Fintech uses technology to enable financial services that would previously be infeasible. AI can help companies in the financial sector to analyse and manage data from multiple sources to provide valuable insights. Innovation in this space helps financial institutions with improved day-to-day services such as payment processing or loan management as well as uncovering new opportunities in the market.
The above exemplifies how AI can be used to minimize the number of requests and loans on a banking institution’s system. Additionally, increased customer satisfaction and time saving is achieved through these methods.
AI systems are able to be trained on billions of transaction patterns to identify patterns of fraudulent activity by consumers. The system can then create automated alerts to warn companies of potentially fraudulent activities.
Furthermore, a system may block a particular user’s request or prevent a user from accessing their account if it detects potentially fraudulent activity.