this exciting report:

Key findings #1
AI is pervasive across the financial sector. 78% of companies utilise machine learning, deep learning and high-performance computing.

This is an impressively high percentage. It is not surprising, as AI is one of the best ways of leveraging insights from the wealth of financial data. This figure is set to rise in future years as the returns as more significant returns are realised.

Key findings #2
80% of fintech have the enterprise AI capability but need more data to enable many deep learning use cases.

Most financial companies have the technical capability. Depending on what ML/AI method will determine the quality and size of data? The main thing is to look at all ways to get the answers you need. One of the restrictions in the industry is that the information is heavily regulated and, therefore, cannot be shared easily. Therefore, better problem-framing and model development may be required.

Key findings #3
38% are gaining a competitive advantage from their AI investment

One of the most significant aspects of AI is that it can help create blue water between your and your competitors. When finding a niche area, AI can yield powerful results.

Key findings #4
27% are increasing revenues and reducing annual costs when using AI

One of the unsung heroes of AI is the ability to increase income and decrease expenses. This is why AI is transforming all industries, including financial institutions.

Key findings #5
The most significant proportion of AI use cases is in fraud detection (31% – risen by 310% on last year)

AI is a powerful weapon in combatting a yearly increase in Fraud. This is usually the domain of specially trained and astute staff. But, as fraud is becoming increasingly complex, AI is a perfect tool for analysing vast amounts of data and spotting anomalies quickly and easily.

Key findings #6
Plans for the future. What AI are they investing in – 30%+ will: Hire more AI staff, provide training, engage in 3rd party partners to accelerate adoption, spend more on infrastructure, and identify additional usage cases.

AI expertise is significant. Having a dedicated team behind your strategy can help bring so many benefits as well as develop future ideas.

Read the 2022 report here (details may be required)

In summary
This is a very encouraging report. There is no question that financial institutions are one of the leading and first adopters of AI. The exciting part is that there is room for growth. As AI technology evolves, new opportunities will become available. If AI-ready, the rewards are there to reap for future years.

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I invest many hours researching the latest AI, technology, and business trends for all my clients. The knowledge is refined, distilled, and combined with many other forms of analysis and expertise to give the best advice possible. 

I can get the best out of AI by:

• Spotting the latest AI opportunities for your company
• Pinpointing the best AI experts for your project or company
• Giving the best advice on AI strategy and approach
• Helping extract the most value out of  AI
• …and lots more, please feel free to contact me today