Artificial intelligence (AI) and fintech have an inherent compatibility that has become clearer as each sector has matured, with recent growth and successes on their own accord bringing new ideas about how they can work together. AI can analyze information at far greater quantities (and far more quickly) than any human, making it a natural fit to help fintech firms streamline and automate processes that benefit customers and businesses alike.
Fintech has brought a revolution of convenience to the finance world. Whether allowing seamless payments or providing the tools for online banking, technology means time saved for users and financial benefit for companies. It also, however, means opportunities for costly fraud. AI offers a way for fintech companies to develop stronger security protocols. Fintech firms can use AI to analyze the reams of data they collect, then build powerful tools using the insights it generates to protect against potential threats. Regular user activity means data is constantly being created, which means more information to draw from to train the AI and refine the tools. The result is smarter tools with more accurate decision-making – and less fraud, to boot.
AI presents the opportunity to further automize customer interactions, refining features like chat bots to provide a better customer service experience and streamline basic interactions. Chatbots, if trained properly, can perform useful functions 24/7 – offering financial advice, carrying out transactions, and helping customers select a plan or service based on the information they provide. This AI-driven tool creates a positive customer experience, decreases labor costs for companies, and can minimize or outright eliminate human error.
Fintech firms have proven adept at taking new technologies and turning them into difference makers for their businesses. One especially intriguing option for further growth is intelligent process automation – an outgrowth of robotic process automation. This technology can analyze and glean insight from structured and unstructured data, allowing it to continue learning and refining its processes with each piece of new data. The AI can make decisions based on that information, growing more and more accurate over time. This allows for further automation of numerous tasks – processing claims, generating reports, examining portfolios, analyzing financial status – at high speeds and with minimal error.
Fintech companies have harnessed the power of technology to change the financial landscape. AI gives them an additional tool to use to streamline and automate processes with unprecedented speed and accuracy, improve the customer experience, and increase revenue opportunities. That partnership looks to be here to stay.
If You’re Wondering When A.I. Will Start Making Market Predictions…
Guess what – it already is. Hedge funds and large institutional investors have been using Artificial Intelligence to analyze large data sets for investment opportunities, and they have also unleashed A.I. on charts to discover patterns and trends. Not only can the A.I. scan thousands of individual securities and cryptocurrencies for patterns and trends, and it generate trade ideas based on what it finds. Hedge funds have had a leg-up on the retail investor for some time now.
Not anymore. Tickeron has launched a new investment platform, and it is designed to give retail investors access to sophisticated AI for a multitude of functions:
And much more. No longer is AI just confined to the biggest hedge funds in the world. It can now be accessed by everyday investors. Learn how on Tickeron.com.