Role of Artificial Intelligence in the Fintech

Across industries that have been gold mines for AI investments are automated threat intelligence, automated customer services agent and fraud detection. As per Jessica Goepfert, program director, Customer Insights and Analysis at IDC "Near-term opportunities for cognitive systems are in industries such as banking, securities and investments, and manufacturing….In these segments, we find a wealth of unstructured data, a desire to harness insights from this information, and an openness to innovative technologies". Fintech has witnessed a staggering growth in investments world over, with the growth of over 10% to a whopping $23.2 billion- US and China leading the market. This boost is powered by growing capabilities of AI and machine learning. As AI has already achieved much in retail, healthcare, trading etc. – it is safe to say that AI will achieve great things in Finance.