Without exaggeration, our future belongs to Artificial Intelligence (AI). In 2022, it helps solve multiple tasks without human involvement in various spheres of life. Of course, the financial sector is no exception.
In this guide, we’ll tell you about the most promising FinTech AI solutions. Keep on reading to find out how the implementation of AI tools helps increase the efficiency of your business and when it makes sense to look for a reliable fintech software development company to order a unique AI-based program.
Advantages of AI Technology for the FinTech Sector
If you are searching for top-notch methods of enhancing the efficiency of your financial company, we are here to share some great ideas with you.
Improved Customer Service
Human support has certain benefits, but it has drawbacks as well:
- It is expensive;
- The so-called human factor can lead to annoying mistakes;
- One human consultant can’t provide high-quality support to several customers at a time.
An AI-based chatbot resolves these problems. Smart bots never get tired and never make mistakes. They are available 24/7 and can answer dozens of typical questions. Also, they can send notifications and give recommendations to users.
Financial Robo-Advisors
This solution is best for investment platforms. Robots consult potential investors on basic questions and help resolve several tasks:
- Estimate possible risks;
- Choose the right strategy;
- Compare exchange rates, etc.
AI robots are smart enough to render professional financial assistance. If a customer has a non-typical question, a bot can redirect it to a human consultant.
Anti-Fraud Solutions
Fraud protection is a crucial thing to consider for any FinTech company. Every single fraud case is a serious blow to the company’s reputation. Also, it can lead to major financial losses.
AI-based anti-fraud tools have been created for banks and credit organizations. These automatized systems can analyze user behavior based on multiple criteria and detect suspicious patterns. Also, these systems use self-learning, so they quickly learn to reveal new threats and can foresee many fraudulent actions. Finally, AI-based algorithms are used by credit organizations in risk assessment.
Identification by Neural Networks
No loans are provided without verification. Also, identification is required in many other situations where financial deals are involved. Smart neural networks help verify customers’ identities in a short time. The process can be automatized, which helps minimize human involvement.
Improved Insurance Services
The activities of major insurance companies involve a lot of calculations. A big deal of this routine work can be effectively automatized with the help of new AI tools. Artificial intelligence helps reduce the time needed for various insured accidents estimation. Also, AI systems help form more precise and detailed insurance offers. All this is taken together to boost the efficiency greatly.
Automatized Investment Suggestions
Artificial intelligence is successfully used by hedge funds, which have to deal with huge data masses. AI helps process this data almost instantly. The process of investment research becomes faster and much more effective. Special AI-based programs analyze the market and even make forecasts, which helps form the most beneficial investment suggestions.
Some Great Samples of AI Products for the FinTech Sector
There are plenty of cases when the fintech app development cost is fully justified. Let’s review some existing AI programs for FinTech, which have already proved their effectiveness.
Aire
This smart program was developed for banks and lending organizations. It helps estimate the credit score of potential borrowers. It is especially effective in cases where a borrower has no credit history, so his credibility is hard to assess. Aire offers the borrower a questionnaire and then analyzes the answers and combines the received information with the data imported from the LinkedIn profile.
Kabbage
This is another effective AI tool for lenders. It was developed by the same-name company, which provides fast online loans in the US. The program instantly analyzes and processes information to assess the potential risks of providing a loan. Moreover, it uses machine learning technology, thanks to which its effectiveness and preciseness are constantly increasing.
Kasisto
Last but not least, the FinTech AI tool is a smart chatbot named Kasisto. This is an automatized bank assistant that understands voice questions, can interpret them, and gives full answers. The bot not just uses standardized patterns but provides full-fledged financial consultations, serving as a reliable voice helper. It helps significantly reduce the workload of human consultants, which boosts the effectiveness of the customer service.
