The combination of technology and investment has given FinTech its biggest boost. Today, a growing company is thinking of reinventing itself by adding artificial intelligence (AI) to improve its processes and to be even more inclusive by adding new technologies. FinTech and cryptocurrency expert Kimberly Rosales these new additions.
One of the things AI is promoting is chatbots. These helpers are designed to answer frequently asked questions and are one of the most recommended FinTechs to start the process of approaching the user. Of course, more than once, you have interacted with them. Also, there are other technologies that have been for many years.
“Competition in the financial sector has driven banks to constantly seek to innovate and provide their customers with well-tailored services and products,” says Rosales. “Chatbots supported by AI have become a key differentiator for financial institutions, changing paradigms and implementing technological innovations to stay ahead of the industry and bring their products and services to the masses.”
In addition, advances in technology have enabled financial institutions to offer digital products and services. For example, users have the ability to apply for loans, credit or debit cards, buy insurance or invest in funds without going branch office.
Now they also offer products like loans or cards based on AI models. For these, financial data, credit reports and customer behavior are taken into account. In their desire to improve and create their services, products, security and user experience, banks will continue to implement new technologies and solutions. Also, with the introduction of AI, banks have more accurate and efficient security systems.
The year that the advancement of technology and FinTechs will be applied strongly with the aim of providing quality services even if it is automated. This makes the costs lower and better returns for startups.
Voice biometrics is an AI-based application that is responsible for identifying and analyzing people’s voices to confirm their identity while conducting remote transactions. This provides greater safety and security for both FinTech and consumers.
Voicebots are voice assistants that can handle real-time conversations. With their help, the FinTech user will be able to solve doubts without the help of a person and will be able to receive financial suggestions supported by data and machine learning.
Credit scoring technology is important for applying for loans and financing. That is why technology is needed as an aid when creating a forecast model that evaluates the likelihood of a customer paying off their credit and other related services. AI enhances credit score interpretation to ensure better results and better loan opportunities.
Anti-fraud algorithms are one of the most popular technologies and promise to change jobs. With them, it is possible to detect suspicious behavior and unusual events. Other algorithms used in the FinTech industry are risk management algorithms, which are used to analyze the financial situation of credit applicants (in the case of FinTechs specializing in loans). With them, it is possible to detect anomalies and reports from user reports easily.
“Without technology involved, FinTechs cannot function,” says Rosales. “So, the continued advancement of AI is essential to the development of the emerging financial services sector, the automation that comes with it and -promised to make financial services more accessible by making them accessible to all, this development also included an increase in people’s banking.”
Almost since the beginning of mathematics, it has been said that computers can solve tasks by following human intelligence. A series of programs and applications in these specific areas have developed, putting AI closer to the majority of the population.
Today, we are all connected to technology, at home, at work and always on our phones. In this technological environment that we live in, the interaction with the intelligent algorithm continues.
Behind every device connected to the Internet is software in the cloud that uses human intelligence to make our lives easier. But, as you might expect, FinTech also requires AI for many of its applications.