I want to share with you how artificial intelligence (AI) is transforming the fintech sector and accelerating the growth of many companies in this industry. From my perspective, AI tools are playing a crucial role in this evolution.
For example, personalizing customer service through AI allows fintech companies to offer personalized recommendations to their customers. In the companies I advise, chatbots and virtual assistants are essential tools on a daily basis. These can provide real-time responses to customer queries and offer customized solutions.
In the compliance space, AI is essential for fraud detection. AI systems are exceptional at analyzing large volumes of transactions to identify anomalous or suspicious patterns. This allows for more accurate and faster fraud detection than traditional methods. A Juniper Research study indicates that AI solutions could save banks up to $7 billion annually, just in terms of reducing costs related to fraud detection.
As an advisor, I always suggest applying AI in risk management and credit evaluation. 90% of fintech companies use AI algorithms to evaluate an applicant's creditworthiness in more detail, analyzing multiple variables and data sources that go beyond traditional credit history.
A crucial aspect for accelerated growth is process automation. AI enables the automation of repetitive tasks, such as data reconciliation or transaction verification, freeing up time and resources for higher-value activities.
In a world where everything is for yesterday and time is valuable, agile interaction with the user is invaluable. AI can analyze user behavior to improve interfaces and experiences, resulting in greater customer retention and, therefore, increasing the value of your customer portfolio.
One of the distinctive characteristics of a fintech compared to traditional banking is the reduction of operating costs. AI is used to automate manual processes and improve efficiency in areas such as fraud detection or risk management, allowing you to operate at a lower cost and offer more competitive prices for consumers. According to McKinsey & Company, the use of AI could reduce financial institutions' operating costs by 20% to 25%, especially in back-office management and routine tasks.
The impact of AI on the fintech sector is vast and will continue to evolve. With continued research and development in the field of AI, we are likely to see even more innovations that will drive growth and efficiency in the fintech industry in the coming years.
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