Artificial intelligence: AI to help you save money by analyzing financial transactions, opportunities
With so much data now available with Digital Trails, artificial intelligence has started to play a major role in the financial industry.
By Ajay Chaurasia, Product Manager at RupeeRedee
Along with economic growth, we have witnessed immense growth in the digital payments industry over the past 5 years in India. New technologies and avenues in payments, loans and investments have developed. From a cash economy, we are now moving to a cashless economy.
With so much data now available with Digital Trails, artificial intelligence has started to play a major role in the financial sector by also understanding consumer behavior, credit decision, investments and risk management. As banks and financial institutions use this data to make life easier for consumers and run the business efficiently, consumers are now also getting AI-powered solutions.
How does this help a consumer?
Today, the average person uses multiple funds in multiple ways. They can use it in the form of payments through instruments such as cash, wallets, UPI, credit cards, debit cards, gift cards, online banking, etc. etc There is a transaction trail.
An AI can understand consumer behavior unique to it based on transactions made. It provides detailed information to the consumer regarding his expenses on the basis of which he can plan his investment strategy.
Here are some data points and benefits of using AI for consumers:
- Analyze the spending pattern
- Understanding the Income to Debt Ratio
- Work on your credit score
- Plan your investment by decreasing expenses based on data
Today, most banks offer these services to their consumers to understand where they have used their income. It also improved the client’s financial literacy. At the same time, banks and financial institutions also use this data to offer personalized products to their customers. For pre-approved auto loans, credit cards, personal loans within 10 minutes. This made onboarding clients much easier than the early days of the application process which previously took 10-15 days.
Overall, if consumers today use artificial intelligence to analyze their spending, they can not only save money, but also earn money by investing in the right places, and also be creditworthy enough to obtain loans from financial institutions whenever they plan to take out home loans, car loans. , Personal loans and much more.
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