AI Articles and Reports in Finance

Explore articles and reports related to artificial intelligence in finance, including coverage of banking, insurance, fintech, and more.

AI in Fintech - Current Applications and Use Cases

AI in Fintech – Current Applications and Use Cases

In their recent Worldwide Spending on Cognitive and Artificial Intelligence Systems report, IDC estimated that banking investments in cognitive and AI systems in 2018 might total around $4.0 billion. Many AI vendors claim to offer software for numerous finance use cases, such as credit scoring, insurance underwriting, debt collection, fraud detection, and more recently, financial regulations, or so-called regtech.

Big Data in Finance - Current Applications and Trends

Big Data in Finance – Current Applications and Trends

International Data Corporation (IDC) reported in their  Worldwide Semiannual Big Data and Analytics Spending Guide that global investment in big data and business analytics (BDA) will grow from $130.1 billion in 2016 to more than $203 billion in 2020. In a previous report, we covered machine learning in the finance sector, and in this report, we dive deeper into big data solutions and data management platforms for financial institutions. The companies in this report all claim to help financial institutions with at least one of the following:

AI in Auto Insurance - Current Applications

AI in Auto Insurance – Current Applications

KPMG estimated the size of the automotive insurance is expected to shrink by 70% due to the rise in demand for autonomous cars and the shift in liability then being placed on the car manufacturer. With the rise of AI in most sectors, it follows that AI would find its way into the automotive insurance world. AI may allow car insurance companies to keep up with an evolving consumer base that is looking for faster service, faster payouts, and policy prices tailored to them.

Robotic Process Automation (RPA) in Finance - Current Applications

Robotic Process Automation (RPA) in Finance – Current Applications

Robotic process automation, or RPA, is a technology used across multiple industries to automate business processes. RPA software involves what are known as "software robots" to handle repetitive tasks traditionally handled by human employees. That said, there are no actual robots involved in the way one might see in manufacturing or heavy industry.

Business Intelligence in Insurance

Business Intelligence in Insurance – Current Applications

In the past few decades, insurance companies have collected vast amounts of data relevant to their business processes, customers, claims, and so on. This data can be unstructured in the form of PDFs, text documents, images, and videos, or structured, organized and curated for big data analytics.

Ai for Lease and Contract Abstraction

AI for Lease and Contract Abstraction – Current Traction

The International Financial Reporting Standards (IFRS) and Financial Accounting Standards Board (FASB) have introduced new financial and accounting standards which require financial institutions to compile all their lease agreements and accounting reports electronically. These new standards may require significant changes to a financial institution's lease and contract management processes.

Finance

Explore articles and reports related to artificial intelligence in finance, including coverage of banking, insurance, fintech, and more.