I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First. ...Full Bio
I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First.
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Will Artificial Intelligence shape the future of Fintech?
The Fintech arena is seeing transformation as a result of the digital revolution on multiple levels. There are some technology trends that are worth noting. It is becoming increasingly hard for humans to keep pace with the technological changes especially in complicated fields like monetary transactions occurring online or physical platform and security of the same. Machine Learning & Artificial Intelligence are well poised to shape the future of Fintech.
There is growing need for faster & more accurate style of functioning of fintech firms. There are various new solutions driven by artificial intelligence, chatbots, machine learning, mobile apps etc. that promise to change the way this industry works.
Whether artificial intelligence is used as facilitating technology or as a part of regulatory system or blockchain technology used for bitcoin management, the fintech sector is witnessing drastic changes.
These technological interventions not only ensure quicker task completion but result into many more benefits that seem to be inherent in them. Like with artificial intelligence, there is lesser risk of fraudulent activities and it offers ease in monitoring data entry tasks. On the other hand, the innovative technological communication tools like chatbots can be deployed to assist both the internal and external business communication without any undue cost burden or risk(s) on the part of the organisation. In fact, these days, for mandatory procedures like Know Your Customers (KYC), the fintech firms are already seen leveraging biometrics assistance to collect data of the new and existing customers and keep an electronic record of the same. Such methods turn out to be not only cost-effective for the fintech firms but convenient for the users too.
Thus, there is no doubt that artificial intelligence and machine learning can make the future of fintech sector highly safe and lead to increased and faster decision making with valuable insights and reduced expenditure at least on the duplicity of work.
So, aren't these benefits enough to consider artificial intelligence and other technological penetrations in the crucial sector such as fintech a promising development? Well, these benefits are nothing but the solutions to the various problems prevailing in the fintech sector which was earlier struggling for higher efficiency at a reduced expenditure.
In fact, the future of fintech firms would have been tangled without the technological advances discussed above, but, the sector is showing positive twists to cater well to the national market.
Impact of technologically advanced fintech sector on SME funding
Fintech firms will have to continuously upgrade themselves if they wish to beat the completion in the future. They can do so by leveraging artificial intelligence and other similar technologies. This move will help the SME's I their growth too since no business in the world can survive without adequate flow of funds in a hassle-free manner. The Fintech sector with its technological innovations will play an important role in ensuring this.
In a nutshell
The Fintech sector is the pivot in the economic growth of the nation & will be a major solution provider to the SME's and startups looking for funding. The future of Fintech relies heavily on the technological advancements and it needs to adopt them swiftly.