Digitalization - a key buzzword in the financial services sector

The AI market is expected to achieve a CAGR of more than 35% between 2022 and 2030, per GlobalData estimates. The launch of ChatGPT in November 2022 sparked renewed interest in AI, whose key use cases in the financial services sector range from enhancing customer interactions through chatbots to providing better loan terms through data-driven risk assessments and the automation of laborious back-end processes. Companies in the industry must use AI technologies such as machine learning, computer vision and conversational platforms to achieve time and cost efficiencies and remain competitive.