The advent of new digital technology typically drives business disruption across multiple industries. Major economics authorities such as Fortune and Barron’s are calling AI a leading cause of ongoing disruption in the financial services sector.
Barron’s positions AI “at the forefront of financial industry disruption” in areas ranging from staffing to operations. Citing a 2019 survey by PricewaterhouseCoopers, Barron’s reports that half of all US executives believe that AI efforts will lead to increased revenue and profits.
Fortune echoes Barron’s sentiments, pointing out that relatively simple AI tools such as intelligent process automation are already successfully handling routine judgment-based tasks and problem-solving processes. It also shares the results of a recent KPMG study, in which 94 percent of auditors and risk management officials surveyed said that AI delivers a competitive advantage.