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Artificial Intelligence and Fintech

According to the recent reports published by a well-known consultation firm known as the Accenture, the investments in the domain of Financial Technology has risen up to 10 percent and has reached a staggering $22.6 billion in the year 2016. The epic rise in Fintech industry is attributed to the rise of industry in China which contributed a lot in bringing this boom. Many would wonder as what brought this excessive boom? The answer is, cutting edge technology which brought together the finance and technology together, along with a little addition of artificially intelligent machine learning algorithms which made the recommender systems more effective and efficient.

This merger of finance and AI came proved to be the best for several startups and now that the market has seen the spark in this merger, every second start-up is working on bringing about innovations in lesser possible time. The traditional banking artificial intelligence was working closely before as well but the main focus was only to serve the big organization which are handling millions of transactions per day. The Fintech, on the other hand, promises to empower the smaller organizations having consumers who need to be tended gently. The only way Fintech can achieve the goal of happy and satisfied customers is by reaching out to them at the moment of need and attending to their issues by resolving them as soon as possible. The resolution should be in a manner which is in favor of the customer on a large scale.

Considering AI has several consumer-level applications developed specifically to answer the needs of the clingy customers, but these are available in fragments and are mostly generic. The Fintech has offered a more viable and integrated solution to the organizations. The integrated applications will serve as robotic advisors to the customers and also these apps will be used in balancing people’s budgets, which is one of the most important tasks. Nowadays, due to the advancements in the Fintech sector has lead the AI to introduce auto-bots which are the side-kicks of every financial trader sitting out there in the financial market. These auto-bots use several complex machine learning algorithms to understand the financial curve of the stocks which are being sold and bought. After learning, these AI-embedded systems sell/purchase your stocks, most certainly, on profit.

For organizations, Fintech and AI have introduced merchant solutions and several fraud detection modules which are of great use to the industry.