3 Fintech areas where AI bring the most value

fintech ai

Having discovered the power of artificial intelligence, people all over the world are doing their best to integrate its capabilities into their businesses. According to data from Gartner, by the end of 2020, 20% of citizens in developed nations are expected to use AI for everyday operational tasks.

Customer support revived

Customer-oriented systems such as text chats, voice systems and chatbots are no longer a novelty. They can carry on human-like conversations and deliver expert advice at a low cost. A lot of banks and companies offering financial services have these capabilities in place.

Credit scores and loans

The use of AI in this field brings a major improvement to the decision-making process by turning it into a faster and more reliable one. This translates into allowing more people to apply for a loan or credit, thus increasing their chances of actually getting it.

Fraud detection

Since the advent of electronic commerce and online banking, payment fraud is a constant in our lives. A 2018 report from McAfee shows that the cost of cybercrime currently reaches 0.8% of the global gross domestic product. The most prevalent type of financial cybercrime is credit card fraud, which grows at a fast pace due to the increase in online transactions. But AI tools and machine learning algorithms are quite successful in detecting financial fraud.

Read more about the topic in this article written by our friends from Strongbytes.