Financial services firms are experiencing early benefits from artificial intelligence, highlighting the industry's inclination towards technology adoption. AI is enhancing productivity while emphasizing the importance of human creativity and judgment, particularly in critical functions like risk calculations. Many undifferentiated tasks in finance will be automated, allowing firms to focus on customer service and product differentiation. Amazon's financial services unit has been pivotal in integrating AI and cloud technology into banking and insurance, aiming to provide a secure, compliant environment for financial institutions.
AI might end up making the most critical functions of banking, insurance, and trading, or the creative functions that require human insights, even more valuable. "What happens is there's going to be a premium on creativity and judgment that goes into the process," said John Kain, who is head of market development efforts in financial services for AWS.
"So much of what's undifferentiated will be automated," said Kain. "But what that means is what actually differentiates the business and the ability to serve customers better, whether that's better understanding products or risk, or coming up with new products, from a financial perspective, the pace of that will just go so much more quickly in the future."
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