Five emerging tech trends that will shape the future of fintech

The UK government's 2019 Fintech State of the Nation report identified a raft of areas in which artificial intelligence (AI) could have an impact on the financial services sector, ranging from delivering customer support through to underwriting loans and providing real-time fraud and risk management. These developments are underpinned by "machine learning", which allows computer programs to teach themselves by examining data. AI is a topic already being explored by many financial service providers, with 56 per cent believing it will reshape the sector, according to a survey from a "Big Four" accountancy firm. The poll found many companies plan to use AI to deliver automated advice to clients – having a "bot" deliver information online could cut costs which could be passed on to customers through lower fees. Banks using AI could examine data about young people's spending habits and enable them to qualify for personal loans or mortgages even if they have a short credit history, while start-up Financial services is highly-regulated and the use of AI can cut the cost of compliance dramatically.