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How artificial intelligence is changing fintech

Artificial intelligence has taken the tech world by storm, allowing companies to cut costs, automate a variety of their processes and boost their bottom line. Most commonly, chatbots are being used as virtual assistants, customer care representatives, marketing executives and salespeople. But here are a few other ways artificial intelligence is playing a major role in changing fintech:

  • Increased security — artificial intelligence uses machine learning to fine-tune systems and better identify fraudulent behavior, suspicious transactions and potential future attacks.
  • Reduced processing time — artificial intelligence cuts processing times in half for most processes.
  • Reduced human error — artificial intelligence validates and double-checks information that can be easily overlooked, even by the most observant human.
  • Increased automation — artificial intelligence understands approval workflows and allows companies to restructure and automate the expense tracking process; it also helps prevent reimbursement fraud and guides organizations with their budgeting efforts.
  • Offering insights — artificial intelligence collects and processes large amounts of data to help companies stay ahead of competition.
  • Empowering smaller companies — with artificial intelligence becoming increasingly accessible and affordable, smaller companies will now be able to compete more easily with larger ones.
  • Balancing consumer budgets — artificial intelligence is now being used in personal financial applications, allowing people to balance their budgets based on their specific income and spending patterns.
  • Chatbots — artificial intelligence-powered chatbots are now being deployed as self-service customer-facing tools.

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