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THE EXPONENTIAL GROWTH OF AI IN FINTECH

By: Sarah Monaghan
05/18/2022
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Even three years ago, about 50% of financial services and insurance firms
globally were using AI. So, research group Forrester reported then.

But time in the fintech space moves fast.

Roll on 2022. In the tech-driven fintech sphere, that figure is now dramatically
higher. And it’s rising more each day.

Currently, 70% of fintechs are using AI for a myriad of purposes from front to
back office.

AI is in play for collecting data, analysing information and safeguarding and
facilitating transactions. Plus for creating customer-centric products, and
streamlining processes.

Even wider AI adoption, too, is expected by 2025. And this will be alongside
complementary technologies such as IoT, blockchain, APIs, low-code and edge
computing.

So what are the practical use cases of AI in fintech?

Right now, the ‘big 5’ are these below. But ahead, will be more uses as AI
becomes more democratized and standardised.

It’s likely, for example, that passwords and usernames will be replaced.
AI-backed security solutions are the future. Think speech recognition, face
recognition, and other biometric data.

 1. Chatbots and customer support - More sophisticated AI, aided by natural
    language processing, is now allowing automated customer support that sounds
    more human. Chatbots are removing delays from the customer service
    experience and the need to use traditional call centres.
 2. More effective decision-making - AI and ML are helping organizations to
    analyse large amounts of data. That means they can identify connections and
    anomalies to make data-driven and accurate decisions in real-time. This is a
    boon for products like loans and insurance, saving time, cutting costs and
    reducing workload.
 3. Fraud detection - Fraud is one of the biggest challenges the finance
    industry faces. But AI is changing the face of detection. Its power to
    discern patterns, fraudulent activities and questionable transactions means
    it is not just being used for detection. It is powering pro-active
    prevention too.
 4. Smarter trading management - AI applications such as smart wallets are
    giving the user better control of their finances. But they are also churning
    out a wealth of information fintechs can put to work. User behaviour
    patterns can now be monitored. And in turn, personalised recommendations for
    micro-investing, savings, borrowing and more, can be made.
 5. Customer profiles - Via data visualization, AI can automate the process of
    profiling customers based on their risk likelihood in milliseconds. This
    expansive view of their complete financial situation and behaviour is
    empowering fintechs to recommend more relevant and personalized products to
    customers.

The rate of expansion in the global AI in the Fintech market reflects the speed
of growth in digital transformation. Estimated at $7.91 billion in 2020, this
market is expected to almost quadruple to $26.67 billion by 2026.

Unsurprisingly, the growth in AI solution providers has gone hand-in-hand. It is
behind the launch of the first annual Global AIFinTech100 list published last
September.

On it are the most innovative tech companies building AI and machine learning
solutions for the fintech space.

The stand-out players? They included these:

 * ComplyAdvantage: it designs hyperscale risk management tools to help
   companies find, minimise and eliminate financial crime
 * Earnix: it provides predictive analytics to help insurers and banks offer
   dynamic pricing and personalised products
 * Muinmos: it has developed an AI-powered client onboarding platform which
   onboards any client around the world within three minutes

Others worth highlighting were some of these: Actico, a supplier of intelligent
automation and digital decisioning; BehavioSec, a behavioural biometrics and
continuous authentication service; NICE Actimize, a financial crime, risk and
compliance solution developer; Quant infinity, an algorithmic trading solution;
and Turing Technology, an AI–based technology platform for investment and wealth
management firms to build, test, produce, and monitor custom–made investment
portfolios.

With AI tech now being integral to the fintech arena, companies know that being
aware of the latest AI and data analytics tech innovations in the market will be
crucial to their relevance and success ahead.

Because AI in fintech is no longer a mere trend. Soon all approaches to managing
money will have AI in their DNA…




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