Artificial intelligence (AI) has been able to enhance the ability for us to leverage a larger volume of data generated in everyday business activities, and the FinTech industry is no exception. Financial services have enabled many individuals to break free of the traditional bank, expanding their options tremendously. The use of AI in FinTech can be used to optimize customer experiences, minimize risk and fraudulent transactions, and improve consumer credit decisions. Customers are constantly looking for more personalized experiences with their FinTech companies. One way many companies are accommodating this is through artificial intelligence.

Artificial Intelligence (AI) continues to gain traction as a significant business driver for large organizations across major industries. The traditional financial services industry was known to be slower in adopting new technologies, with some organizations using software running on COBOL or Fortran, which was invented in the 50s and 60s. Recently, thanks to the rise of fintech and more AI applications becoming available, the industry is starting to accelerate investment in AI across all key business functions. But how should the right AI use cases in FinServ be identified? While internal efficiency use cases might be great short-term wins, zeroing in on the customer experience may prove to be a competitive advantage in the future.