When all industries across the world are integrating the latest Artificial Intelligence and Data Science technology to enhance their business operation, the banking and finance sectors are also not an exception. In fact, these are among the pioneer industries that are fully adopting AI and data science technologies.
The global AI market in banking and finance is expected to reach $71.2 billion by 2025, exhibiting a CAGR of 22.4%, and this number is indicative of how deeply AI and data science influence business operations as well as customer experience in this domain.
From swift money transfers to virtual assistants, customers are now able to easily manage their accounts themselves. Artificial Intelligence and Data Science have immense possibilities with varied applications when it comes to the banking and finance division.
However, the biases in algorithms, inaccurate training data, ethical considerations, and a few other challenges prevent fully absorbing these technologies in this industry. As we move ahead in 2024 and beyond, the data science experts have various plans to mitigate this.
If you are seeking a career in data science or want to advance in this career path, you must have a clear understanding of how AI and Data Science are transforming this domain, for which we have created a detailed guide.
Deepen your understanding of the impact of AI and Data Science on the Banking and Finance sector.
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