Deloitte: Artificial intelligence will transform the financial sector

According to analysts, in addition to cost reduction and efficiency gains, the increasing role of AI in the sector can bring breakthroughs in many areas, from software development to the fight against fraud.

The consulting firm points out that the financial sector – while facing a low-growth and interest rate environment, as well as geopolitical uncertainties – is constantly evolving, and in this dynamic environment, technological innovation, especially AI, is becoming decisive.

Based on Deloitte’s latest FSI Predictions analysis, it states that AI tools can revolutionize software development in the banking sector, in which software investment costs can be reduced by up to 20-40 percent by 2028, i.e. savings of up to $1.1 million per engineer per year could be generated.

The statement quoted Tamás Schenk, partner at Deloitte Digital, as saying: “Companies that recognize and embrace change early and approach technological transformation in an innovative way are likely to be in a strong position in the market over the next decade.”

According to the statement, customer service will also be radically transformed by intelligent technologies, as personalized, 24/7 services, such as facial recognition or voice control, will become commonplace. In addition, AI can significantly contribute to the fight against fraud, for example by filtering out false claims in the insurance sector.

At the same time, developing robust governance models to oversee AI will be a challenge, but ethical and responsible use of AI is also key, especially given the rise of deepfakes and digital fraud.

According to Tamás Schenk, AI-driven solutions offer an opportunity to address the challenges of financial systems by automating data collection, improving the speed and quality of decision-making, and increasing an organization’s readiness for regulatory compliance.