Artificial Intelligence in FinTech

Financial firms were the early adopters of technological advances. Always looking for ways to improve efficiency, fintechs are the ones expected to revolutionise the industry by taking advantage of Artificial Intelligence (AI). AI is already used on multiple platforms, integrated into mobile devises and helps to fulfill some common tasks in financial world. So what else can we expect from Artificial Intelligence in Fintechs?

Advanced Customer Support and Helpdesks

The personal connection that used to be common in Customer support is lost in the digital world. AI can be leveraged to bring back this personal touch in communication. It can process huge amount of information about customers and provide the best product/service in the exact way the customer needs. According to a study conducted by Zendeck, 42% of B2C customers showed more interest in making a purchase after receiving good customer service. However, the same study also revealed that 52% of them stopped purchasing from the company due to a single disappointed experience in customer service. It is obvious that customer satisfaction is crucial in any business and AI can provide the right tools and technological solutions to bring it to the highest level.

Compliance and Accurate Decision Making

According to the International Data Corporation (IDC), approximately 163 zettabytes of data is expected to be created by 2025. As Fintechs are embracing big data and constantly deal with compliance and AML issues, AI is expected to handle fraud detection and minimise its appearance in the near future. AI algorithms can learn and monitor user’s behavioural patterns, identify warning signs and recognise fraudulent attempts in the process, before they actually occur. Further, self-learning abilities enable AI systems to adapt to new cases and patterns and further improve the detection.

The advancements of AI and usage of them in fintech industry can both add wider spectrum of products or services to the market and allow companies to ensure tailor made banking solutions to their clients. That seems to be the future of the fintech industry. If you are looking for state-of-the-art solutions and personal approach in your banking, open an account with SatchelPay and enjoy the best quality service you can find in fintech industry today.