Apr 22, 2020 | 02:58 (GMT+7)
Technology has played an important role in all aspects of business, science, medical, education and life. Artificial intelligence (AI) is emerging as a new concept of technology that has revolutionized significantly the financial industry in recent decades. How has been AI enabled Fintech to step into the new chapter? In this article, we would like to point out some advantages of AI in Fintech.
Source: DSBC Financial Europe
Business robots is a common useful application in customer service and engagement. A typical example of this is chatbots. Almost all fintech firms apply chatbots as an automatic conduct via text mainly to deliver interactive communication with customers. Chatbots can be applied on websites, mobile apps, Facebook messenger, Whatsapp and other messaging platforms. AI also performs as a Natural language assistant. Fintech companies can enhance customer experience by this particular service. Clients will feel more friendly and comfortable when communicating in their preference language.
Another benefit of AI in Fintech is robotic products offering to fulfill customer needs. Many Financial organisations use this unique program to maximise customer satisfaction. The software automatically recommends options that are related to the company's services based on customer’s status, background and transaction history.
The most crucial part in the framework of financial firms is risk management. AI helps these corporates evaluate level of risk and classify clients into different types of segments. Artificial intelligence is a great tool for this task because it ranks customer profiles and identifies trigger events through clients transaction history in seconds. In addition, AI can recognise unusual activities or transactions. This feature helps Fintech companies protect their customers' money and improve security better.
To access personal information, customers are required to log in by biometric authentication including fingerprint scanners, face recognition, voice identification or eyes scanners. The process utilises AI technology to increase security and customers’ experience. Biometrics do still face some obstacles to widespread consumers’ adoption. Certain biometric technologies are very complicated to program, install, and use, and may require educating consumers to assure they are used correctly. Despite these challenges, biometric authentication is increasingly gaining acceptance across a number of industries that rely on security, and are likely to continue becoming more common in consumer-grade devices and applications.
Many consumers feel frustrated when they search for transactions in the past. For some, retrieving some information from history takes hours because they made a massive number of transactions everyday. However this issue is no longer a big concern when Financial firms integrate AI to the core banking system. There are plenty of search tools or tactics that enable consumers to find their information like balance requests, transaction details, payee list, personal profile, general account information and standing orders in seconds.
To sum up, there is no doubt that AI is powering Financial and banking industries in the 4.0 era. Customers are having more opportunities to protect their fund and enjoy seamless payments with advanced technology. If you expect a high tech crossborder payment service, you can open an offshore account at DSBC Financial Europe to scale up your business internationally.