Gone are the times when AI was only a technical buzzword reserved for giant corporations. Today, artificial intelligence is an integral part of business strategies across companies of all shapes and sizes (Oberlo).
Keep on reading to explore how you can harness some of the latest opportunities offered by Artificial Intelligence, Machine Learning, and Augmented Reality and make 2021 a year of innovation for your business.
AI in Fintech
First of all, let’s quickly answer these pressing questions: how does AI work? Long story short, it allows us to teach computers to react and behave as close to human as it gets. Although, we can’t promise an Ex-Machina experience just yet.
Thanks to data storage and manipulation, machines can now continuously learn and adapt, find patterns, and solve problems in ways no human is able to.
How can your business benefit from AI?
Values like novelty, security and convenience are key for the fintech industry. That is why the core goal of AI in fintech is to bring down the barriers between users and the most advanced financial technology.
That said, your customers aren’t the only ones that benefit from Artificial Intelligence. In fact, the list of perks it brings to fintech organisations and businesses is quite extensive!
Financial assistance
Thanks to smart and always-ready digital assistants, advisors, and even financial coaches, queueing for hours in insurance companies and banks is now a thing of the past, much to the relief of both financial institutions and their clients. AI robots can keep track of users’ latest transactions and provide valuable recommendations, monitor their spending, verify notifications, or, for example, take care of credit loans and limits.
Transaction visualisation
Save your employees some valuable time: NLP-trained banking bots can now handle mundane tasks related to users’ general account information, balance requests, financial transaction queries, and even debt calculations. Thanks to that, there’s no longer a need to visit the bank most of the times, as the majority of routine banking can be done from the comfort of one’s couch via smartphone.
Risk evaluation
This neat trick works both ways, as AI algorithms allow banks and insurance companies to faster determine customer risk profiles in order to compile more personalised offers and pre-label their clients. In turn, clients can receive a practically instant credit score, reflected in a better user experience and more appropriate offers.
Property damage estimation
Computer vision brought a true revolution to the world of insurance and made the efforts of those working in the field a lot more effective. Thanks to its application in the sector, insurance companies can now evaluate the damage and calculate estimated repair costs based on photographs. Faster, easier, yet just as precise as ever before.
Increased security
This one goes beyond biometric, voice, and facial recognition patterns that are growing more accurate every day. Think automatic fraud detection, anti-money laundering initiatives or terrorist funding exposure — thanks to Machine Learning it’s now easier than ever to gather the necessary intelligence and verify whether applicant information is used legitimately.
The Age of AI is coming
Don’t be afraid, though! Think less work, more data, faster results… Living a dream by letting the algorithms take care of all the problems.
There are some exciting trends in Artificial Intelligence in fintech to look forward to as well, such as automated Machine Learning, Augmented analytics, more accurate vulnerability detection, and many more!
