Financial institutions were early adopters of mainstream technologies. It helps Fintech companies in solving human errors by increasing efficiency. Artificial Intelligence acts as a catalyst for financial services institutions to innovate and offer products and services that are progressive. In early days bankers used to have personal connections with their customers to help them assist for their decisions. But AI today has changed the way fintechs deal with its customers.
The advantages of using AI in financial services and operations are extensive. It ranges from the marketing of the products and services to handling customer queries. AI coupled with data analytics is instrumental in increasing the reach and scope of financial institutions across the globe. Both speed and accuracy have increased manifold after the arrival of AI.
AI technologies can allow computers to process information that could augment underwriting and lending products and decision making easy and better. It could generate insights that can predict customer behavior, for instance, AI can learn customers past practices and make accurate recommendations on the customer's creditworthiness.
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Capsule neural networks can visually identify customers and documents that provide a massive leap in streaming functions like account creation, loan, and insurance origination and documentation. AI could visually verify if the documents fed are accurate, authentic and whether a customer trying for a service is the person who he claims to be. AI could also provide degrees of automation that were earlier unimaginable.
When paired with customer engagement platform AI could power next-gen chatbots that can answer customer queries, and effectively reduce loan from the customer services department. Chatbots can also be integrated with social networking platforms, and accept requests for application and orders directly from social media channels.
Security is another challenging area when it comes to online transactions. With AI fintech companies can build sound security systems into their solutions.
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