Don’t be afraid of A.I. managing your money

Would you want a robot managing your money? Are you comfortable with a computer that could think and learn?

While this might sound like a futuristic science fiction novel, it’s already happening in financial services. Robots and smart computers are helping to manage your money, and they will enable banks to increase revenue and employment over the next five years, according to a report by Accenture on realizing the full value of AI.

Artificial intelligence refers to computer systems that are able to perform tasks that historically required human intelligence, such such as recognizing images, understanding speech, translating languages and making decisions. Some examples of artificial intelligence in financial services are mobile checking deposits that read checks, custom notifications that flag high payments and specific transfer reminders.

Recently, J.P. Morgan Chase announced that it was rolling out an AI-powered assistant in the treasury services division that will handle an average of $5 trillion daily. While the assistant is only for corporate clients right now, other banks have launched virtual assistants that use AI technology for retail customers.

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