Artificial Intelligence at and for FinTech: the 2021 trends
Today, when Ai stays one of the hottest and most discussed tech trends, it is definitely trying to be fit into more and more innovative as far as traditional economical and social spheres of our lives. And finances in all their diversity are, without a doubt, one of them.
AI is meant to improve the whole business process, speed up and optimize financial services by improving their automation and efficiency. This already implemented by various banking, neobanking and payment solutions only show the very surface of how AI could be integrated into finances to completely revolutionize the landscape.
The very first examples of AI use by financials are the system-generated transaction details provided to customers in a text for via e-mail or SMS, SMS-based security verification of online purchases and automated expired card issue. Features that have already become essential for every financial service provider.
Having already optimized the back end and the administrative segments, the financial services are now looking towards improving their customer communications, customer support and other customer-facing activities. At this point, cognitive computing, one of the most advanced branches of Ai comes at their help.
Being able to analyze big data volumes, make autonomous decisions and act in close accordance with human behavior, cognitive computing helps building effective and user-friendly chatbots resulting in a better customer experience. At the same time, cognitive computing, together with other AI-driven disruptive technologies, enables a highly detailed customer analysis helping to identify customer problems, needs and difficulties for a general service improvement.
Another AI everyday financial painkiller is, of course, contextualized customer service. Due to natural language processing ability, the new generation chatbots for mobile applications and websites are not only categorizing inquiries, solving the easiest ones and processing difficult ones to the right human specialist but are also giving customers appropriate answers in a natural language after converting the tech data from the database.
The financial top priority security question seems also to be risen to a brand-new level by the AI technologies as they enable the banking, financial and payment security systems to become more efficient and flexible at the same time. AI and cognitive computing help to minimize the fraud transactions volume, identify theft and analyze all the incoming and outgoing transactions while immediately releasing the legitimate ones. The AI solutions can analyze each and every customer, his/her usual financial behavior, average transaction volume, financial interactors, monthly spending, etc.
The last but not the least. Neobanking disruptive solutions aiming to provide a unique financial customer experience are now getting to explore AI algorithms to build different financial mentors that would offer personalized suggestions for each and every customer. Even if today it still seems a long journey to take, Quppy is already stepping towards this way better personal banking future.