With half the year gone, the year 2020 is expected to witness a sharp rise in the adoption of Artificial Intelligence (AI) in sectors other than just scientific sectors. Areas where huge monetary numbers are at play every day needs to be more protected and made robust enough to not fall prey to any financial treachery. Adoption of AI in fintech is therefore, aimed at improving the accuracy, personalisation of payment, lending services, and insurance services along with unveiling new borrower pools. It is interesting to point out that some fintech companies have incorporated AI into their structures already for some time now as financial firms were the early adopters of mainframe computer, relational databases, and has always been at the forefront to espouse next level computational power. Fintech is among the fastest-growing industries, owing to the increasing penetration of internet users. The emergence of digital payment solutions has resulted in a paradigm shift in the usage of mobile devices for financial transactions and related actions. Behind this gigantic boom in the fintech market, several futuristic technologies like AI and ML are the major contributor in making the whole system faster, robust, securer, and scalable. According to Mordor Intelligence, artificial intelligence in fintech market is estimated to touch over USD 35.40 billion by 2025. Here are some pivotal applications of AI in Fintech that have disrupted the traditional methods and operations with some amazing case studies: Fraud Detection and Compliance According to the Alan Turing Institute, with $70 billion USD spent by financial institutes on fraud detection and compliance each year and this is just in the US; the amount of money spent on the world level for fraud is staggering. Between 2015 and 2016, the UK alone witnessed exponential increase of payments-related fraud by 66%, indicating the problem clearly and is obviously much more than a momentary phenomenon. Read More: Revolutionising Fintech with AI: Integrating Chatbots with Intelligence in Business
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November 2020
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