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Fintech and AI: Ways Artificial Intelligence Is Used in Finance

The impact and the innovation of AI can be seen everywhere, and fintech is no exception. The disruptive power of financial industries to shape the traditional financial institution is growing because of the advances in artificial intelligence.

AI-powered and machine learning technologies in fintech will help analyze large data sets in real-time and have the ability to make improvements. As the demand for such services increases, AI and ML become the key to sustainability and growth in the industry.

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Portfolio Architecture Examples: Finance Collection

This article is a continuation of a series of posts about our project named Portfolio Architectures. A previous post, Portfolio Architecture Examples: Healthcare Collection, begins with a project overview, introduction, and examples of tooling and workshops available for the project.  You may want to refer back to that post to gain insight into the background of Portfolio Architectures before reading further.

Finance Collection

The collection featured today is centered around architectures in the financial services industry. There are currently two architectures in this collection. We'll provide a short overview of each, leaving the in-depth exploration as an exercise for the reader.

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How Does Machine Learning Work in Finance Automation?

Automation in finance, or any other sector for that matter, is inevitable. However, automating financial services is quite different and challenging from other business domains due to a high level of caution, concerns, and risks. 

According to the survey used for the above infographic, 73% of finance experts believe that automation boosts their function efficiency, and hence, the finance team can focus on other value-added activities. At the same time, 87% of CFOs believe that they need to be more agile to analyze their financial services and meet their targets. 

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AR: Shaping the Next Decade of Fintech

Introduction

Augmented reality is already becoming more commonplace by the day. Via smartphones, AR is already widely accessible throughout the world of gaming, entertainment, and even finance-based consumer applications. In terms of business, cloud access means that AR users can operate seemingly free from hardware while applications enable businesses to link the data-driven power of the computer with human judgment and expertise. 

It’s this collaboration between rich data and human intervention that makes AR an ideal asset in the world of fintech. The sector is growing while augmented reality represents the next logical step in making finance run on brand new tech. 

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How Big Data and Open Banking Are Combining To Bring a New Era of Fintech-Driven Banking

Introduction

The rise of technology and digital services has led to increasing customer demands for simplicity and speed. Banks and financial services institutions are continuously searching for new ways to retain and attract customers while aiming to respond to heightened consumer demand for personalized services. For this reason, customer-centric offerings continue to dominate the financial technology (FinTech) landscape. 

Personalization takes advantage of real-time data and cutting-edge technologies to deliver product or service information to customers. In an extremely competitive financial services sector, there is more pressure than ever for FinTech companies to provide customers with a better experience. 

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No, Automation Won’t Kill Banks, but It Will Change the Financial Services Game: Part 1

We live in a world where FinTech automation is forcing traditional banks to move faster and deliver better customer experiences. This new world demands a completely different business model from traditional financial institutions.

“The first time that I encountered FinTech, says FinTech commentator and best-selling author Chris Skinner, “was over a decade ago at a meeting in London, during which someone had the idea of launching a business that they called ‘an eBay for money.’”

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The Importance of Payment Pages

Do you know what mistake many companies make when selling their products and services online? They focus too much on their product. In their opinion, the product should have the best properties and perfectly meet the needs of customers.

Of course, it is useless to argue with the importance of the high quality and properties of goods and services, but businesses often forget about one very important component of any successful sale: the design of the payment page. Pay insufficient attention to this page, and your potential customers will close it, thus pleasing your competitors.