Artificial Intelligence in Financial Services 2025

Moving towards an AI-powered future3 Over the next decade AI will revolutionize the industry through enhanced customer experiences, support and decision- making capabilities. Thanks largely to the growing use of AI and data, and the value companies are starting to generate from their AI strategies, financial services businesses will look very different a decade from now. With further platform digitalization, smarter automation and more interactive decision-based workflows, we can expect to see significant changes in how customers bank, invest, borrow and insure assets. The services they use will become more accessible, efficient and personalized. The benefits for customers fall mainly into two categories: –Enhanced customer experiences: Firms will use AI to synthesize massive amounts of data. This will include financial data (e.g. bank accounts, investment accounts and insurance policies) and other customer information (e.g. key moments such as the first purchase of a home). This will significantly improve the efficiency of most customers’ interactions with their banks. It will also enable more relevant advice that helps customers plan effectively for retirement, major purchases or even healthcare- related expenses. –Improved customer support: By using smart AI agent chatbots, customers could receive audio and video responses to their questions. AI agents can action custom requests without human intervention, providing quicker and more accurate solutions. Artificial Intelligence in Financial Services 12