A previous article
extrapolated on the use of artificial intelligence in the fintech industry. It explored how Robotic Process Automation
programs are being utilised by various firms to complete repetitive tasks so
that employees can focus on other aspects. This post will look at more such
trends.
Automation of
regulatory functions
Financial companies opting to use the latest technology, like self service solutions, are able to collect an increasing amount of data. This allows them to deliver a better customer experience through customisation. For instance, they suggest products based on past purchases and they can monitor abandoned cards. This leads to stronger regulations that will improve security being set up. Fintech firms have to follow various guidelines that can cost billions of dollars every year. A new solution called Regulatory tech (regtech) allows companies to follow rules more easily and cheaply. It can handle tasks like compliance checks, risk management and regulatory reporting.
Financial companies opting to use the latest technology, like self service solutions, are able to collect an increasing amount of data. This allows them to deliver a better customer experience through customisation. For instance, they suggest products based on past purchases and they can monitor abandoned cards. This leads to stronger regulations that will improve security being set up. Fintech firms have to follow various guidelines that can cost billions of dollars every year. A new solution called Regulatory tech (regtech) allows companies to follow rules more easily and cheaply. It can handle tasks like compliance checks, risk management and regulatory reporting.
Chatbots
One of the most common uses of artificial intelligence is these systems. Transactional chatbots are introduced in fintech as well as in several other industries. In the financial sector these can be utilised to conduct simple banking transactions for customers. These use natural language processing (NLP) to understand what consumers are looking for.
One of the most common uses of artificial intelligence is these systems. Transactional chatbots are introduced in fintech as well as in several other industries. In the financial sector these can be utilised to conduct simple banking transactions for customers. These use natural language processing (NLP) to understand what consumers are looking for.
Firms
use chatbots to understand customers’ requests
Comments
Post a Comment