The deployment of artificial intelligence is not only beneficial for businesses, but can help the government to identify corruption networks
Thanks to AI, the world of finance is experiencing a paradigm shift. With the proliferation of more and more digital devices, a multitude of data-generated products and services promise the creation of new possibilities. Today, AI is redefining the way financial institutions generate and use information about data. This use of smart algorithms to deliver improved operations and financial solutions resulted in the genesis of fintech, the coat rack developed using the words âfinancialâ and âtechnologyâ.
FinTech helps companies manage their financial practices more effectively. Incumbent financial operators who offer banking, insurance, risk management and trading services all use fintech to improve their operations.
It must be obvious by now that fintech isn’t powered by AI alone. Technologies such as blockchain, robotic process automation, and big data analytics are also contributing to the fintech movement. Crowdfunding platforms, mobile payments, cryptocurrencies, blockchain, insurance, and budgeting apps are all examples of fintech that are in use now.
The adoption of AI algorithms has moved from the periphery to the central part of fintech. With data as the central component, the disruptive nature of AI brings huge potential gains. FinTechs are already looking for better ways to leverage data and AI in their services and products so that they can provide relevant and reliable insights, suggestions, and controls.