What opportunities does artificial intelligence offer for the financial sector?
KPMG , one of the world's largest independent auditing companies , examined the opportunities offered by artificial intelligence to the finance sector and the significant changes it brought in its report titled "The New Normal of Finance with Productive Artificial Intelligence".
KPMG Fintech and Digital Finance Leader and Company Partner Sinem Cantürk, who led the study, emphasized in the cover letter that artificial intelligence has the ability to produce new content as well as solving problems:
“Thanks to its user-friendly interface, this technology is turning into a power that will radically change finance functions. “By eliminating repetitive and manual processes, it offers finance professionals the opportunity to focus on more strategic and value-oriented tasks.”
Experts, who first focused on the financial value of the productive artificial intelligence market in the report, estimated that the size of 10.8 billion dollars in 2022 will reach 118 billion dollars in the next nine years. KPMG stated that artificial intelligence received an investment of $1.37 billion in 2022, which is larger than the total recorded in the last five years.
According to the research of the independent auditing giant, 60 percent of 300 senior managers around the world believe that productivity and growth will increase with artificial intelligence.
83% of respondents to KPMG's generative AI survey said finance and accounting functions are exploring generative AI technology for financial forecasting and budgeting.
Researchers discussed the opportunities offered by artificial intelligence in the financial sector with five main items:
Supports forecasting and growth
Provides data support for important presentations
Conducts competitor analysis
Provides strategic insights
Allows contract management
Artificial intelligence and banking
KPMG underlined that artificial intelligence has become an integral part of today's world and mentioned that some applications are already used in the banking sector. According to the report, artificial intelligence significantly benefits banks in managing global factors and customer-related risks. Especially in cyber fraud cases where banks are held responsible, artificial intelligence and machine learning can help banks detect fraudulent activities and gaps in their systems.
Experts concluded that chat tools integrated into banking channels improve customer experience:
“Integrating artificial intelligence into banking and financial services further enhances the consumer experience and increases the ease of use of banking channels.”