The retail industry has been using artificial intelligence for some time now in an effort to give consumers what they are looking in terms of advertising goods and services based on their buying habits and searches, whilst social media feeds and data recognition have also sought to analyse and feedback to their users. Using artificial intelligence for finance is a promising step forward for the financial industry in how they communicate with their customers whilst providing a more extensive and improved level of security.

The financial industry regularly comes under pressure from criminals and hackers who claim to be an account holder so that they may illegally obtain funds. It costs the industry billions every year in investigations and compensation to customers, let alone the heartache that customers endure when they find out they have been a victim of fraud. However, with new artificial intelligence for finance technology evolving all the time, how data is managed and accessed is positively changing.

Thanks to machine learning, the likes of credit score providers and fraud detection are becoming more automated. Artificial Intelligence for finance can offer customers a more tailored experience by letting them know when funds have left their account or offering them new products.

If artificial intelligence understands the buying habits of retail customers, then it surely it can also be used for bank account holders and those managing finance. Artificial Intelligence has the potential to keep a trace as to how, when and where account holders use and monitor their finances which can build up a data fingerprint of account holder’s motions. This means that should an activity be carried out which is completely different to usual activity, that it can be intercepted and flagged up on the account and then clarified back by other means before any funds are accessed.

Is your industry using artificial intelligence to improve systems and create better working processes? Here at Crendon Insurance we support UK IT companies who are looking at revolutionary ways to change the way in which we use IT in our everyday live. To find out how we can support your business with IT insurance coupled with our sensitivity to data through cyber security insurance and GDPR insurance, our business will create a tailored IT insurance package to support your company.

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