How Artificial Intelligence and FinTech can work together
Artificial intelligence (AI) in fintech firms will bring in a new series of opportunities, like personalized wealth management, automated customer support, intelligent financial assistance, fraud detection, accurate decision-making, and so much more.
Most of us think fintech is a relatively new concept. Still remember the days when we had to go to financial advisors for gaining insights on the best investment plan? However, contrary to popular belief, the fintech sector has an old and lengthy history. The history dates back to the 1950s. Since then, the sector has seen unceasing evolution, development, and revolution, which most of us just fail to appreciate. So, here’s a quick recap. In the 1950s, the inception of credit cards relieved people’s stress of carrying currency with them anywhere they go. The next decade saw the birth of Automatic Teller Machines (ATMs). People were able to withdraw or deposit money without visiting or interacting with banks. Then in the 1980s, electronic stock trading was developed. Sellers and buyers who had to meet in person for negotiating stocks were at the positive side. With electronic stock trading, sellers and buyers were able to carry out their trading practices on a single platform. Later in the 1980s, sophisticated record-keeping platforms were developed, which changed the way people stored their data. Also, the concept of online banking was introduced in the very same decade. In the 1990s, the sector saw the rise of websites for internet banking. Thereafter, the millennials era was filled with back-to-back innovation like mobile payments, new-loan algorithms, investing services, and just so much more. And today, fintech has established its place in the digital space of fast-changing technological trends.
As the last 68 years paint a picture of persistent growth, the sector still sees breakthrough technological applications. One such transformation is because of AI. AI brings in incredible possibilities, ranging from customized services to automated customer support to high-level security to cyber threat mitigation and much more.
The role of AI in Fintech
AI in fintech will help firms to streamline customer service, automate manual jobs, detect frauds. All of this will in turn increase accuracy, boost productivity, and increase a company’s bottom line.
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Source: How Artificial Intelligence and FinTech can work together
