The Role of AI in Financial Services

Artificial intelligence plays a central role in the economy of the future. According to statistics, 80% of AI projects have failed or failed to progress beyond prototyping. So financial services software development is rather important.

Main features of an AI-powered personal financial app

Mobile app development statistics show that the projected number of mobile users will grow to 7.26 billion worldwide in 2021. According to a new forecast, global AI revenues would get higher and higher. The use of artificial intelligence for mobile app development will be an important decision. Let’s take a look into the world of artificial intelligence and machine learning. It shows how personal financial assistant is using it with real mobile applications on a daily basis. There are several examples that have found application in different countries today.

Personal Financial Assistant Market

The development of a finance helper app based on artificial intelligence is a kind of custom development, designed to unlock efficiency with advanced accounting automation solutions. They automate operations based on simple cognitive functions. This allows you to switch some of the work of employees to machine learning models. These are, for example, such as neural networks. ICL Services also implements solutions that can make predictions based on historical data.

Why you need to build a personal finance assistant with AI

Artificial intelligence solutions allow you to transfer many operations. They are performed by employees to machine learning models, such as neural networks in the future of fintech. On their basis, it is possible to expand the systems of automated user service. It increases the number of scenarios for service automation.

Infographic created by Donnelley Financial Solutions, a financial software company

In Summary

The creation of your own application must be done from scratch. For this, there is a team of artificial intelligence developers with experience in this sphere. Without the experience of such projects, the result will be ineffective or even premature. While specialists conduct surveys and pilot implementation. They identify potential, formulating significant KPI solutions. They use a developed arsenal of best practices.

Companies that use artificial intelligence in finance will gain tangible benefits. They can reduce costs and improve efficiency. The rest will lose in the competition and leave the market.

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