Daniel Calugar, an experienced investor says that artificial intelligence will soon be an essential driver of business in the financial services industry.
Las Vegas, NV - March 4, 2021 /MarketersMedia/ —
With an academic and professional career in computer science, business, and law that spans over 30 years, Daniel Calugar believes that recent innovations in technology will cause a major shift across all segments of the financial industry.
As a data-driven investing expert, Calugar constantly monitors trends within the field and believes that artificial intelligence is set to take the industry by storm.
So what is it that makes AI so special? The technology is a suite of various automations that are enabled by adaptive predictive power and machine learning. These elements work together to make it easier to recognize patterns, make predictions, create rules for systems, improve decision-making, and effectively communicate with others.
Advances like these are redefining what it takes for a business to thrive within the financial services industry. But to truly understand the profound impact of AI, older processes that were once common must be examined.
In the past, economies of scale were driven by large assets. Revenue growth was driven by a physical location and standardized products. Customers had limited options, which meant that they were forced to stay with providers that they may not have been happy with. Furthermore, business efficiency was completely dependent on the skill level and behavior of humans in the workforce.
AI has completely transformed each of these elements within the financial services industry. While asset size is still important, this factor alone is not enough to build a successful business. Customers in today's environment demand highly-customized products and personalized interactions, so standardized products are no longer sufficient.
With that said, because customers have more options, they are no longer willing to stick around when an institution isn't meeting their needs. All of these efficiencies are made possible through a combination of artificial intelligence tools and human proficiencies.
"Artificial intelligence is a trillion-dollar generational opportunity for firms. To be successful, they must be open to machine learning and activities that encourage people to build their talents and capabilities --- but this has to happen now, rather than later," said Dan Calugar.
The disruption caused by the emergence of AI technology means that financial institutions must constantly innovate to ensure that they are able to deliver smart solutions through their products and services.
Digital platforms must offer customers a convenient, one-stop experience across all platforms, including savings accounts, credit cards, investment accounts, stock trades, and more. This is especially important because of increased competition brought forth with the launch of non-banking aggregators like Apple Pay, Google Pay, Cash App, Zelle, Robinhood, and others.
About Daniel Calugar
Daniel Calugar is a versatile and experienced investor with a background in computer science, business, and law. He developed a passion for investing while working as a pension lawyer and leveraged his technical capabilities to write computer programs that helped him to identify more profitable investment strategies. When Dan Calugar is not working, he enjoys spending time working out, being with friends and family, and volunteering with Angel Flight.
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