The financial sector is on the brink of an AI revolution, poised to adopt a sophisticated platform that can create simple narratives and actionable analyses from varied data sets.
New technology has already radically shifted customer and corporate expectations, including online lending systems that help creditors use personal data to vet potential borrowers and systems such as Schwab Intelligent Portfolios or Betterment that use algorithms to help advise people on where and how to invest their money.
Many of these technological advances are possible because of new techniques to gather and analyze data, and more data is being generated every second. In fact, Gartner forecasts that by 2020 about 1.7 megabytes of new information will be created every second for each person on earth. But less than 0.5% of all data is ever analyzed. The fact is, data is being generated faster than any person or companies’ ability to analyze it. We’re being inundated. And industries like financial services that run on numbers and data are most likely to be overwhelmed.