The global Artificial Intelligence in fintech market is expected to grow at a CAGR of 33.8 %. Huge investment and new product innovation in AI is one of the driving factor in this market. In addition, the insightful details about the cash flow and income and expense is gaining the traction from the end user.
What is Artificial Intelligence in Fintech?
AI computers perform functions like human such as learning, decision making, planning, and speech recognition .In financial technology sector Artificial intelligence play very major role. It reduces time, increases efficiency and also decreases the chances of error.AI is very helpful in generating high volume of reports.
What are the applications of Artificial Intelligence in fintech?
AI can be used to find the relation between world events and their impact on prices by using predictive analysis. This information is very useful for any kind of wealth investment. AI in financial services are used to protect the details of their customer. AI is playing major role by quickly assessing the large algorithms to protect from fraudulent cases. AI is used to advise the accurate result. P2P organization analyses their potential customer’s behavior and detect all the risk in the cooperation with that particular customer.AI also helps in analyses consumer’s details who doesn’t have past credit history or his credit history is destroyed.
Market Research and Market Trends of Artificial Intelligence in fintech:
- Yukka Labs (Fintech startup) has launched a new product named yukka news and trends which enables traders and investors organize efficient way to view real time finance news and gain critical market insights. Kavout is AI driven investment platform for investors of all level to give them clear insight to make smart investment.
- In the latest research McAfee estimates that cybercrime currently costs the global economy around $600 billion, or 0.8% of global GDP. One of the biggest cybercrime is credit card fraud. They are designing a new generation of algorithms that are Convolutional Neural Networks and are based on the visual cortex, which is a small segment of cells that are sensitive to specific regions of the visual field in the human body. This means that they are able to extract elementary visual features like oriented edges, end-points and corners. This technology can study the spending data of an individual and be able to determine, based on this information, whether they performed the most recent transaction on their credit card or if someone else was using their credit card data.
- Robo- advisor keep monitoring on the events, stocks, bond and price trend according to user’s requirement which help them in making suggestion regarding which stock needs to be sell or buy. They play very important role in risk management, speech recognition, network security access to big data etc.
- Artificial Intelligence in fintech is allowing companies to cut down their cost, automate their process and reduce the chances of error. AI Chatbots are used by companies as customer assistants for various purposes such as sales, customer care executive (over phone), and online chat executive. AI is empowering small finance companies as it is affordable as well as chances of error occurrence is very low.
Who are the Major Players in Artificial Intelligence in fintech Market?
The companies referred in the market research report are Affirm, Upstart, Sigmoidal, Zest finance and 10 other companies.
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