With the rise of technologies on different levels, the financial sector gained some benefits too. A whole industry called FinTech was created. Over the years, it helped a lot in the banking business and understanding customers. Today, with the rise of a new level of technology, called artificial intelligence, this whole area of finance is going to a new level. If you want to know how AI is going to revolutionize FinTech, follow up and learn all about it!
No need for hundreds of workers for the same task
Some of the tasks in the finance sector take a lot of time and a lot of work. Also, a lot of employees if the project is vast. Having technology on your side makes the company feel free to dedicate the employees’ attention to something more substantial. At the same time, computers will do complex research that people take too long to finish. This might be a threat to the job positions of many workers in the industry. It’s a concern that is widely talked about in public forums. We will have to wait and see how the whole process will evolve and what it will mean for the employees in the finance world.
Speeding up the overall process
One of the most important issues when it comes to people and finishing a task in the finance world is the time it takes. We just mentioned this – people need a lot of time to do research and calculation compared to computers. With the implementation of AI technologies, FinTech software can speed up the process thousands of times. For example, if banks needed months to complete the documentation of giving out a loan to someone, now can be done in a matter of hours, if not minutes. AI is capable of fast browsing through the internet and company data like no person can.
Another highly important issue for everyone involved in the world of money – risk factors. Whether it’s giving loans, investing, or working standard procedures, there’s always some risk of losing money. AI makes this risk to the lowest possible levels.
A good AI software can go over all data and create a sheet of risk factors. It can calculate which associate, partner, client, and any process involving money is worth taking. This is a job for people who were trained to make calculations like these. With the help of technology, the risk can be calculated as precisely as possible. With it, managers can decide which is worth taking and which one should be set aside.
Customer learning to a completely different level
Banks didn’t pay too much attention to customer personalization in the past. That was until they realized that this could help them get more profits. The artificial intelligence statistics show that banks can generate as much as $300 million in profits on every $100 billion in assets just by implementing a proper AI software that will make their clients happier. The new studies show that even in banking, customer retention and satisfaction are very important. Gathering information on clients today can’t be done without technology. AI made this issue a piece of cake if used the right way. Financial institutions are now interacting with social networks and web pages that will help them generate as much data as possible. This will help them make a perfect portfolio of the ideally satisfied client – which in the end means happier customers and more profits for the company.
Even though FinTech helped the financial sector in the past decade or so, it seems that it’s going to experience a real revolution with implementing artificial intelligence. The story of technology helping finance is about to jump on a new level. Employees in finance are about to realize how their days of hard work can be done in seconds. The human brain is no match for the computers backed by AI software when it comes to numbers and research, so it seems like everyone will benefit from this.