Artificial Intelligence and Robotic Process Automation together became the biggest technology revolution for industries nowadays. The applications that have cognitive capabilities deal with creating software with self-learning capabilities that are able to recognize their environment and solve problems like humans.
Artificial Intelligence will naturally alter banking, insurance, and other financial services over the next few years, impacting customer service, fraud mitigation, loans and credit scores, and investment advisories. These will all use AI and Machine Learning to deliver an excellent customer experience and efficient operations for banks, insurance companies, and the financial sector of the companies.
Insurance companies have a different kind of adoption of AI and Robotic Process Automation (RPA) than Banks or Financial Services. Insurance companies are more serious about using AI and RPA for customer support.
The major objectives of implementing AI are personalized customer experience, having error-free, back-end processes that run without human intervention and faster turn-around time. The security and compliance appear to be the last priority.
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