New advances in technology have pushed many sectors, including finance, to start their digital transformation. Some of the emerging FinTech trends today promise to save time and eliminate headaches from the industry, such as fraudulent activity. The change, driven by breakthroughs in artificial intelligence (AI) and machine learning, will transform the financial services landscape and forever change the future of FinTech. And those who want to remain competitive will need to reinvent their business processes as quickly as possible. Although the adoption of AI tech in finance is accompanied by several challenges, Microsoft's Accelerating Competitive Advantage with AI report reveals that global AI investments in the financial sector will reach a value of $5.6 billion in 2019.

NEW DELHI: Andhra Bank has partnered with Floatbot to offer an Artificial Intelligence-powered virtual assistant for online banking users. The AI chatbot named "ABHi" --made by Floatbot-- is integrated with Core Banking Servers (CBS) of Andhra Bank and will automate customer support for 5 crore Andhra Bank account holders. Floatbot will also develop a chatbot for over 20,000 internal employees of Andhra Bank to automate on-boarding and training. Floatbot is incubated at NASSCOM Center of Excellence DS-AI, an initiative of the Department of IT, BT and S&T, Government of Karnataka. "Floatbot has launched the chatbot for Andhra Bank after going through end to end security audit and a rigorous user acceptance testing (UAT). More than 50,000 queries were tested before the final sign-off," the company claimed in a statement.