AI is streamlining work in every industry, and when robots have replaced human resource, it results in reduced overhead costs, faster processing, and uninterrupted user experience
Fremont, CA: Fintech or financial technology is the base for modern digital payment rails and processing, back-end settlement of assets on capital markets, and other financial pieces of software and hardware.
Here are four trends revamping and creating space for further innovation in the fintech industry.
A prominent trend in fintech is the continual emergence of big tech firms into the financial sector like Apple pay, Google Pay, and Samsung Pay, which are all becoming popular among smartphone users. Major social media platforms planning on integrating ecommerce stores and flexible payment methods offered by big tech firms may soon dominate online retail.
Payment rails are still waiting for an upgrade, and the increased competition from big tech can help move the process for the benefit of consumers and entrepreneurs that burdened by high fees and slow transaction processing times.
AI in fintech offers a highly practical tool for major financial organizations to manage portfolio risk and help institutions with regulatory compliance, as this task has become increasingly time-consuming and complicated over the past few years.
The integration of AI and other advanced technology such as quantum computing, reduces the need for salespeople and advisors in the financial industry. Technology will continue to alleviate the cost and simplify access to information, delivering better returns for investors, consumers, and firms providing more effective programs.
Quantum computers use the idea of binary code, interpreted as ones and zeroes that modern computers are based on, by making use of quantum phenomena like quantum entanglement and superposition.
The potential impact quantum computing has on fintech is with the processing and settlement of transactions, faster data processing, risk and performance modeling, and improved security.
See also: Top Artificial Intelligence Companies