One of the two task forces announced to be formed by the US House Committee on financial services will be investigating the use of artificial intelligence technologies (AI) for FinTech. The focus of the task force will be to examine digital identification technologies using AI to reduce fraud. It will also look into issues such as regulating ML in the financial services industry, risks associated with algorithms & big data, and the impact of automation on jobs and the economy in the US. AI has been one of the hottest technologies used by emerging FinTech players. It is used in automation, social media analytics & intelligence tools, cybersecurity, fraud prevention, and other areas.
Just as many other technological advancements, Artificial Intelligence came to our lives from the pages of fairy tales and fiction books (think of the Tinman from The Wizard of Oz or Maria from Metropolis). People dreamt about machines able to solve problems and release some of the fast-compounding pressure of the 21st century. Less than 70 years from the day when the very term Artificial Intelligence came into existence, it's become an integral part of the most demanding and fast-paced industries. Forward-thinking executive managers and business owners actively explore new AI use in finance and other areas to get a competitive edge on the market. More often than not, we don't realize how much Artificial Intelligence is involved in our day-to-day life.
The article was written by Amber Zhou, a Financial Analyst at I Know First. Artificial Intelligence (AI), was once the domain of fanciful science fiction books and films. But now the drive to eliminate human fallibility makes the technology stormily take the world across all industries, from self-driving cars to virtual assistants like Siri. Companies are significantly benefited from the cost saving from a variety of automated processes. Now programmers and data scientists are setting their sights on financial services.
Machine learning is a type of artificial intelligence that provides computers with the ability to learn without being explicitly programmed. The science behind machine learning is interesting and application-oriented. Many startups have disrupted the FinTech ecosystem with machine learning as their key technology. There are various applications of machine learning used by the FinTech companies falling under different subcategories. Let us look at some of the applications of machine learning and companies using such applications.
Evolving needs and investors behaviors, combined with the advancement of technology, have created opportunities for traditional players and new disruptors to reshaping the wealth management industry. In recent years, companies have arrived on the scene offering wealth management solutions leveraging technologies such as artificial intelligence (AI), big data and cloud computing. This breed of fintech companies, referred to as wealthtechs, is on the rise around the world. Switzerland's Sentifi was founded in 2012 with the goal of improving the information people all over the world use to make investment decisions. Sentifi uses AI and machine learning to analyze alternative data, classify it, rank the sources and link the results to over 50,000 global companies, commodities and currencies.