February 24, 2024
Moody’s sees AI driving big efficiency gains in financial sector
Moody’s Investors Service in a new report says the global banking industry is poised to realize substantial efficiency gains if it aggressively embraces new artificial intelligence tools, by increasing automation in key areas and reducing staff costs.
“As an information-based, highly digitalised, data-driven industry with high IT and staffing costs, banking is particularly well placed for efficiency gains from artificial intelligence,” according to the Jan. 18 report from Moody’s. “AI tools can enhance customer services, tailor financial solutions, and ingest...