Fintech: A Change in the Mortgage Ecosystem

A new study or survey is released almost daily that suggests that artificial intelligence (AI) and machine learning (ML) will revolutionize our lives. This past summer, the Treasury Department released a report in which the agency recommended facilitating the development of AI due to the potential it holds for financial services companies and the overall economy. The agency also found that AI was one of the three biggest areas of investment for financial services companies last year. However, it's not just the Treasury Department that is backing AI and machine learning. The Federal Reserve has recognized the two concepts, as has the Financial Industry Regulatory Authority (FINRA), which noted that AI could help banks prevent money laundering and improve data management and customer service.