Artificial intelligence has proven itself as an irreplaceable resource in many industries, so much that it has become a new standard in fintech companies. From marketing products and services to handling customer queries, AI is instrumental in increasing the reach and scope of financial institutions across the world.
As recent research suggests, AI’s role in shaping modern economies and businesses is already quite impressive and is yet to grow and show its full potential in the upcoming years.
Transactional bots are one of the simplest and most popular examples of AI employed in fintech. Acting as digital assistants, they help users navigate their finance plans, spendings, and transactions.
One such example is Ella, a virtual assistant developed by Sun Life with the aim of helping users keep track of their insurance plans and funds.
Financial managers require even more AI assistance due to the complexity of their work. This is where chatbots come in handy. Bots such as Erica, created by Bank of America, scour through transactions logs and categorize relevant data so that users can keep track of all the details.
Another example of AI-based solutions revolutionizing the fintech space is the introduction of Risk profiling software such as XGBoost or Artificial Neural Network. Developed as AI assistants and powered by complex algorithms, these programs calculate credit risks and pricing, making it easier for financial consultants to make important decisions and predict possible outcomes.
Perhaps the crown of AI-based technologies applied in fintech is the algorithmic trading software. Specially tailored according to each client’s needs, these complex programs use machine learning to analyze market trends, predict all possibilities, and come up with the best possible decision, entirely automating the whole process.
As AI continues to showcase its potential, more and more fintech companies are rushing in to be among the first to harness its potential and get an edge over the competition.
On this AI infographic, you’ll find everything you need to know about the technology:
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