For example, when reviewing a potential investment, these tools can help recognize regulatory compliance issues or subtle patterns that may indicate problems down the line. By flagging investments that may be risks, AI can support human decision making while keep financial experts investing their time in tasks that require human judgment.
Changing Contract and Document Review
AI has the potential to help financial firms manage contracts better, a task which usually requires enormous legal teams. JP Morgan recently announced that they deployed a new AI system for contract management.
Explained in their annual report, the platform “uses unsupervised machine learning to analyze legal documents and to extract important data points and clauses” As more companies recognize the importance of partnering human experts with machine intelligence, they will turn to experts in AI who can help develop bespoke AI solutions.
Outside of contract review, AI can be deployed to crawl, aggregate, analyze, and visualize massive amounts of data from web and enterprise sources, aggregating them according to specific use cases, analyzing them for patterns, relations, and entities.
This could mean firms can identify business opportunities faster, by gaining access to unstructured data that more traditional queries wouldn’t be able to find.
Descriptive, prescriptive and predictive analytics enable insights into past performance of markets and the future market outlook of services a firm may be considering. By giving practical insights on the potential of a new service, AI can help financial services companies better forecast the success of a rollout.
The Path Forward
In parallel industries, increased access to data and AI has optimized industry performance while improving customer experiences. To achieve the same results and to continue the pace of innovation, financial companies and tech firms will need to work together to develop better solutions to solve the complex problems the financial industry faces.
It’s my belief that when professionals are empowered with better insights, innovation will happen at a much more rapid pace. At Innoplexus we are working to shape the third wave of AI that will not only help normalize problems in the context of a domain but also go a step ahead in reasoning.
This third wave of AI has the potential to free up human potential, currently tied down in mundane tasks, to help shape the future of the Financial Services Industry.