New research by The Economist Intelligence Unit shows 86% of banks and insurance companies plan to increase AI-related investment into technology by 2025. Banks and insurance companies believe AI is critical to unlocking new growth opportunities and reducing costs.
The research volumes about the trust gained by Artificial Intelligence, cloud computing, big data analytics and machine learning in this industry. Banking and Insurance sector, by nature, is data-driven and result-oriented. Adopting AI services would transform the industry’s growth momentum, increase meaningful customer interactions and loyalty while minimizing the operational costs. The world has come to rely on digital technology heavily. Nearly half of the world handles their financial transactions online. Mobile apps are increasingly used to conduct routine banking and insurance dealings. There is a huge potential to leverage data generated from digital banking to best acquire and service customers.
Insurance companies can rely on machine learning to improve underwriting to enable systematic alignment with organization risk appetite. Insurance sector has been plagued with frauds and inflated claims. Customized AI solutions can be designed that help Insurance companies detect and avoid fraudulent claims.
You can bank on Datanomial AI solutions for sustainable growth. Contact us now to know more!