The Applications of AI Technology in the Fintech world
The role of Artificial Intelligence and other related technologies have helped businesses to scale to greater heights. AI is lends its support in the Fintech and financial firms and solves complex problems, and consequently improves the overall efficiency.
The impact of AI on the finance industry has been tremendous in recent years. Through AI, fintech firms have been more accurately able to assess a borrower’s creditworthiness and instantly make viable lending decisions. One can witness the rising adoption of AI as it helps to scale-up the efficiency of service delivery by making more accurate and seamless decisions. Read on to find the areas wherein AI is empowering fintechs to deliver more seamlessly.
• Initial Loan Eligibility
When one applies for an instant personal loan from a fintech lender, the credit profile is immediately obtained and evaluated through AI algorithms. Various parameters are analyzed against the set norms and approval is determined instantly.
• Bank Statements
Fintech lenders require customers’ bank statements as a part of the lending procedure. AI-driven algorithms help to fetch significant information from the lengthy bank statements in lesser time, enabling a quick and accurate profile assessment.
• Chatbots for Customer Interactions
Lending institutions are welcoming the chatbot integration to make customer interactions transparent and provide customers with a more seamless experience. Chatbots helps in solving queries through AI technology, tracking transactions and providing service-related information.
• Fraud Detection
Another domain wherein AI has proved itself is the detection of fraudulent activities. AI technological frameworks assist in instantly detecting any anomalies pointing to potential fraud and helping fintechs and banking institutions to shield themselves from facts arising from lack of fool-proof systems and to tackle potential fraud.
As there are significant potential benefits, there will be a high increase in automation in the financial industry. AI and other related technologies have potentials to expand skills, reduce costs and improve the customer experience.
Check out: Top Artificial Intelligence Companies.