How do Fintech Companies Use AI to Improve Business?
AI, also known as Artificial Intelligence, has integrated into many of our everyday functions even though we may not have noticed it yet. Virtual mobile assistants and chatbots are some of the ways AI has been integrated in facilities available today. Apart from the completion of day-to-day tasks, AI can help you deal with financial issues as well. The following are ways in which AI can be applied in the FinTech industry and everyone in the industry, including FinTech startups, are taking advantage of it.
Advanced Customer Service
While there are often problems which can only be solved by humans, many of the problems faced by consumers can be addressed with the help of services such as chatbots or robo-advisors. In today’s customer support interaction, these are the main two services that are offered by FinTech companies in India and abroad as well.
Chatbots are automated services assistants that can operate 24*7, and eliminate the need to having people for help for any customer requests. While fintech companies have service executives to solve complicated problems, chatbot decrease time and other costs by handling most of the workload. These chatbots have the power to notify users of any changes in their financial account or transactions. Moreover, they can also reply to some primary questions and solve queries of any user when it comes to managing their account.
These are virtual assistants in the field of finance that are prime examples of how the advent of artificial intelligence in banking is revolutionising the industry. From helping you choose an appropriate investment strategy to advising on the stock market, they are multi-pronged when it comes to utility and at the same time, are more cost efficient than having a human specialist to do the same job.
AI provides one of the best ways to detect frauds by learning the pathways of millions of fraud attacks, memorising them and then analysing them. The system can work around the clock and any fraud attack will be blocked immediately. Other than this, the system will also learn the ways of a customer, how he acts etc and if he deviates from his habitual manner an alarm can be raised. Any inclusion of AI into your financial service to protect will only be an added strength.
Lowering the risk in P2P lending
P2P lending organisations can also profit from AI as it can analyse the behaviour of each customer and detect all possible risks in association with that customer. Whenever a customer wants to avail loans or insurance, a background check can be conducted on how reliable he or she is. A neural network can also be set up to scan the documents of the customer to avoid fraud of any manner.
Improved Insurance Support
AI can help assess the level of damage of any car insured or house, and this has been put to use by various insurance companies already. All in all, it means that AI helps to increase the level of customer service in the field of insurance and can help prevent new incidents.
Enhanced Investment Analysis
The process of finding good sources to invest your money in can be automated using AI. It helps in analysis by scanning financial data and producing results through customized criteria. As a result of such specialized solutions, AI can become very useful when it comes to hedge funds by making the process of investing more secure and precise.
Fintegrate Zone – Fintech Insights for Better Business
Fintegrate zone is a fintech thought leadership conclave- consisting of workshops, panel discussions, start-up exhibits and other types of activities that focus on the future of technology in financial services. Through interactive panel discussions, B2B meetups and workshops, Fintegrate Zone attempts to bring all the stakeholders from financial services industry under one roof to propel innovation.