4 Ways AI will revolutionize FinTech in 2020

With the rise of technologies on different levels, the financial sector gained some benefits too. A whole industry called FinTech was created. Over the years, it helped a lot in the banking business and understanding customers.

Today, with the rise of a new level of technology, called artificial intelligence, this whole area of finance is going to a new level. If you want to know how AI is going to revolutionize FinTech, follow up and learn all about it!

No need for hundreds of workers for the same task

Some of the tasks in the finance sector take a lot of time and a lot of work. Also, a lot of employees if the project is vast. Having technology on your side makes the company feel free to dedicate the employees’ attention to something more substantial. At the same time, computers will do complex research that people take too long to finish.

This might be a threat to the job positions of many workers in the industry. It’s a concern that is widely talked about in public forums. We will have to wait and see how the whole process will evolve and what it will mean for the employees in the finance world.

Speeding up the overall process

One of the most important issues when it comes to people and finishing a task in the finance world is the time it takes. We just mentioned this – people need a lot of time to do research and calculation compared to computers.

With the implementation of AI technologies, FinTech software can speed up the process thousands of times. For example, if banks needed months to complete the documentation of giving out a loan to someone, now can be done in a matter of hours, if not minutes. AI is capable of fast browsing through the internet and company data like no person can.

Reducing risk

Another highly important issue for everyone involved in the world of money – risk factors. Whether it’s giving loans, investing, or working standard procedures, there’s always some risk of losing money. AI makes this risk to the lowest possible levels.

A good AI software can go over all data and create a sheet of risk factors. It can calculate which associate, partner, client, and any process involving money is worth taking. This is a job for people who were trained to make calculations like these. With the help of technology, the risk can be calculated as precisely as possible. With it, managers can decide which is worth taking and which one should be set aside.

Customer learning to a completely different level

Banks didn’t pay too much attention to customer personalization in the past. That was until they realized that this could help them get more profits. The artificial intelligence statistics show that banks can generate as much as $300 million in profits on every $100 billion in assets just by implementing a proper AI software that will make their clients happier.

The new studies show that even in banking, customer retention and satisfaction are very important. Gathering information on clients today can’t be done without technology. AI made this issue a piece of cake if used the right way.

Financial institutions are now interacting with social networks and web pages that will help them generate as much data as possible. This will help them make a perfect portfolio of the ideally satisfied client – which in the end means happier customers and more profits for the company.

Conclusion

Even though FinTech helped the financial sector in the past decade or so, it seems that it’s going to experience a real revolution with implementing artificial intelligence. The story of technology helping finance is about to jump on a new level.

Employees in finance are about to realize how their days of hard work can be done in seconds. The human brain is no match for the computers backed by AI software when it comes to numbers and research, so it seems like everyone will benefit from this.

By Oleh Koropenko who is a big fan of technology and a passionate traveller. Reach him out @DMGeekcom.

More about Irish Tech News and Business Showcase here

FYI the ROI for you is => Irish Tech News now gets over 1.5 million monthly views, and up to 900k monthly unique visitors, from over 160 countries. We have over 860,000 relevant followers on Twitter on our various accounts & were recently described as Ireland’s leading online tech news site and Ireland’s answer to TechCrunch, so we can offer you a good audience!

Since introducing desktop notifications a short time ago, which notify readers directly in their browser of new articles being published, over 30,000 people have now signed up to receive them ensuring they are instantly kept up to date on all our latest content. Desktop notifications offer a unique method of serving content directly to verified readers and bypass the issue of content getting lost in people’s crowded news feeds.

Drop us a line if you want to be featured, guest post, suggest a possible interview, or just let us know what you would like to see more of in our future articles. We’re always open to new and interesting suggestions for informative and different articles. Contact us, by email, twitter or whatever social media works for you and hopefully we can share your story too and reach our global audience.

Irish Tech News

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking