Artificial intelligence and machine learning have become very popular. This technology provides companies with insight into trends in customer behavior and company business patterns, as well as assistance in developing new products.
Some of the largest companies, such as Google and Facebook, use machine learning in the basics of their operations.
The COVID-19 pandemic has prompted new applications and technological improvements in the industry. It has accelerated AI adoption in fields such as healthcare, where AI-based technology and applications are widely used.
BFSI is one of the industries where AI/ML is causing significant upheavals in 2021 and beyond. Despite the pandemic, interest in AI and ML implementation has been resilient. According to a survey conducted by the Bank of England, around 40% of respondents said that the relevance of machine learning for future operations has increased, with 10% of institutions on a significant rise. The relevance of machine learning has not decreased at any of the banks. The financial sector is heavily utilizing artificial intelligence and machine learning to automate and simplify processes.