FinTech has achieved staggering growth levels over the past few years, establishing itself as one of the mainstays of the modern world. And as customers become more and demanding and the competition in the market continues to rise, the focus on this sector and the many technologies that aid and enable it has grown too. Take artificial intelligence and machine learning, for example; this potent technology has already demonstrated a wide scope of application in this sector, especially thanks to its ability to execute tasks that generally need human intelligence. Now, as the FinTech industry also becomes increasingly popular, its union with AI was only a matter of time.
In fact, according to a recent study, AI’s share in the FinTech sector will touch about $35.4 billion in value by 2025. This staggering figure begs the question: What exactly is artificial intelligence contributing to the financial technology market? Well, the answer to that question is: Plenty. For starters, FinTech companies all over the world are now tapping into artificial intelligence to offer enhanced services, such as online financial coaching and advice, to their customers. Now, allow us to walk you through some of the other critical AI applications in this industry.
As the world continues to generate a staggering amount of data with every passing day, the scope of AI application in this sector is bound to grow for the foreseeable future. And suppose you too wish to leverage it to your company’s benefit. In that case, we recommend engaging the services of an expert fintech application development company at the earliest.