Fintech in the Age of Superhuman Intelligence
By Anand Rao (@anands_rao)
There have been amazing leaps in AI technology within the Fintech sector over the past few decades. Early evidence on this came in 1960’s when research was largely focused on Bayesian statistics to predict, audit stock markets, to 1980’s-90’s when Expert Systems were commercialised.
Today, firms are building AI-powered products in order to generate cognitive investment insights, for those who want to participate in the market and take control of their finances, without walking into a branch or contacting an agent. In banking, financial services and insurance (BFSI), an industry overwhelmingly saturated with competition, customer service is one true key differentiator.
From voice-based interactions to virtual agents, robo-advisory and intelligent portfolio management for smart decision making are some of the challenges the industry is tackling to not only help customers better manage their money, but also innovate in the process to enable firms for revenue growth and employment. While some of these might sound like ‘straight of a space-age’ science fiction story, it’s already trendy in BFSI industry.
The influence of AI within fintech is exponentially augmented by the vastness, variety of data available, the increase in computing power, and the intelligent algorithms which allow for faster, efficient pattern-recognitions. The future focus therefore is on delivering an Augmented experience, Intelligent Automation, Cognitive Insights, and Enriched trust – all embedded within a well-integrated ecosystem. While there is a sharp curiosity by executives to design robust AI based products, the funding for functional AI is much more ubiquitous, and confirm the fact that focus on
AI and machine learning are the future. The future AI tools can help firms contextualise financial choices and support employees with better-informed financial advice to their clientele, therefore moving beyond the traditional function of a business to become a lifestyle advisor. Why could they not?
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