The use of AI and related technologies is becoming increasingly popular in the finance industry. AI and machine learning algorithms are being used to automate tedious and time-consuming processes such as customer data access, customer relationship management, loan underwriting, investment management, fraud detection, and risk management among other applications. Automation is allowing banks and financial institutions to reduce costs, increase efficiency, and improve customer service and experience. AI is being used in many facets of the financial services industry such as retail banking, investment banking, insurance, and payments.
As we explore the current landscape of the finance industry in 2023 and analyse how the use of AI is transforming the sector, it is clear that the emergence of a global workforce and clients, and the ever-connected world of financial services has brought with it great opportunities for growth.
The Challenges of Using AI in the Finance Industry
However, despite the numerous benefits, AI brings a number of challenges, and at the heart of these challenges lies effective communication – something all businesses need for survival. With geographically distant teams, the need to send and receive information, instructions and updates quickly and securely is all the more critical.
A global workforce and clients alike, will require AI-generated content to be localised in multiple languages. So, you are probably thinking; Why not automate the translation of AI generated content? Sure, this can and should be done in the right instances. However, a human-powered translation or at least a version of it, would be highly recommended. There are a number of significant benefits to be gained from the use of our exceptional species: Accuracy, cultural context , greater market penetration, clarity and compliance to name a few…This is because machine translated content will miss some nuances in language and culture.
Trust in AI algorithms is an issue due to human bias. Incomplete or inaccurate data and technical glitches generates this lack of trust specially when compared to human judgement. The trust issue can be compared to a broken compass. Compasses, when functioning as intended help us navigate in the right direction. But if the compass is broken, it will give you inaccurate directions and lead you the wrong way.
Data privacy is another major concern, as AI algorithms require large amounts of data in order to reach accurate conclusions, meaning that data must be securely stored and handled. Finally, biased data can lead to biased decisions, and therefore the data used to train AI algorithms must be carefully monitored in order to ensure fairness.
Overcoming AI-Related Financial Challenges with Translation Services
Conclusion: Technology is allowing firms to change the game when it comes to the finance industry’s ability to handle the various complexities that come with global clients and a global workforce. With the right tools and solutions, businesses near and far can work together more efficiently and effectively.
The right platform enables end-to-end data communication and collaboration, reducing risk and allowing for agility in an ever-changing market.
Global Voices has been facilitating communication solutions to the finance industry for over 15 years, by means of translation, interpretation and audio-visual solutions.
If you would like to discuss ways to use translation services to help you overcome the financial challenges posed by AI, please do not hesitate to contact us.