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Artificial Intelligence to Amplify FinTech Posted on : Sep 24 - 2017

AI has taken some steps into banking, but it also poised to transform how banks learn from and interact with customers. Financial services will lead the charge in the implementation of AI. Africa’s mobile phone market has expanded to become larger than either the EU or the United States with some 650 million subscribers (2016 data). At the same time, Internet bandwidth has grown 20-fold as hundreds of thousands of kilometres of new cables have been laid across the continent to serve an increasing number of its 1.2 billion Africans. Augmented experience on how to recommend how much to spend and on what. AI is already driving the reinvention of existing products and interactions. Endowing the modern workforce with AI, machine learning, payment intelligence and advanced analytics fintech will thrive, amplify and fly. FinTech, which will incorporate machine learning, artificial intelligence, deep learning, and blockchain into one track.

The most striking AI solutions to FinTech, banks, insurance companies (now called InsureTech) and any other financial services company will probably be those that have the robust & smart financial systems with data security, machine learning (machine conciseness is very far for now) and strong analytics features in place. On usage and acceptance part of AI i.e. AI for intelligence or AI for automation we will probably see both types of services getting emphasis heavily by Fintechs to gain a competitive lead. AI will sit on top of every industry of today and will dictate what to do, when to do, how to do and what not to do. Usage of statistics analogy for real life problems to make succinct sense of the information around us support intelligence for better prediction and strategy. Predictions are fintech could be bigger than ATMs, PayPal, and Bitcoin combined in few years time. FinTech brings efficiency as well as the ability to deliver new services and a much improved customer experience throughout the global financial services industry.

Deep dive into how artificial techniques runs on a banking is out of scope for this article but will touch at high level. For instance bill payment for your shopping i.e. ecommerce payments through fintech products (BaaS and BaaP) of course, is not the only industry to leverage recent advances in machine learning. FinTech is a best candidate for cloud computing as it can fit in the environment rapidly and quite intelligently with swift response. New services can be quickly developed, deployed, and scaled on public, private, and hybrid clouds under FinTech umbrella. Harnessing FinTech with AI and cloud computing will be the financial super intelligent services. Blockchains for Artificial Intelligence A planetary-scale blockchain database (IPDB) unlocks opportunities. In addition, these current technologies are being improved daily, with these improvements being fueled by greater data analytics, reduction in the cost of computation, and advancements in the state of the art of machine learning research. View More