Artificial intelligence being deployed on a large scale in many financial services companies, control has increased on the measurable impacts of technology.
According to a recent NVIDIA survey, almost 70% of financial leaders said that AI had led to an increase in income From 5% or more for their organizations, and there was a marked increase from one year to the other in the number of respondents who declared that their company had increased income from 10% to 20%.
In addition to income gains, more than half of the respondents said that AI played an important role in reducing annual costs by 5% or more. Almost all leaders said they would increase their expenses in AI infrastructure this year.
Efficiency gains
In terms of return on investment, the respondents cited trading and portfolio management as the highest user case for a generative AI. The capacity of artificial intelligence to aggregate investment data and to apply information to portfolio management is one of the main reasons disrupted the wealth management industry.
The industry has seen an increase in “robo-advisers” which can perform automated transactions on behalf of their users. Wealth managers have also used AI to help them manage customer calls, as in the Debriefing program Morgan Stanley.
“The debrief illustrates the transformation of AI”, ” Gregory O’GaraMain analyst of digital wealth at Javelin Strategy & Research, told Payments Journal. “The program should save the advisers around 30 minutes per meeting over one million annual customer calls – a significant overall efficiency gain which allows advisers to focus on greater value activities.”
Agent adoption
Improvements of the effectiveness derived from the introduction of AI into the customer experience will probably lead more companies to adopt technology. According to the NVIDIA report, the use of generative AI in the customer experience, in particular through chatbots and virtual assistants, more than doubled, compared to 25% in 2023 to 60% last year.
NVIDIA predicted the acceleration of the adoption of agentic AI, which are systems which can analyze large amounts of data from various sources and Autonomously solve complex problems. The artificial intelligence company has suggested that banks and asset managers could use agency AI systems to improve their risk management protocols, automate compliance processes, optimize investment strategies and personalize the service customer.