Artificial Intelligence (AI) has taken the tech world by storm, allowing them to automate their high value and complicated processes. The reason to make a shift towards machine learning is also motivated by reduction in cost, increasing efficiency, reducing error and better customer experience. The AI in fintech is majorly driven by credit card fraud detection. With the help of Generative Adversarial Network, AI can spot the difference between real data and hacked data in each transaction and send alert to banks.
The biggest challenge with AI is the sensitive issue of data privacy and security, which most fintech companies are facing. The fintech sector is governed by strict compliance to regulations and governance since any data breach or security failure could be disastrous.
Browse 52 Market Tables, 176 Figures and an in-depth TOC on “Artificial Intelligence Market In Fintech (2018 - 2023)”
In 2017, US based credit rating Company Equifax detected data breach in their system, which affected approximately 146 million customers. To overcome this type of challenge companies such as Cyberark, IBM have developed more robust and secured cybersecurity system that resides outside machine learning. A decentralized platform can also be created to avoid data breach by adopting blockchain technology. The development process of blockchain is slow because all big platforms require millions of transaction per second and it does not allow that huge volume yet. Along with several constraints, AI has still huge potential to reshape the functioning of finance institutions.
To access / purchase the full report browse the link below
Kabbage is one of the key AI enabled fintech companies in US, founded in 2009 with the funding of $1.6 billion. It provides fast and easy loans to small enterprises with revenue of $50,000 annually. Kabbage acquired Orchard Platform in 2018. It has built a centralized marketplace where loan originators and investors can come together to explore opportunities for funding, buying and selling loans. It uses machine learning and Big Data analysis to create models of credit risks and analyze portfolio to provide loan.
Similarly another startup Lendvo, founded in 2015 with funding of $1.3 billion provides loan to business customers who have online presence. The loan approval time for Kabbage is 10 minutes whereas for Lendvo it is 12 hours. Kabbage’s mode of approval process is digital only whereas Lendvo deals with both digital as well as paper processes.
China is the biggest exporter of AI in fintech companies, Ant Financials, ZhongAn and Lufax are some leading fintech companies. Ant Financials acquired three financial organizations and have thirty investors in total. Its Alipay platform is the world’s largest mobile and online payment platform. In July 2018, it has grabbed funding of $12 billion which makes its valuation more than $150 billion. Its biggest competitor is Payoneer. Payoneer is a US based fintech company with total funding of $270 million; it provides cross border payment platform by connecting businesses, professionals, currencies and countries.
Talk to one of our sales representative about the full report by providing your details in the below link:
Artificial intelligence is still in its progressive stage and its influence may be more significant in the near future. With the adoption of AI in finance sector, various startups are giving tough competition to giant players. An impressive growth is expected in the fintech industry with the development in other technologies, such as blockchain and cybersecurity along with AI. Some big companies such as Google and IBM have started building their own blockchain.
Browse Related Reports:
- Artificial Intelligence Market In Education: By Deployment (on Cloud, On Premises); By Machine Learning (Unsupervised, Supervised, Reinforced, Semi supervised, Deep learning, Others );By Application (ITS, smart content, virtual facilitator and learning environment, personalized training, administration work, grading, others);By Grade (K-12, Higher, Corporate training, Non-degree certification); By End User(Educational Institutes, Publication house, Online course, Computer Based Test, Virtual Learning Environment); By Geography - Forecast (2018-2023)
- Artificial Intelligence Market In Healthcare: By Deployment (On Cloud, On Premises); By Machine Learning (Unsupervised, Supervised, Reinforced, Semi supervised ,Deep learning, Others); By Application (Disease identification and diagnosis ,Personalized treatment and behavior modification ,Drug discovery and manufacturing ,Clinical trial research ,Radiology and Radiotherapy ,Smart electronic health record ,Epidemic outbreak prediction ,Virtual nurses ,Repetitive jobs ,Others); By Geography - Forecast(2018-2023)
IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights on the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.
We look forward to support the client to be able to better address customer needs; stay ahead in the market; become the top competitor and get real-time recommendations on business strategies and deals. Contact us to find out how we can help you today.
Mr. Venkateshwar Reddy
Business Development Manager
Email: [email protected]
Contact Sales: 1-614-588-8538 (Ext-101)
Connect with us on LinkedIn - https://www.linkedin.com/company/industryarc