More than 70% of FinTech companies have adopted Ai in some sort of way
5 min read
Artificial intelligence’s main benefit is the increased levels of efficiency as a solution. As FinTech is focused at dealing with high amounts of data, including customer information, banking details, documentation and platform behaviours (amongst many others). Higher levels of efficiency than other industries can be added to finTech (above 25%- to 30%) because of the automated, high data nature of the industry. This is specifically where RPA (Robotic Process Automation systems) comes into its own, encoding bots to scrape data and manage data with very little to no human interaction. This can streamline and enhance any back office or frontend process within FinTech.
Especially in growing companies, establishing efficiency early on is the difference between sink or swim in such a competitive, finically motivated industry.
33% of North American Financial Services firms predict AI will change how they innovate
Much as comparison websites revolutionised the way in which we search for products online, a Fintech revolution is on the horizon to allow customers to more efficiently view products and pivot their financial reliance. Recommendation engines that exist on all online shopfront stores have also added huge gains in turnover, to best provide customers with options on what to purchase. It has become a new edge on marketing within technology.
All of these examples have been or are directly powered by Ai systems.
Fintech companies can find a competitive edge through the use of Ai to find and sustain more customers to their products
Especially in growing companies, establishing efficiency early on is the difference between sink or swim in such a competitive, finically motivated industry.
Ai is growing in the FinTech space at a Compound Annual Growth Rate (CAGR) of 40.4%
Chatbots, automated support networks and customer interaction evaluation systems are only the beginning when it comes to Ai. With new levels of text generation and understanding systems on the horizon, new FinTech companies can better interact with new or existing customers.
The automated nature allows better response time and lower levels of employees needed to sustain a growing customer base.
Ai can even be used to market and sell products related to FinTech, allowing small companies to grow and develop at faster, more predictable rates due to new technology systems, some of which are cheap and quick to implement (using the right team).
All of these examples have been or are directly powered by Ai systems.
Fintech companies can find a competitive edge through the use of Ai to find and sustain more customers to their products
Especially in growing companies, establishing efficiency early on is the difference between sink or swim in such a competitive, finically motivated industry.
Whist this may or may not apply, allowing higher levels of security authorisation for customers is an essential part of financial services. Ai provides higher levels as it can learn (machine learning) example of fraud and non authorised behaviour. Using past examples or even building initial logic based systems can add an effective, automated layer of security that can be used as an additional feature for customers. Adding value. these systems can also be trained over time to become more effective, learning to become smarter. This allows early adopters to add real gains over time, so that when more customers use the platform, security is fully established and running at the highest levels for that product or service.
An Economist Intelligence Unit (EIU) research report found that 86% of Financial Services executives plan on increasing their AI-related investments through 2025
Using a mixture of RPA and data analytics, approval systems can be the backbone of FinTech companies. this separates large amounts of manual work to automation. This allows employees to focus on higher value use cases and issues, that would otherwise detract from business development.
Again, the benefit of these types of systems are that as the company grows, the benefits compound, leaving a year on year increase in efficiency within FinTech.
To Summarise, these are only 5 examples of how Ai can add value, efficacy, time and cost saving and business development options to FinTech companies trying to grow.
The industry is extremely competitive, but with big rewards, using future technologies has demonstrated in other fields and industries the massive advantages of adopting such tech.
The best place to find how these systems can benefit your company is to start an exploratory process with an Ai specialist to deep dive into a bespoke plan, roadmapping how to (often for little initial investment) start using new tech as a powerful business development tool.
Pro AI, Transform your business with bespoke AI solutions
Copyright © 2023
