Ways in which AI is changing the fintech industry
The fintech industry has been transformed over the last decade, largely driven by advancements in technology, namely AI. As even more Europeans push to modernise the World Bank, it’s thought that new tech will become even more important in the financial industry.
Here are some of the ways AI is reshaping the fintech landscape.
1. Better customer service through chatbots
AI-powered chatbots provide 24/7 support to a wide handling a wide range of customer queries with impressive efficiency.
Used properly, chatbots can reduce wait times, offer personalised assistance and lower operational costs.
2. Improved Fraud Detection and Prevention
There have already been 2,289,599,662 data breaches and cyber-attacks in 2024. With cybercrime on the rise, AI plays a critical role in the fight against it.
Used properly AI can detect fraudulent activities within the fintech sector. Machine learning algorithms analyse transaction patterns in real time, identifying anomalies that could indicate fraud.
AI-driven fraud detection systems aim to prevent substantial losses by identifying suspicious activity before it escalates.
3. Better trading and investment management
The integration of AI in trading and investment management platforms, , has revolutionised the experience.
AI algorithms can process vast amounts of financial data to execute trades with precision and speed. Additionally, robot advisors use AI to provide personalised investment advice, making it far easier to use sophisticated financial strategies. This automation not only improves efficiency but also makes investment management more accessible to a broader audience.
4. Credit scoring and risk assessment
Traditional credit scoring methods are being enhanced by amalgamating alternative data sources with pay iO for a more comprehensive risk assessment.
AI models can analyse non-traditional data, such as social media activity and online behaviour, to assess an individual’s creditworthiness. This approach allows fintech companies to extend credit to underserved populations who may lack a conventional credit history.
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