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How AI & Machine Learning is Infiltrating the Fintech Industry?

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Fintech is a buzzword in the modern world, which essentially means financial technology. It uses technology to offer improved financial services and solutions. How AI and machine learning are making ways across industries, including fintech? The use of artificial intelligence (AI) and machine learning (ML) is evolving in the finance market, owing to their exceptional benefits like more efficient processes, better financial analysis and customer engagement. According to the prediction of Autonomous Research, AI technologies will allow financial institutions to reduce their operational costs by 22%, by 2030.


Seven technologies shaping the future of fintech

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Technological progress and innovation are the linchpins of fintech development, and will continue to drive disruptive business models in financial services. McKinsey estimates that artificial intelligence (AI) can generate up to $1 trillion additional value for the global banking industry annually. Banks and other financial institutions are tipped to adopt an AI-first mindset that will better prepare them to resist encroachment onto their territory by expanding technology firms. In financial services, automatic factor discovery, or the machine-based identification of the elements that drive outperformance, will become more prevalent, helping to hone financial modeling across the sector. As a key application of AI semantic representation, knowledge graphs and graph computing will also play a greater role.


The Future is Fintech: 4 Drivers of Change in Financial Services

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The world of financial services has reached a point of no return along the road of digital transformation. A combination of several factors is driving this shift: the rise of big data, consumers' demands for convenient and affordable financial services, and the proliferation of mobile technology are all responsible. Financial services companies must adopt automated, data-drive solutions to successfully compete against new, technology-based entrants. Although the rules surrounding developing fintech are still under construction, its potential to improve operational efficiency, safeguard investments, and fortify cybersecurity, is uncapped. At this point in the game, technology adoption is mandatory for financial institutions.


Understanding how Artificial intelligence is Redefining the Fintech

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In the modern world, fintech essentially means financial technology that offers improved financial services and solutions. It prompts the use of digital technology that is focused on startups and new market entrants, innovating products and services. Today customers do not go for services being provided by the traditional financial services industry. They opt for services that bring quick and prompt responses based on their query. Thus, fintech is gaining significant momentum in the industry, disrupting the typical value chain.


Venturing AI, ML With FinTech: - Tech Time Magazine

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AI allows Financial service providers to strike the right balance between performance, underlying logic, accuracy, performance, and compliance with regulatory requirements! The recent pandemic accelerated the budding digitization trend around the use of AI. This stimulated global spending on AI to double up over the period 2020-24, growing from USD 50 Billion in 2020 to more than USD 110 Billion in 2024. AI creates a rush of opportunities in the financial sector for in-house, outsourced, or ecosystem-based projects but there are some inherent risks in the use of this technology. Such Fintech with AI has encouraged many mergers and acquisitions among financial service providers and wealth managers as they dredge with volatility, uncertainty, complexity, and ambiguity.