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In the present scenario, firms deploying modern-day technologies to stay ahead of competitors is not a new thing. With the application and use of state-of-the-art technology, fintech companies are transforming the financial sector as a whole. These agile companies have simplified the complex work processes of the sector by incorporating latest technologies which ultimately culminates into enhanced customer satisfaction. In context of the discussion, Artificial Intelligence or AI has emerged to be an augmented channel of technology which holds the potential to entirely reinvent the way financial institutions operate on a day-to-day basis.
Particularly, newer players who are open to taking higher risks and like to experiment have greater chances of succeeding than traditional counterparts. They can apply AI in their prototypes to inculcate new ways to interact with customers. These amendments in the workflow will definitely emancipate their productivities. But already-established financial firms are slowly realizing the need for them to take stock of the changing market trends more seriously. As such, these firms have taken steps to blend their operations with newer innovations to avoid losing race to the competition.
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The appositeness of AI is only confined by imagination. With the evolution of Neobanks, financial institutions have set-up chatbots and robo-advisors in their approach to communicating with customers. Robo-advisors are expected to manage $8 trillion by 2020. Neobanks generally integrate virtual assistants with digital channels to improve customer experience. AI can also be used to design algorithms in order to improve decisions on lending and trading.
Disruption has become the order of the day in every industry. Customers expect better services, and in the process, the companies are forced to reinvent their businesses. Machines are replacing manual jobs, and certainly, fintech companies are leading in this dimension.