AI Articles and Analysis in Financial services

In a global economy where customer experience (CX) is the ultimate competitive battleground for so many sectors, businesses across industries face  daunting challenges in scaling CX solutions effectively. Despite massive investments in customer service technologies, many companies need help to deliver consistent, personalized support that meets user expectations, leading to frustration, lost revenue, and damaged reputations.

Intuit, the financial software powerhouse behind popular tools like TurboTax and QuickBooks, acquired Credit Karma in 2020 for approximately $1.7 billion. Intuit's mission is to power prosperity globally by offering innovative solutions that help individuals and small businesses manage their finances effectively. 

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Dozens of GPT-driven products are already on the market, and hundreds more are in development. These tools collectively aim to revolutionize traditional roles and processes, transforming them into dynamic, parallelized workflows using variants of LLM models, such as AutoGPT. Tools like GitHub Copilot, powered by OpenAI's Codex, are demonstrating significant improvements in developer productivity, with some studies showing up to a 55% increase in task completion speed. 

Technological advancements have contributed to an increase in more efficient and sustainable transportation solutions. Predictions made decades related to autonomous vehicles were wildly optimistic. The automated transportation industry might not align with those early predictions, but there have still been noteworthy developments. 

Contact centers play a crucial role in delivering exceptional customer experiences (CX) across industries, both B2c and B2b. As customer expectations elevate, organizations increasingly leverage AI to streamline operations and enhance customer service. According to recent reporting in the MIT Technology Review, enterprises generally deploy AI to transform contact centers, usually taking the form of intelligent virtual assistants to obtain predictive customer insights as well as for dispute and fraud management. 

The asset management industry is going through several challenges, like the prolonged low-interest rate environment, dwindling margins, increased cost pressures, and squeezed profitability. Meanwhile, exponential growth in data volumes has overwhelmed legacy data management systems and analytical tools, making it tiring to process and extract valuable insights from the deluge of information. 

Over the last decade, public introductions of advanced technologies from big tech firms, such as Google Glasses and Meta's (then-Facebook) Metaverse platform, were met with infamous disappointment. In stark contrast, initial iterations of generative AI (GenAI) in large language models and other tools deployed across the global economy by smaller players like OpenAI in the last few years are having a far more lasting impact. A recent report from McKinsey noted that the staying power of GenAI could add $2.6 trillion to 4.4 trillion USD annually to the global economy.