'AI could trigger fintech revolution'

With the emergence of financial technology (fintech), companies are expected to offer more financial services to personalize their customer journey, enhance the overall user experience and generate alternative revenue streams. Provenir, an artificial intelligence-powered decision-making platform, believes that integrating start-up business operations with artificial intelligence (AI) and efficient data management could trigger "a fintech revolution" that will transform industries in the country. This holds true with the growth of the local fintech market, which has seen a significant valuation increase by 224 percent from $3.4 billion to $11 billion in 2016 to 2021, indicating that Filipinos use at least one fintech service every second. As mobility restrictions amid the ensuing pandemic constantly result in strong demand for digital services, businesses need to "adapt themselves at a very high speed," according to Provenir General Manager for Asia-Pacific Bharath Vellore. "AI in fintech opens the doors for the digitalization of credit-rich verticals and diversifies products and capabilities. Agility and speed in personalization play critical roles in providing personalized offers to customers, aiding in hypergrowth," he said during a recent forum.