EMBRACING AI AI is not replacing people in financial services. It is reinforcing them...
The rise of artificial intelligence in financial services has triggered a wave of both excitement and hesitation. Proponents highlight its potential to accelerate decision- making, reduce operational costs, and create more seamless customer experiences. Critics question the risks of automation, the loss of human judgement, and the perceived
erosion of personal service. These concerns are understandable. But they are also familiar. Many of the technologies now considered standard in financial services were met with similar scepticism when they first emerged. Credit scoring, for example, was once viewed as a threat to expert judgement and relationship-
driven lending. Yet it ultimately enabled faster and fairer access to finance and became a foundation of modern credit decisioning. It did not replace people. It supported them. The same evolution has played out more recently with innovations like open banking, digital identity verification, and automated AML screening. Each of these initially raised
concerns around complexity, trust, and regulatory risk. Today, they are widely adopted and valued for the efficiency, accuracy, and compliance benefits they bring. Artificial intelligence, particularly in the context of document processing and verification, is at a similar point of transition. The technology is no longer experimental.
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The Fintech Power 50 www.thepower50.com
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