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How Artificial Intelligence Can Impact Fintech Sector?
The year 2020 has brought many challenges to countries and sectors around the world. There was a great upheaval in the way money was spent, and a decline in human activity. For example, going to a bank ATM for cash. But, looking at the entire business landscape, you can see little trace of positivity in the financial sector. This article titled “How Artificial Intelligence Can Impact the FinTech Sector?” will focus on the points of
People who have abandoned the use of digital technology had no choice but to turn to online banking to complete their daily tasks during the lockdown period. It was a time when technologies like artificial intelligence and machine learning redefined the way the finance industry worked.
Technology and devices have always been a part of human life. Ever since our human ancestors invented fire and the wheel to today’s sophisticated gadgets, technology has completely impacted our daily lives. And yes, now, programs and applications have become a part of our daily life, which think and act better than humans. Hope you got the clue? We are talking about artificial intelligence and machine learning.
There was a time when machines with human intelligence were the stuff of fantasy movies like Terminator in the 1980s. But four decades later, that fantasy has turned into reality. When it comes to the use of AI by fintech companies, finance industry moguls are happy to see this with coders and software developers developing applications.
Is AI reshaping the financial sector?
Yes, the year 2021 will see more AI applications in different ways than ever before. For example, these chatbots will answer customer queries at banks and property institutions; AI will be used in fraud detection tools and verification of KYC documents. For property investment companies, technology can help people assess investment opportunities, produce investment portfolios and mitigate the risks of adapting to new technologies. Let’s take a detailed look at how Artificial Intelligence is helping the financial sector in the following paragraphs:
A. Decision making
Insurance companies and investment advisors, before introducing a new product or service to the market, can ask questions on AI platforms rather than customers. Platforms, loaded with customer data and the ability to analyze and answer questions can give recommendations to fill errors and doubts.
This will help insurance agents/consultants to get a clear view of customer expectations and decisions. They can then reframe the product or service to suit the customer’s needs.
B. AI can provide new insights into online fraud detection and claims management
Analytical tools used by banks to detect fraud include AI applications to monitor customer spending patterns and notify attempts at wrongdoing. It is impossible for humans to analyze and report on large amounts of data within the time frame. However, AI can not only detect errors due to its automation process, but also deliver results within the stipulated time. There are some AI processes, which can modify themselves to detect new patterns in fraud detection cases. For claims, insurance companies use a combination of AI and ML technologies. A great example of Artificial Intelligence impacting the financial sector.
C. Automated Virtual Financial Assistants
Investment organizations have always modified their techniques to suit the latest trends. They are using automated virtual assistants to call new customers, have a pleasant conversation, inform them about new products, pros and cons and finally entice them to invest. However, these machines also need information about a person’s personal financial portfolio, so they can sell the best bonds and stocks. Have you heard the new name given to these virtual financial assistants? This is the “Robo Advisor”. These new applications are redefining the way AI is redefining the fintech sector.
Could anyone have imagined the success of the e-commerce industry two decades ago? Maybe, just a little. It is now a billion dollar industry. With many e-commerce websites using augmented reality and virtual reality to garner more customers, industry experts are focusing more on online security. Yes, AI applications have definitely helped mankind. But it is also true that hackers are using the same technique to break into e-commerce websites using chatbots.
Phishing has gained international recognition in the last few years. You get a call from a con man, and then swindle your hard-earned money. As this is a growing threat, banks are pulling up their socks to come up with solutions with the same technology. They have installed AI applications on their servers to detect improper spending activity, and if found, they can stop payments and send warning signals/messages to you as well as banks. Banks around the world have saved their customers’ hard-earned money through this method.
E. Chatbots for CRM
The month is June 2021, and time has moved quickly, but still many companies are asking their employees to work from home. Now, the customer service industry is facing many challenges like internet issues and less manpower. So, businesses saw a more feasible way to incorporate AI chat bots into the CRM process. The latest CRM chat bots are highly developed and can adapt themselves to answer complex questions. Also, unlike traditional methods, where IVR was the main option, now chat bots can answer customer calls directly, thereby ensuring brand loyalty and quick solutions.
F. Meets compliance guidelines
The world of cybercrime has focused banks and financial institutions on factors such as KYC (Know Your Customer) documents. A simple change of mobile number or stall of mobile connection can result in phishing attempts. To mitigate this challenge, governments of all countries have put in place strict procedures for checking KYC documents. However, it is difficult for an international bank or organization to verify millions of offline KYC documents. However, an AI application can scan multiple documents, detect errors and submit the correct report within the deadline. It helps banks identify errors in customer profiles and take necessary action.
G. AI can interact with customers on another platform
In 2020, the bank introduced an AI robot, LUIS (Language Understanding Intelligent Service), to answer around 10,000 questions on WhatsApp. You can use this service to check account balances, apply for products, and submit requests for check books.
In the future, banks may have an AI platform that works in coordination with virtual assistants such as Alexa, Cortana and Siri.
H. AI and Search Engines
Are you wondering about the topic of search engines in this article? yes Then please note, millions are using voice assistants on their mobiles to open websites, perform tasks and more. So, banks are strongly pressured to change the content on their website to long-tail keywords or phrases that are used by customers around the world. To be honest, many banks have already changed their web content to suit the conditions that customers use to open their website through voice commands on mobile.
The future of artificial intelligence in the Fintech sector
AI-powered robots are expected to become the next customer service executive in banks, according to industry experts. These robots can answer customer questions, guide them through various processes and bank forms, and plan to reduce the human workforce by 20 percent by 2027.
The fintech industry has always been at the forefront of incorporating innovation and new technologies into its operations. And when it comes to using AI to make processes and services better, the results are there to see. The companies below are just a few examples of how Artificial Intelligence is helping the FinTech industry (companies and financial institutions) to better serve customers.
Popular artificial intelligence applications used in the finance industry
1. IBM Watson Platform
This AI-platform provides solutions in risk, compliance and customer insights for investment companies. Using cognitive capabilities, this platform helps identify customer behavior.
2. Microsoft Cortana Intelligence Suite
This AI-platform helps small-medium-sized financial firms to gain insights into financial crimes and analyze the data used to improve relationships with clients.
3. Salesforce Einstein
This company helps financial advisors to get information about the financial status of the client.
4. ZESTFINANCE (Los Angeles)
The company’s own platform, known as ZAML or Zest Automated Machine Learning, informs banks about a borrower’s credit history or information. It analyzes thousands of data and then gives accurate results. In short, the platform helps to identify customers who may face problem in repaying the loan. According to the company’s website, the platform has helped financial institutions reduce losses by 25 percent.
5. Scientific Systems (New York City)
Similar to ZestFinance, this underwriting platform provides information about customers applying for credit cards. They offer customer spending behavior, interactions, and then transparent results.
6. AlphaSense (NYC)
Alphasense is an AI search engine used by Fortune 500 companies and investment banks. It uses NLP or natural language processing to check keyword searches along with news channels, research papers, filings and online transactions to detect changes in financial markets.
7. KASISTO (NYC)
The company’s AI platform, KAI, is popular for improving customers’ experience with financial markets by providing them with options, solutions and recommendations.
Hopefully the points given above have given valuable insight into the question – How can AI impact the fintech industry? Please note, the fintech and AI industry will always be in a state of flux. Let’s wait and see!!
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