Machine learning is transforming the way consumers interact with the financial services ecosystem. This paradigm shift is been driven by tougher competition and consumers' preferences for digital solutions. From AI-driven chatbots to sophisticated wealth robo-advisers, applications have the potential to disrupt incumbents beyond recognition and level the playing field.
Artificial intelligence (AI) is nothing new. It has been around since the 50s. It is only now that we possess the processing power to utilise it properly. It is already embedded in many people's lives.
Facebook uses AI to predict your content preference and pushes that to the top of your feed.
By simple voice instruction, Siri helps iPhone users with basic tasks and research, while Netflix uses advanced predictive technology to suggest shows to users based on their selected viewing preferences or ratings.
Soon AI will drive our cars, stock our warehouses and take care of our loved ones. It holds much promise, and industry players say it is on the brink of explosion.
In 2018, $19.1-billion was spent on AI on a global scale, according to RMB's Fintech in Motion Report that was released last week. Spend is forecast to grow to$52.2-billion by 2021.
In 2018, an increase of...