How Artificial Intelligence is Driving Innovation in Financial Technology
AI is Powering FinTech Innovation and Driving Billions in Profits
Artificial intelligence (AI) has transformed the financial technology (FinTech) industry. FinTech stands to gain up to $250 billion in value from AI in 2023 alone. Few sectors are a better match for AI's capabilities than FinTech.
Traditionally, financial giants struggled with massive records needing maximum accuracy. Before AI, very few had the resources to handle finance's inherent data challenges. Now, AI streamlines key processes.
Banks will invest $7 billion+ in AI/machine learning (ML) solutions in 2024. That's a small fraction of what they expect to earn! AI frees employees from repetitive tasks to focus on value-add work. It also cuts fraud risks and improves customer service.
From back-office to frontlines, AI brings new agility. Over 90% of banks now use AI for fraud detection, risk management, trading, and personalized recommendations. AI analyzes millions of customer interactions daily to deliver quicker, smarter decisions.
Consumers also benefit. AI powers money management ap…