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Perhaps nothing embodies evolution as much as the financial sector, with the advancements that it has seen over the years. The introduction of digital banking has transformed the relations between banks and their customers for the better. <br><br>At present, digital banking, networking, and the internet make the core of every financial institution. Numerous retail banks all over the world have revolutionized into digital banks ruled by the trends of fintech, more specifically ai in fintech. <br>
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Perhaps nothing embodies evolution as much as the financial sector, with the advancements that it has seen over the years. The introduction of digital banking has transformed the relations between banks and their customers for the better. At present, digital banking, networking, and the internet make the core of every financial institution. Numerous retail banks all over the world have revolutionized into digital banks ruled by the trends of fintech, more specifically ai in fintech.
1. Digital Advisors One of the fintech applications that is rising in popularity is the transactional bots that provide users with financial coaching services. It is not easy to comprehend the right use of savings, financial plans, and spending. Anyone can gain from some assistance in this sphere. Digital financial advisors or assistants like Ella, created by Sun Life assist users in navigating various aspects of their insurance plans like benefits and pensions.
2. Credit Risk Assessment The Federal Reserve System in January 2020 placed consumer credit debt in the U.S at a whopping 4.2 trillion dollars. Credit risk is assessed according to customer data. That means AI applications have a huge scope in this domain.
3. Better Search through Chatbots One of the major problems in banking and finance is that users face a tough time wading through the data, trying to find a particular transaction. This problem can be solved through AI-enabled chatbots that are built on NLP. It recognizes the requests related to every aspect of user account and transactions, thereby processing it and displaying the result within seconds. Thus, the application of ai in fintech immensely optimizes the search tasks.
4. Smart Threat Detection As the technology evolves, so do cases of fraud and security breaches. The application of ai in fintech applications is proving to be the perfect solution to combat such sophisticated online frauds which the conventional rule-based systems cannot identify. ML-based threat detection gleans the invisible yet implicit data linkages and as opposed to rule-based detection can automatically determine possible fraud cases. The real-time processing of all the data enables it to effectively determine and track any lurking threat.
5. Seamless Claim Processes One of the most critical functions of any insurance company is the claims operations. However, bringing about accuracy in the claims workflow is a very laborious and challenging task. But here is where robotic process automation technology makes the whole process more streamlined. AI-enabled bots, replete with features like image recognition, payout prediction, and threat detection brings forth an errorless and cost-efficient execution of the whole process. Form filling, submission, and customer service can all be digitized with a single bot.
Final Words There are many more use cases of AI than those described above. But they are enough to make anyone note the remarkable scope of Artificial Intelligence in the financial services sector through its integration with fintech technology. Fintech organizations can benefit a lot in terms of reduced operational expenses, keeping cybercrime at bay, and enhancing the overall customer experience. One can surely conclude by saying that fintech technologies, integrated with Artificial Intelligence, are set to transform the banking processes by making them faster, efficient, and convenient.
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