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How Artificial Intelligence is Transforming Financial Services - Analysis from Autonomous ResearchAutonomous Research, a global research firm focused on financial services, has announced the publication of Augmented Finance and Machine Intelligence , an in-depth look at the way artificial intelligence is transforming the financial services industry. Autonomous estimates that over $1 trillion of today's financial services cost structure could be replaced by machine learning and AI. This would affect 2.5 million employees in the US alone. This shift will impact operations across all functions and segments of the financial industry, from bank tellers to portfolio managers to insurance underwriters. By 2030, Autonomous expects $490 billion in costs to be exposed to AI in distribution, $350 billion in the middle office, and $200 billion in financial product manufacturing. The firm's analysis includes a primer explaining how AI works and what is driving developments like chatbots and conversational interfaces. It provides specific examples of technology, catalogues the industry's top players, and shows the strategic potential of this software in the future. "To create AI-augmented finance, firms must embrace machine learning and build talent and capbility now," said Lex Sokolin, Director of Fintech Strategy at Autonomous Research. "This is a generational trillion-dollar opportunity. Our analysis provides what you need to know to make informed strategic decisions." To learn more about our research on financial services technology and subscribe to our free newsletter, visit our website https://next.autonomous.com/. Download the full analysis on the future artificial intelligence and financial services here: https://next.autonomous.com/augmented-finance-machine-intelligence/ About Autonomous Research Autonomous Research is the leading independent research firm covering the financial services industry in Europe, the US and China. Founded in 2009, the firm has distinguished itself with in-depth, unbiased investment research on global banks, brokers, asset managers, insurance, information services, payment-technology, mortgage finance and consumer finance companies. The firm's fintech strategy practice, Autonomous NEXT, explores the impact of technology on the future of finance. For more information on our services or for press inquiries, please contact us. View source version on businesswire.com: https://www.businesswire.com/news/home/20180424005855/en/ |
