Bankers VS AI: AI IN Finance #Finance

but but yeah AI is definitely changing the game when it comes to things like data analysis and Risk Management and even you know those personalized recommendations you see when you’re online banking I see those all the time so at its core AI is really about creating

computer systems that can kind of mimic human intelligence okay these systems can learn from data recognize patterns make decisions and even solve problems just like we do wow but here’s the thing they can do it at a scale and speed and so this means that financial institutions can use AI to

do things like spot fraud oh in real time that’s amazing personalized Financial advice and even make lightening fast trading decisions so one area where AI is absolutely killing it is Risk Management okay and you know imagine trying to predict whether a business

Loan is likely to default yeah you know a human analyst might look at a company’s Financial Statements their Credit history maybe some industry Trends it’s a lot of information to process and there’s always room for human error

definitely so AI steps in and plays the role of a super analyst okay crunching all that data and spitting out predictions okay yeah exactly an AI can analyze massive amounts of data taking into account all sorts of variables that a human might miss wow it can even factor in things like social media

sentiment or news articles to get a more complete picture oh wow of a company’s risk profile okay so for example a consumer electronics company was able to use an AI powered system to analyze historical data and predict future demand oh wow this allowed them to reduce excess inventory by a

whopping 30% wow while also improving their service quality keeping up with the frosters is a constant battle but AI changes the game completely okay AI powered systems can analyze massive amounts of data in real time looking for subtle patterns and anomalies that might indicate fraudulent activity

oh wow it’s like having a super sleuth on your side constantly on the lookout for anything suspicious so AI is not just about replacing jobs no it’s about changing the nature of work exactly exactly and it’s not just back office tasks that AI can help with AI powered chat Bots are

becoming increasingly common in customer service wow providing 2047 support and answering basic questions oh wow we’re seeing a move toward what’s called hyper personalization in financial services hyper personalization yeah okay what does that look like yeah is this like AI picking out

the perfect stocks for my retirement Portfolio that’s one example but it’s even broader than that all right AI can analyze your financial history spending habits Risk Tolerance and even your life goals to recommend products and services that are

tailored to your individual needs that’s incredible is so imagine getting Financial advice that’s not just generic right but actually takes into account your unique situation exactly that’s a game Cher it is it’s like having a personal financial adviser in your pocket yes is

yeah AI is powerful no doubt about it but we can’t just blindly hand over the Reign to algorithms especially when it comes to something as important as our Finances

exactly so like AI can give me personalized investment recommendations But ultimately I want to understand the why behind those suggestions you know I want to feel like I’m in control of my money absolutely yeah you don’t want to just be following blindly you want to understand

what’s happening exactly and that’s where human judgment comes in AI can analyze data identify patterns make predictions but it’s humans who need to interpret those insights weigh the risks and rewards and ultim make the final decision there are also concerns about potential

downsides to all this AI integration of course right yeah what about those fears that AI is going to lead to massive job losses in Finance yeah it’s a valid concern as

AI becomes more capable of handling tasks that were previously done by humans there’s definitely a possibility of job displacement so are all those bank tellers and financial analysts destined to be replaced by robots well not necessarily you know remember AI is is a tool and like any tool

that can be used for good or for ill right it’s really up to us as a society to decide how we want to integrate AI into the workforce so instead of fearing AI as a job killer right we should be thinking about how to use it to create new opportunities exactly and AI is going to create new jobs

too in areas like AI development data science and AI ethics and it’s also going to change the nature of existing jobs in Finance how so yeah so think about the role of

a financial analyst okay instead of spending hours pouring over spreadsheets they might use AI tools to automate data analysis and focus on higher level tasks like interpreting results and Advising clients so AI takes care of the grun work and humans get to focus on the more strategic stuff exactly

it frees up our time and our brain power to do the things that humans are really good at that makes sense and the shift is already happening really we’re seeing financial institutions investing heavily in AI training for their employees yeah helping them develop the skills they need to work

alongside these powerful Technologies that’s great yeah it’s all about adapting to the changing landscape and figuring out how humans and AI can best work together right but what about the other big concern the potential for bias in AI systems yeah that’s a crucial Point yeah AI

systems are trained on data right and if that data reflects existing biases yeah the AI can perpetuate and even amplify those biases oh wow so like if historical lending data shows that certain groups were unfairly denied Loans right the AI might learn to make similar

discriminatory decisions yeah that’s the danger and that’s why it’s absolutely essential to have humans in the loop okay to question the ai’s outputs yeah consider the broader context and ensure that decisions are fair and ethical one Trend that we’re already seeing is

hyper personaliz ation y AI is allowing financial institutions to tailor products and services to individual needs in ways that were never before possible you mean like instead of getting generic Financial advice right I can have an AI powerered adviser that understands my specific goals exact

Risk Tolerance yeah and it goes beyond just investment advice we’re also seeing hyper personalization in things like Loan applications Insurance policies and even Budgeting tools wow so AI is basically helping us manage our

money in a way that’s more tailored to our individual circumstances I like that L and AI can be used to enhance blockchain applications in a number of ways really so it’s like a powerful combination it of security and intelligence yeah you could say that for example AI can be used to

analyze blockchain data to detect fraud identify patterns and even predict future Trends yeah I would say you know the main message is that AI is not not just a buzzword okay it’s a fundamental Force that’s transforming the financial landscape W it’s important to be aware of both

the opportunities and the challenges that AI presents right and to embrace a mindset of lifelong learning oh I like that yeah yeah the more we understand about this technology the better equipped will be to navigate the future of color: #1a73e8; text-decoration: none;">Finance