Avoid Bank Run? Can Artificial Intelligence Shape the Future of Finance
The emergence of financial technology, or fintech, has been one of the most transformative developments in the financial industry in recent years. Fintech encompasses a broad range of financial services, including mobile payments, peer-to-peer lending, digital banking, and investment management, all of which leverage cutting-edge technology to improve the customer experience, increase efficiency, and reduce costs. In this context, artificial intelligence is emerging as a key driver of fintech innovation, with the potential to transform financial services and create new value for customers and businesses alike. The Potential of Artificial Intelligence in the Banking Industry Artificial intelligence (AI) has the potential to generate massive value for the global banking industry. McKinsey estimates that AI can generate up to $1 trillion additional value for the industry annually. AI can drive value creation across front, middle, and back offices by automating ma...