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What is fintech ?

AI is influencing Fintech (the intersection of banking and technology). Fintech is the integration of financial services and technology with the goal of making financial transactions easier and more efficient.

  • At its inception, fintech posed a threat to the hegemony of banks and major corporations over traditional financial services like banking and trade. Customers now have greater access to a wider range of financial instruments and services because to Fintech’s integration into the banking industry. A classic example of Fintech is online banking, which paves the way for customers to do everything from check their account balance to pay their bills to book a flight without ever leaving their seat.
  • Fintech relies heavily on AI because it can automate processes, analyze data, and provide highly customized financial services. For instance, robo-advisors are web-based services that employ client responses to surveys and artificial intelligence (AI) to make investment recommendations and handle asset management tasks with little to no human involvement. Robo-Advisors have many advantages over human financial advisors, including lower fees, greater accessibility, and greater productivity.
  • Financial services are now more easily accessible to people who choose to use their computers or mobile devices. There is a growing market for apps that help with basic budgeting needs. The advent of mobile payment systems has further streamlined monetary transactions, enabling customers to use only their mobile devices to complete their business.

Bringing together AI and Fintech has been a game-changer in the financial industry, opening up previously inaccessible opportunities for both consumers and enterprises.

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