Fintech Artificial Intelligence Expanding Rapidly in Financial Services

Fintech artificial intelligence applications continue expanding across the financial services industry (payments, insurance, deposits and lending, funding, investing, and other business services). Banks represent a major target as branches close, employee headcount drops, and profits stagnate. But financial technology by itself is not the key factor in continued growth. AI can also be used to analyze the data produced by IoT, social media, mobile phones, and other sources to provide active learning analytics that can create a virtuous circle." Siri, Cortana, Google Assistant, Amazon's Echo and Home are consumer examples. CBInsights' diagram of fintech sectors and companies below provides a visual of the industry's growth (click the image to see the full article): According to a Euromoney Survey and report commissioned by Baker & McKenzie, out of 424 financial professionals, 76% believe that financial regulators are not up to speed on AI and 47% are not confident that their own organizations understand the risks of using AI. Additionally an increasing reliance on artificial intelligence technologies comes with a reduction in jobs. Many argue that the human intuition plays a valuable role in risk assessment and that the black box nature of AI makes it difficult to understand certain unexpected outcomes or decisions produced by the technology."