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Autonomous Finance: Navigating the Future of Finance with Autonomous Technology

Publisher IDC
Published Apr 25, 2023
Length 7 Pages
SKU # IDC17897506

Description

Autonomous Finance: Navigating the Future of Finance with Autonomous Technology


This Market Perspective dives into the market of autonomous finance and the benefits and challenges that can impact businesses in their goal to become more data driven, efficient, and transparent.In recent years, autonomous finance has gained popularity due to its potential to improve efficiency, increase employee productivity, improve customer experience, and reduce costs. Some benefits of autonomous finance are improved risk management, increased transparency, and improved decision velocity. Like with any emerging technology, special care must be taken to tackle challenges like data security and regulatory compliance. With the incorporation of AI and machine learning, developers and users alike must be cautious against bias perpetuation and ethical considerations. As this technology further develops, many exciting applications once thought to be impossible to achieve are now coming closer than ever to being realized."Autonomous finance represents a new and exciting trajectory for financial applications that involves the incorporation of AI and machine learning. These tools have the potential to assist businesses in their goal to become more data driven, efficient, and transparent. Tech suppliers should focus on improving employee experience, implementing solutions with quick return on investment, and prioritizing outcomes over technology to best meet the needs and goals of businesses looking to move into the world of autonomous finance," says Jordan Steele, research manager of Worldwide Financial Applications at IDC.

Please Note: Extended description available upon request.

Table of Contents

7 Pages
Executive Snapshot
New Market Developments and Dynamics
Introduction
Technology Drivers
Potential Benefits
Increased Efficiency and Transparency
Improved Decision Velocity
Better Risk Management
Potential Challenges
Algorithm Education and Verification
Data Privacy and Security
Bias Perpetuation and Ethical Considerations
Regulatory Challenges
Market Dynamics and Use Cases
Lemonade Insurance
Expense Reimbursement and Invoice Processing
PayPal
Future Outlook
AI and ML Incorporation
Focus on Customer Experience
New Business Models
IDC's Point of View
Learn More
Related Research
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