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FinTech or Financial Technology is a technology-enabled innovation in the financial sector. This can range from financial transaction management to fraud busting. The convergence between artificial intelligence and FinTech is huge. Improved cognition and social simulation have ensured that artificial intelligence technology has moved from the fringes to the center of the debate. Here are 5 ways artificial intelligence will change FinTech:
AI has proven to be such a success in the financial technology sector as it provides a massive boost to security. AI in cyber security today generally comes in the form of chat-bots that convert frequently asked questions into simulated conversations. In addition, they can reset forgotten passwords or grant additional access where necessary.
Financial technology can be improved significantly with technologies that fall under the AI umbrella, such as machine learning, data analytics, neural networks, and more. Indeed, AI is now critical in financial services. It is driving new efficiencies and delivering value in all areas of FinTech.
Customer service is one of the most prominent areas of FinTech that has been improved by artificial intelligence. The increasing sophistication of artificial intelligence has resulted in chatbots, virtual helpers, and artificial intelligence interfaces that can reliably interact with customers. The ability to answer basic queries offers massive potential in reducing front office and helpline costs.
For finance services such as banks and insurance companies, client profiling is based on their risk score which is very critical. AI technologies such as Artificial Neural networks, the classification models can be trained with the previous data to rate the client profile from low to high.
Algorithmic trading uses a pre-programmed set of instructions to analyze data and helps in decision-making faster than humans. This is done through one of the most flexible AI technology like machine learning.
Artificial intelligence holds great potential in the fintech industry. It can help in many ways in empowering your organization to improve efficiency, reduce costs and automate processes. For more such interesting information, follow Analytics Insight.
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