What Are The Opportunities That AI Is Offering In The Fintech Market?

Not only is it proving to be helpful, but it is also offering unprecedented efficiency!

Money usually occupies the centre stage in our lives – it is all about earning it, managing expenditure, investing it. All of us try hard and give our best to manage finances responsibly.

With technology to our aid, managing finances is becoming a relatively more straightforward task. So, let’s learn more about both the titular technologies.

What is FinTech?

As the term suggests FinTech, this tech is a combination of finance and technology. Thus, when businesses use technology to automate or enhance financial processes and services, they are said to be using finance technology.

This term reflects on an industry that is growing and expanding quite rapidly. WHY – you might ask! These services are famous because they cater to the interests of business owners and consumers in several ways. FinTech has endless applications, some of them are:

- mobile banking

- cryptocurrency

- insurance apps

- investment applications

- crowd-funding platforms

- mobile payments, etc.

Advantages that FinTech has to offer 

1. Handling one’s own finance and accounts doesn’t require any degree anymore. With finance technology to our aid, it has become a relatively easier thing to manage personal affairs related to money and banking.
2. Undoubtedly, it is one of the better ways to use financial data! Predictive analysis and Big Data are revolutionising the finance industry. Morgan Stanley, Goldman Sachs and other well-established financial institutions are on their way of finding newer ways to utilise the accumulated data.
3. Mobile payments and transfers aren’t just quick but safe too. They offer transparency, low costs and smoother transactions to users. It is THE modern way to pay and get payments!
4. Investing has been simplified with AI investors guiding people through in a thorough manner.
5. This field uses data, design, information and technology to improve the insurance experience for users. This way, universal accessibility is also being taken care of.

What does an important ‘Report’ have to say?!

Artificial Intelligence is revolutionising fintech companies. The outcomes and solutions offered by AI are awe-inspiring and enable improved outputs. After all, this is the technology that is based on human intelligence with machine-like intelligent efficiency!

It has also made it possible for business enterprises to innovate in an impressive manner. The perks of incorporating AI are hence many!

An intelligence report titled AI in Fintech Market has released critical data about AI backing up the financial domain and making things better. For better understanding, let us learn about some crucial pointers:

• For the forecast period from 2021 to 2027, AI was found to be growing at a CAGR (Compound Annual Growth Rate) of 40.44%.
• The fintech market is witnessing an increasing interest of people and that’s the reason for this expansion.
• Some of the top giants in this market are Amazon Web Services Inc., Intel Corporation, IBM Corporation, Microsoft Corporation, Narrative Science – to name a few.

The importance of Artificial Intelligence in present times

AI tech is crucial as it imitates and successfully enables human capabilities like reasoning, perception, understanding, planning, communication, etc. 

It has brought our sci-fi fantasies to reality. What could only be perceived earlier is steadily becoming part of our daily lives! Read the following to understand the importance better:

• The software can take up human-like tasks in an efficient, effective way. Moreover, all this costs relatively less!
• It is because of new and smart solutions that employment opportunities are popping up.
• The automation capabilities are impressive and fantastic! They are being incorporated in business and consumer apps.
• Artificially intelligent solutions are enabling growth and saving costs at the same time!
• Massive data can be dealt and analysed easily with AI. This in turn, reduces any chances of human errors and speeds up the process of handling a huge amount of data.
• They find application in almost every walk of life - whether homes, offices, hospitals, banking, defence or security.
• Innovative technologies, solutions, vehicles, apps, etc., which are compatible with AI are also coming up. Users thus are getting better and more efficient options with time. 
• These solutions are also bridging the language divide! Whether it is teaching a new language or conversing in one – it is all possible now!
• Delivering healthcare services irrespective of physical distance has come handy, especially when the pandemic hit.
• This tech is positively influencing our daily lives. Smart assistants like Alexa, Siri, Cortana, etc. are relevant examples in this regard!

A few final words for the readers 

It goes without saying and without a doubt that building such smart apps is one great opportunity. Although many markets still lack the infra and solutions for finance technology, but such challenges can be tackled with improving and evolving technologies!

What is crucial is to stay confident and stay put, if you have made up your mind to explore this domain. Investing in financial assets is one practice along with many others, which won’t stop ever. Thus, it is a smart decision to explore the field of finance backed by technologies like AI, ML etc.

Do you wish to explore this field?

Do you have a question, query or dilemma related to this topic?

Do you want to get fintech apps developed? Then don’t procrastinate and consult with experts today! your chance is here – grab it!!