{"id":8057,"date":"2018-01-16T10:20:51","date_gmt":"2018-01-16T10:20:51","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=8057"},"modified":"2018-08-14T13:22:18","modified_gmt":"2018-08-14T13:22:18","slug":"how-artificial-intelligence-is-changing-fintech","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/how-artificial-intelligence-is-changing-fintech\/","title":{"rendered":"How artificial intelligence is changing fintech"},"content":{"rendered":"<p>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:<\/p>\n<ul>\n<li><strong>Increased security<\/strong> \u2014 artificial intelligence uses machine learning to fine-tune systems and better identify fraudulent behavior, suspicious transactions and potential future attacks.<\/li>\n<li><strong>Reduced processing time<\/strong> \u2014 artificial intelligence cuts processing times in half for most processes.<\/li>\n<li><strong>Reduced human error <\/strong>\u2014 artificial intelligence validates and double-checks information that can be easily overlooked, even by the most observant human.<\/li>\n<li><strong>Increased automation<\/strong> \u2014 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.<\/li>\n<li><strong>Offering insights<\/strong> \u2014 artificial intelligence collects and processes large amounts of data to help companies stay ahead of competition.<\/li>\n<li><strong>Empowering smaller companies<\/strong> \u2014 with artificial intelligence becoming increasingly accessible and affordable, smaller companies will now be able to compete more easily with larger ones.<\/li>\n<li><strong>Balancing consumer budgets <\/strong>\u2014 artificial intelligence is now being used in personal financial applications, allowing people to balance their budgets based on their specific income and spending patterns.<\/li>\n<li><strong>Chatbots <\/strong>\u2014 artificial intelligence-powered chatbots are now being deployed as self-service customer-facing tools.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-8057 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Video: 4 predictions for FinTech in 2019'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/video-4-predictions-for-fintech-in-2019\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/01\/4-Predictions-for-Fintech-in-the-New-Year-150x150.jpeg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12017\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12017'>\n\t\t\t\tVideo: 4 predictions for FinTech in 2019\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor (March 2023)'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-march-2023\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/03\/a4ff3547-56ae-47e5-fc3d-d44798e4b9151-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17053\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17053'>\n\t\t\t\tBFC FinTech Monitor (March 2023)\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='5 major uses for biometrics in the banking industry'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/5-major-uses-for-biometrics-in-the-banking-industry\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/02\/5-major-uses-for-biometrics-in-the-banking-industry-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14498\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14498'>\n\t\t\t\t5 major uses for biometrics in the banking industry\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>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 &hellip;<\/p>\n","protected":false},"author":5,"featured_media":8058,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[80,194,77,184,193,81],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/8057"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=8057"}],"version-history":[{"count":3,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/8057\/revisions"}],"predecessor-version":[{"id":8208,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/8057\/revisions\/8208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/8058"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=8057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=8057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=8057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}