How does AI change what we know about FinTech?

By Toby Tunwase

Artificial Intelligence (AI) is just a step away from being as intelligent as you are. In fact, it is having a significant impact on life as we know it. AI covers a broad range of technological innovations, including robotics, machine learning, and analytics. With AI, our mobile devices tend to be smarter and predict our interests. Our approach to medical services, buying and selling, and other human activities are also experiencing changes due to AI.

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FinTech, on the other hand, is the short form of Financial Technology. It refers to innovative and digital ways of conducting financial transactions. Types of FinTech platforms include mobile wallets, online crowdfunding services, cryptocurrency, and mobile point of sale terminals.

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As expected, FinTech is not immune to the advancement that AI brings. How then is AI changing the face of FinTech?

  1. Digital Financial Advice: AI is able to track your spending and investment habits. This way, FinTech helps monitor, predict, and advise you on the best financial decisions to make.
  2. Contract analysis: Interpreting investments and contracts are usually outside the grasp of non-financial experts. With AI, that’s coming to an end. A machine learning FinTech software can analyze and interpret contractual documents.
  3. Customer service: AI is the greatest shaper of customer care services in the financial industry. Sophisticated AI can take up and respond to advanced customer queries. Chatbots can also handle specialized requests regarding transactions and account information.
  4. Improved security: Imagine a world where your account information can only be accessed by a retina scan or voice recognition. That’s what happens when AI and FinTech intersect.