Technology Record - Issue 28: Spring 2023

122 VIEWPOINT Navigating the land of financial services with AI Businesses can use automation software to efficiently solve everyday tasks such as fraud detection, risk management, trading and investment, and customer service Today, artificial intelligence is used to increase the accuracy and speed of previously human-based tasks. Players in the financial services sector can use these new AI-based solutions to save money, reallocate employee time and increase industry competition by being more strategic in their use of technology. For example, AI can detect patterns and anomalies that human analysts may miss. This allows for a faster and more accurate identification of fraudulent activity. Manual detection of fraud relies on analysts working through a massive amount of data. However, AI can identify suspicious activity quickly and, as scammers become increasingly sophisticated, AI systems can learn, adapt and flag new types of scams and attempts of fraud. AI also helps businesses to analyse large amounts of data and, by doing so, it can identify potential risks before they become significant issues. For example, financial institutions are starting to use AI to track risks involving credit, cybersecurity, operations and compliance, all without increasing employee workload. Furthermore, AI is increasingly being used in trading and investment, where it can evaluate market trends and make predictions based on historical data. This helps traders and investors to make better informed decisions and, in turn, improve their overall returns. Data analysis, as shown, is a key method for businesses to make use of AI technology to reduce employee workload. But businesses are also operating AI-powered chatbots and virtual assistants, which enhance customer service by providing 24/7 support with employees only needing to intervene if necessary. Business operations are further streamlined when AI is paired with automation technology like MetaViewer. One example is in accounts payable departments where AI, machine learning, robotic process automation and intelligent recognition create workflows that allow for greater efficiency, less human error and touchfree, always-on, real-time document processing. Andy Birkey is marketing communications specialist for Metafile Information Systems ANDY BIRKEY: METAFILE INFORMATION SYSTEMS Photo: iStock/Petar Chernaev