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AI Transforms Fintech: What’s the Impact?

3 mins read
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TLDR:

The use of artificial intelligence (AI) in the fintech industry is increasing and impacting businesses in various ways. AI can be used to increase productivity, improve customer experience, streamline operations, and automate processes. Fintech firms are embracing AI and using it across all aspects of their operations, from analyzing data and interpreting imagery to automating underwriting processes and customer due diligence. AI is helping these companies deliver more efficient and advanced services to the industry. AI is also being used to process large volumes of data, make better business decisions, and deliver personalized experiences to clients. Overall, AI is transforming the fintech industry and enabling businesses to achieve their goals more quickly.

 

Key Points:

  • Practically everyone in finance agrees that AI can impact every aspect of business, whether it be improving customer experience or streamlining operations.
  • Fintech firms are embracing AI and using it across all aspects of their operations to increase productivity, improve efficiency, and provide advanced services. AI is not just a transformative element but the cornerstone of their operations.
  • AI can be used to automate key processes, deliver personalized experiences to clients, and process large volumes of data for better decision-making.
  • AI is transforming the fintech industry and enabling businesses to achieve their goals more quickly by automating processes, improving efficiency, and providing advanced services.

 

Full Article:

Since the release of OpenAI’s ChatGPT, the world has become increasingly aware of the potential of artificial intelligence (AI) to disrupt industries. The fintech industry is no exception, and AI is increasingly being used to impact businesses in various ways.

Practically everyone in finance agrees that AI has the potential to impact every aspect of business, whether it be improving customer experience or streamlining operations. However, with the concept still fairly fresh, how much are fintechs really using AI? Are they embracing it, or taking a backseat to see how it is used by others?

To find out, representatives from various fintech firms were asked how AI has directly impacted their businesses. The responses reveal that AI is being used across all aspects of their operations, from increasing productivity and improving efficiency to providing advanced services to the industry.

For example, Ylva Oertengren, COO at Simply Asset Finance, explains that AI is being used to free up time to focus on other areas of business and innovation. The company’s strategy is to increase productivity within its operations and finance teams, allowing them to focus more on customer engagement and accelerate the build of technology tailored to business lending. AI is not altering the company’s goals but is also speeding up its journey to achieve them.

Tensorflight, a property platform that reduces risk, waste, and cost in an increasingly competitive environment, uses AI across all aspects of its operations. According to Robert Kozikowski, co-founder and chief product officer, AI is the cornerstone of their operations and not just a transformative element. The company’s business revolves around maximizing diverse AI models for various applications, improving efficiency in the insurance sector, and dramatically reducing unexpected claims.

Peter Wood, CTO at Spectrum Search, explains that AI has fundamentally transformed their fintech business. They use AI to process large volumes of data for better decision-making, automate key processes, and deliver personalized experiences to clients. The integration of AI in their recruitment agency has revolutionized how they match candidates with opportunities, enhancing both efficiency and success rates.

Tomas Navickas, CTO and co-founder of myTU, states that AI has been a game-changer for their fintech business. The most striking impact for them has been the transformation of their customer due diligence process. AI has allowed them to quickly summarize essential materials and pull insights from user profiles, supercharging their efficiency and automating a large chunk of their digital banking operations.

Gil Cross, AI product manager at Xceptor, reveals that AI fits seamlessly into their story. Xceptor’s mission is to empower business and operations users to automate their business challenges, and AI has opened the door to solving previously unsolvable challenges. They are empowering business users to adopt AI models and bring them into production, providing operational teams with the tools needed to perform tasks reliably and satisfy risk and governance concerns.

Overall, AI is transforming the fintech industry by automating processes, improving efficiency, and providing advanced services. Fintech firms are embracing AI and using it across all aspects of their operations to achieve their goals more quickly. AI is no longer just a buzzword, but a foundational element that influences every aspect of what they do.

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