Financial institutions have been undergoing significant changes in the last few decades especially those in the consumer and retail segments. Commonly known as financial technology or FinTech, the financial market has evolved so much that it has successfully gained popular acceptance from almost all sectors of commerce and trading.
These Fintech solutions have gone through a lot of changes with information technology, for instance, one can pick out from any small and medium-based firms providing services for IT consulting services in the last five years.
The World Retail Banking Report in 2016 divulged that Fintech has taken the financial industry by storm and started to improve the banking system and traditional financial practices. This is further enhanced by the dynamic and versatile capabilities of artificial intelligence integrated into the system.
It has provided more innovative solutions for everything from personal finances to workplace standards from fully-enhanced services to revolutionary automation processes.
The diverse reach of Fintech in commerce and trading allows it to become a potent driving force in business today. From online payment services to financial management automation, it has extended its reach such as peer-to-peer lending platforms, cryptocurrency blockchain systems and smart applications that adapt to individual or market nuances, depending on configurations.
Here are three ideas on how AI has reshaped the business landscape.
Highly-adaptive tech integration
Businesses have benefited from AI due to its rapid adaptability and innovating traditional practices into models of high efficiency and integrity. Financial and business institutions have risen up to the challenge of embracing the digital aspect of the banking and trading practices to speed up processes to gain more foothold of existing and emerging markets.
To prove the point, worldwide funding for fintech adoption has reached $13.8 billion in 2015 and the number keeps growing with investors rushing to invest in fintech startups.
Better decisions through enhanced business intelligence
Thanks to the contributions of any IT solutions and services company committed to technological development, the integration of Artificial Intelligence (AI) into financial and business operations allows for more accurate data-mining and data-processing capabilities. It integrates a more robust or expansive database network platforms to generate unbiased intelligence through machine-learning technologies to ensure faster resolution rates.
Studies undertaken have proven that a problem with traditional loan processes often involves human bias in the approval process. But with AI-driven processes, it can provide more accurate decisions with less prejudice and fair outcomes.
Targeted problem resolution
One great benefit from AI-driven applications is how it can be customized to provide best-derived solutions for specific problems that are identified. Since AI platforms are structured for smart operational processes, it can rapidly hone on a specific point of failure that it detects accurately upon discovery of a symptom. Thus, eliminates bureaucracy or delays commonly associated with traditional practices.