FinTech's Future with AI

Banking CIO Outlook | Thursday, January 17, 2019

Fintech’s rise in recent years has revolutionized the way in which the financial industry operates. The numerous technologies involved have made great progress for the industry. AI is the core engine driving automation and intelligence in the industry. Blockchain also offers a revelatory trust mechanism. The adoption of such technologies increases efficiency and provides better routine experience.

Artificial intelligence and machine learning can process an enormous amount of customer information. This information and its analysis are essential to finding the customers’ needs and can, therefore, help achieve high customer satisfaction. With AI, customers can be provided with abilities like text chats, voice systems, or chatbots that can provide low-cost customer service or expert advice. Virtual financial assistants can help customers access accounts, payments, and transfers, manage their savings and track their expense and budgeting.

AI’s advantages extend to customers who have struggled to establish credit in the past. Machine learning has developed ways of carrying out risk assessments that can accurately forecast consumer credit scores. This can give underserved consumers the opportunity to obtain credit profiles.

AI could help evaluate the damage level if something happened to an insured car or a house. This means that AI enables customer service in the insurance sector to be increased and new incidents to be prevented. AI-based chatbots are used in fintech to give customers good recommendations.

Progress in the use of technology in the financial sector increases productivity, customer satisfaction, provides profitable portfolios, and even a decentralized monetary system. FinTech has become a mechanism which makes it easy for millions of unbanked people to access basic and secure financial resources. Fintech’s absence of service access could also eliminate limitations. In the financial services, AI has a great potential to change the industry with its revolutionary applications. It will make life easier for customers and financial processes safer and faster.

Constantly changing financial market algorithms make traditional software helpless in forecasting, while AI has proven to be more efficient. At the moment, AI can be a complement to the decisions of a trader, whereas its efficient independent work is questionable.

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