An important benefit of FinTech is the use of artificial intelligence

A financial innovation made feasible by technology is known as fintech, or financial technology. This might range from overseeing financial transactions to identifying fraud. According to Siddharth Mehta, CIO of Bay Capital, finance and artificial intelligence have substantially converged. Because of developments in cognition and social simulation, the debate over artificial intelligence technology has moved from the margins to the center. These are the five ways that fintech will change because of AI: 

Improved Security 

The reason why AI has been so successful in the financial technology sector is because it dramatically enhances security. According to Siddharth Mehta IL&FS former director, the majority of AI deployed in cyber security nowadays takes the form of chat-bots, which mimic conversations in response to frequently asked questions. 

Automating tasks to benefit human workers 

Financial technology may be significantly advanced by AI-related technologies, including machine learning, data analytics, neural networks, and others. AI is quickly becoming a necessity in the financial services sector. FinTech is creating value and new efficiency in every sector of the industry. 

Improved customer services 

Customer service is one of the most noteworthy sectors of FinTech where artificial intelligence has improved performance. According to Siddharth Mehta of Bay Capital, chatbots, virtual assistants, and AI interfaces that can reliably communicate with customers are results of artificial intelligence's expanding complexity. By being able to answer straightforward inquiries, there is a lot of potential for reducing front office and hotline expenditures. 

Profiling of customer risk 

Based on their risk score, which is crucial, financial services like banks and insurance companies build their client profiles. The customer profile can be ranked from low to high utilizing classification models for artificial neural networks, for instance. 

Automated Trading 

By evaluating data using a pre-programmed set of instructions, algorithmic trading enables people to make judgements more rapidly than humans. This uses machine learning, one of the most flexible AI methods. Artificial intelligence has a lot of potential for the finance industry. According to Siddharth Mehta, a former director of IL&FS, technology may help your business in many ways, allowing it to boost production, reduce costs, and automate processes. 

Read more here :   https://www.moneylife.in/article/covid-19-disruptions-speed-transformation-of-trade-finance-industry-in-india-report/62164.html


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