Artificial intelligence and data, the key factors for Fintech

7 years ago - Published in Fintech Land

Time, finance, and intelligence – all the reasons why AI and accessible data are the future of the FinTech industry. According to the International Data Corporation (IDC), research claims that the world will create approximately 163 zettabytes of data by 2025. To better understand the future of FinTech, you will have to look at the beginning of where it all began: Artificial Intelligence (AI). Today, AI is used on multiple platforms, such as Virtual mobile assistance, chatbots, accessible data, and more. These technologies are already integrated into smartphone mobile devices that can fulfill common tasks as well as solve financial issues.

The communication process between financial service employees and customers can be easy with the help of online chat and phone. 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.

In the future, AI will be used as a tool to work with stock exchange and automate the entire process. This way, AI can make accurate predictions for tomorrow’s prices and perform a thorough analysis of the financial market. As a result, investors will find more opportunities to invest in financial products that work with AI – and ultimately bring in more profit.

As for organizations faced with the rise in product liability and fraud losses, AI is progressively positioned as a key tech to help robotize instant fraud detection and maximize performance in the near future.

With the advancements of AI and Accessible Data, we can add in precious metals, international currencies, peer-to-peer lending, identity protection, e-Wallet security, cloud computing access and more into the global payment experience. By expanding more products and services to the market, companies can move towards their goal of an interface that allows every customer to tailor their banking needs and experience while expecting only positive results. In the end, customers will benefit from multi-account APIs and ultimately lead to a “trusted partner” in FinTech.