Speaker 1: Hello, everybody, and welcome to Tech in 5 Minutes. Today, we are talking about artificial intelligence applications in financial services. According to statistics, 32% of banks are already using AI. Watch this video till the end to find the current list of trends and what to expect from the industry to get ready for the future. On our channel, we share thoughts on recent developments in the tech industry. Subscribe not to miss new videos. So, let's get started. How is AI applied in finance? First up, let's talk about automation. It enables organizations to boost productivity and cut operational costs. Statistics say that AI helps companies save up to 70% of the costs associated with repetitive tasks. The next point is credit decisions. We once developed AI-based software that helps banks access potential borrowers. It immediately analyzes countless factors, thus saving costs and making the process much faster. Sounds exciting, doesn't it? Then, let's mention trading. AI-driven trading systems can analyze massive amounts of data much quicker. You won't believe it, but predictions made by AI algorithms are much more accurate because they can analyze a lot of historical data. Moreover, AI can analyze a specific investor's long-term and short-term goals to provide recommendations on the strongest portfolios. The next area is risk management. Actually, AI can handle risk management tasks much more efficiently and analyze various financial activities in real-time. Then comes fraud prevention. AI-driven fraud detection tools can analyze clients' behavior, track their locations, and determine their purchasing habits. Therefore, they can quickly detect any unusual activities. Our team is especially excited by personalized banking. AI-powered chatbots minimize the workload of the call centers. There are also many apps that offer personalized financial advice so that users can achieve their financial goals, track regular expenses, income, and purchasing habits. Do you think AI chatbots and personalized financial apps are helpful? Have you ever used them? Share your thoughts and experience under the video. In fact, well-known banks, including Bank of America, Wells Fargo, and Chase, already own convenient mobile apps that remind users about bills, ensure timely and effective communication, and help users plan expenses. So according to our experience, the most common applications are robo-advice and customer recommendation apps, AML and fraud detection systems, chatbots, and algorithmic trading systems. By the way, are you lost in terms of machine learning, AI, and deep learning? We highly recommend checking out our comparison. The link is in the description. Wondering what to expect from the future? Here's our view on how AI will further transform the financial institutions. Let's review customer service. Mobile interfaces and chatbots are becoming more common. Companies like Casisto are already developing industry-specific software that makes the necessary calculations and evaluates budgets quickly. New standards of security. Can you believe that passwords, usernames, and security questions may disappear in the next few years? Institutions are more likely to use AI-backed security solutions. Thanks to speech recognition and facial recognition, and other biometric data, banks might add new layers of security or even replace traditional passwords. Recommendations Automated solutions for financial sales already exist, but not all of them involve machine learning. Virtual assistants can also provide personalized smart recommendations to help you choose insurance services, change your investment portfolio, etc. Artificial intelligence has already changed many industries forever, so it makes sense to expect a wider adoption of AI in finance. Now it's time to hit the like button. This video was prepared by the Jelvix team. We provide software development, UI UX design, QA, and testing services to top brands worldwide. Find our contact details in the description box. Thank you for watching this video. We share our experience and the latest insights of innovative tech. So make sure to subscribe not to miss a single video. And don't forget to press the bell button. Bye for now.