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FINANCE AND BANKING INDUSTRY: A LONG-AWAITED TRANSFORMATION

December 07, 2018 / Natalia Kukushkina

Finance and banking are one of the oldest industries in the world and are well-known for their legacy methods and “classic” approach towards business operations. But, as the world becomes digitized, more and more industries ramp up their processes in order to keep up with the changes. Time has come for the banks and financial institutions to adopt innovation and handle some of the processes over to the technologies like artificial intelligence. So, what will innovative tools bring to the industry and how they will impact the state of finance and banking? Problems of the past that still exist in the present. The biggest problem that the financial industry faced was the overwhelming amount of paperwork and information to deal with. The second problem was the incredibly high possibility of a human error during the information processing.