Use cases of AI-based FinTech solutions: from fraud detection to big data mining - Techfoliance

Artificial Intelligence has caught the attention of the world, including financial institutions. While AI-based FinTech solutions may not get the same attention than autonomous cars or robot dogs, its impact will undoubtedly be felt. AI-based FinTech solutions will both save financial institutions billions in cost and create billions in additional revenues, potentially creating more than a trillion in additional profits in the financial services industry. A study done by Accenture showed that the implementation of AI in the financial sector could lead to a 31% increase in profitability rates by 2035.[1] Moreover, AI will allow to customize financial services delivered to clients, leading to an enhanced customer experience. Fraud detection and management is imperative for financial institutions now more than ever, as they are faced with new and more sophisticated threats to client data and security breaches.