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Artificial intelligence in FinTech
The global AI in the Fintech market was estimated at USD 6.67 billion in 2019 and is expected to reach USD 22.60 billion by 2025. The market is also expected to witness a CAGR of 23.37% over the forecast period (2020-2025). … The computational arms race since the past few years has revolutionized the fintech companies.
Artificial Intelligence has become a leading trend that affects not only the Fintech and Insurtech industries, but also healthcare, business intelligence and marketing . It makes tasks efficient and lowers costs while attempting to simulate human behavior.
Fintech is an industry aiming to disrupt financial services and with Artificial Intelligence as a partner, it just might change society’s perspective. Every application of AI on the consumer level will require some level of payment and that’s where Fintech comes in. Such a relationship between the two trends will become key for the success of digitalization in the future. In addition, AI has the potential to eliminate human error in banking procedures, allow banks to truly understand customer demands, make credit cards extinct, and influence the attraction of the unbanked to financial services. It will bring upon a digital revolution to banking that will transform the processes into ones that fit consumers’ lives.