The author provides examples of AI implementation, such as Mastercard's AI-powered Consumer Fraud Risk tool, which has significantly enhanced fraud detection. Other potential applications of AI in fintech include predictive analytics, chatbots and virtual assistants, and risk management. Despite some companies viewing these changes as additional risks, the author believes that AI will eventually become an essential tool in fintech and other fields.
Key takeaways:
- Robotic process automation (RPA) can help fintech businesses reduce human errors and speed up repetitive tasks, such as data entry, cross-referencing of data, review of loan and insurance applications, and the reconciliation process.
- AI can strengthen security management in fintech by identifying potential risks through the analysis of historical financial data, transactional behavior, and customer profiles. It can also help in real-time fraud detection.
- AI can be used in fintech for predictive analytics, chatbots and virtual assistants, and risk management, among other applications.
- Despite some companies viewing AI as an additional risk, the author believes that it will eventually be seen as an assistant in fintech and other fields.