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.