How Artificial Intelligence is Transforming Fintech Industry?
FinTech is becoming stronger and doing remarkable innovations throughout the current pandemic crisis. A large number of companies have been affected, but they have transformed quickly to meet the challenges of the world’s new reality. The use of Artificial Intelligence (AI) is redefining how multiple things are done within the industry.
As more financial activities are done through mobile apps, this innovative technology is opening up great opportunities for numerous people. However, several people consider AI is only for big companies with experts. FinTech companies whether large or small are using Digital Payment Solutions paired up with powerful apps.
In this post we discuss some of the most significant means in which FinTech companies are using AI technology. Hopefully, you can get some inspiration from them for your business.
1. Security & Fraud Detection
As digital transformation is becoming a norm, financial cybercrimes will also grow. The important is that AI is implemented by companies to secure themselves and their accounts. Algorithms are present to detect suspicious activity, to notify users. These technologies monitor unusual patterns, so there is no need to be alert 24/7. Users can keep track of everything while being confident that their assets are safe.
2. Customer Support
Chatbot is a popular AI application and is getting healthy headlines all because of customer support. Although they are available for some time, only recently have they started implementing in Fitech. We are now seeing the rise of potential chatbots that can interact with customers as well as solve customer issues. Results are beneficial as chatbots allow companies to lower operational costs and boost satisfaction. As physical distancing in implementation, Fintech App Development will be in more demand serve customer in a better manner.
3. Forecasts
AI has become a popular technology used by financial companies to make better & improved forecasts. But it is worth mentioning that this technology is now available for startups as well. Fintech apps are integrated to assist users in performing robust calculations on crucial matters including their own personal finances at a very low cost and in a personalized way. This helps users in keeping a track of their spending and calculations to check if they have met their financial goals or not.
4. Personalization
Although this might seem obvious, it is a crucial means in which FinTech companies are using AI and ML. The combination of these technologies, using the powerful apps, has given companies and users the possibility to personalize finances. What used to be a rigid industry is now breaking outdated stereotypes to deliver a great UX.
5. Automated Loans
This is probably the most obvious means in which financial institutions are benefiting from AI. The marketplace is full of money lending apps thanks to the people financial habits and credit exposure to calculate loans.
Loans through AI can be done in a faster manner while lowering inefficiencies. FinTech Company uses this technology to make sure that they have everything worked out, else, they risk segregating users from their services.
Wrapping Up:
Artificial Intelligence is a prominent technology that the FinTech industry is using for everyone’s benefit. At OrangeMantra we expect it will grow in the coming years and new business models are created. This process will go hand in hand with the evolution of powerful Fintech apps. If you think your FinTech app can enjoy desired results from implementing Artificial Intelligence, contact us. We can surely help you benefit from it.