New applications in the financial world with KI

Profitable applications with KI
"Artificial intelligence will play a key role for German industry and herald the second wave of digitization," predicted Andreas Dengler of the German Research Center for Artificial Intelligence. Many industries are currently inspired by AI and align their value chains accordingly. The financial sector is still looking for profitable applications that it can open up with AI. To date, there are almost no applications that are successfully used in the financial world through self-learning technologies. Despite previous attempts to achieve better performance with AI, for example in the fund sector, both established financial institutions and Fintechs are still looking for finally profitable applications.

Epochal upheaval with KI?
AI has already gained enormous importance in society and has become an integral part of our daily lives. Many applications have a great influence on how we deal with our everyday life, how we communicate or how we work. In the financial world, AI could bring about an epoch-making upheaval when machines take on independent tasks for financial service providers. For example, recurring processes can be automated, recommendations for action provided and comprehensive and complex analyses created and even evaluated. There is particularly great potential for the use of AI in plant consulting. There are numerous application scenarios to support all process steps. From the evaluation of the investor about the appropriate product selection and the respective interactions with the advisor. The interaction of the investment and consulting processes is of immense relevance here, because concrete product recommendations for the end customer can be derived from these. Today, algorithms based on historical data are already an indispensable support for plant management. One of the biggest advantages of AI over human recommendations for action is that the technology can examine larger volumes of data and is ultimately also free of emotional sensations.

Career profiles undergoing change
The use of AI in the financial market, especially in investment consulting, will also have a significant impact on role models. The specialists and managers in Asset Management will take on a number of tasks that until now have tended to be performed by IT specialists. It will no longer be enough to recommend the respective securities and key figures – the service portfolio of the consultants will become significantly broader.

Ultimately, Artificial Intelligence brings with it an enormous shift for many careers throughout the labour market. It is important to remain flexible and open to new ideas. If you want to reorientate yourself professionally, you should have a high degree of empathy, a good feeling for different situations and people and also be able to master the balancing act between operation and technical innovation. It goes without saying that competent employees are also open to having new working methods handled by KI.

Author:
Henning Sander, Head of the Banking Business Unit, Hager Unternehmensberatung