Applications of AI in FinTech, InsurTech & The Future with 5G

Louis Columbus in 10 Ways AI Is Going To Improve Fintech In 2020 stated that "Bottom Line: AI & machine learning will improve Fintech in 2020 by increasing the accuracy and personalization of payment, lending, and insurance services while also helping to discover new borrower pools." Since that time the Covid-19 crisis and tragedy arose. On the one hand Paul Clarke noted that UK fintech investment slumps by 40% amid Covid-19 crisis, whilst on the other Deloitte in Beyond COVID-19: New opportunities for Fintech companies note that "As the COVID-19 pandemic continues to create uncertainty, many fintechs are under stress on a number of fronts. But, as the broader economy shifts from "respond" to "recover", new opportunities may be created for some fintechs. A key question is how fintechs may leverage their unique assets and skills to seize new opportunities in the future. It could be an opportune time to think big and act boldly." Pavrita R considered the impact of Covid-19 and noted in 5 U.S. FinTech startups reimagining the healthcare industry notes that FinTech is undoubtedly shaping the face of the Health Care industry. "FinTech companies leverage powerful innovations blockchain, Artificial Intelligence, and Machine Learning to eliminate the inefficiencies and knowledge gaps endemic to most healthcare payment plans." The likes of Nigel Wilson (@nigewillson) and Brian Ahier (@ahier) have stressed the importance to apply AI to positive use cases such as preventative medicine and improved Health Care outcomes. McKinsey in an article entitled AI-bank of the future: Can banks meet the AI challenge? " The potential for value creation is one of the largest across industries, as AI can potentially unlock $1 trillion of incremental value for banks, annually (Exhibit 1)." Source for image above: AI-bank of the future: Can banks meet the AI challenge? "While for many financial services firms, the use of AI is episodic and focused on specific use cases, an increasing number of banking leaders are taking a comprehensive approach to deploying advanced AI, and embedding it across the full lifecycle, from the front- to the back-office (Exhibit 2)" Source for image above: AI-bank of the future: Can banks meet the AI challenge? The Covid-19 crisis is a challenge both in terms of human health and also to the Fintech world.