It is believed that the financial firms were the early adopters of the mainframe computers, the regional database, and yes the next level of computational power. Artificial intelligence today helps the financial organisations in solving the major problems and thereby increasing the efficiency of their workforce. It also helps in improving the results by applying the right methods that are derived from the human intelligence beyond the scale.
The computational race from the last two decades have revolutionised fintech companies. The technologies like Artificial intelligence, Big Data Analytics, Neutral Networks, Machine learning and evolutionary algorithms have allowed them to crunch, diverse and deep the data sets than ever before.
During the early ages of banking, the bankers believed to have a personal connection with all their customers, helping them assisting well in their future decisions. But now
when it comes to the digital world the personal connection that they had is lost. And then comes a question can technology help in bringing back this personal connection.
Artificial intelligence to this can be leveraged in bringing back the personal connection.
It helps in processing a huge amount of information to their customers. The data and information gathered are then compared to the suitable products and services that the
customers want. This essentially means that you are helping your customer’s find what is right for them, and hence can achieve customer satisfaction at a higher level.
How Are Fintech Companies Making Potential Use of Artificial Intelligence
Accurate Decision Making
The data-driven management decisions taken at a lower cost generally lead to a different style of management, where the insurance leaders and the future banking agents will have the right to question the machines rather than the human experts. Machines will then help them to analyse the data coming up with recommended results helping the leaders and their subordinates to take better decisions.
Fraud Detection And Claims Management
The analytics tool help in collecting the evidences and analyse the data that is necessary for the conviction. Artificial intelligence tools to this then learn to monitor the users’ behavioural pattern, identifying rarity and warning signs in terms of fraud attempts and incidences. Claims management can then be built using the different techniques claim management through machine learning.