Artificial intelligence in Personal Finance, the next FinTech Trend?
Carlos Morales
Founder & CEO Sales Boost Consulting | I help companies boost their sales through training, consulting and continuous coaching.
In the financial technology industry, artificial intelligence used to hyper-personalize procedures in personal finance will be a trend in 2022.
Users may simplify regular operations like utility payments, investments, and savings by customizing procedures connected to financial decision making.?
One of the benefits of artificial intelligence in personal finance is personalized and expected goods. Furthermore, machine learning might provide financial institution customers with individualized savings alternatives and encourage good financial habits.
Artificial Intelligence in Finance: Current and Future Applications
When it comes to security and fraud detection, artificial intelligence has shown to be quite useful. Traditional fraud detection approaches use advanced learning algorithms like deep learning to analyze structured data against a set of criteria. For dynamic adjustment, new features can be introduced to the system.
Blockchain technology is most commonly connected with the cryptocurrency sector, but it has become more important in the creation of creative financial and commercial solutions. It will be distinguished by the adoption of secure data security systems, the development of digital identities, and expedited transactions and operations that are increasingly safe and dependable for users.
The G20 has developed a work plan including central banks in the development of technology to increase the efficiency of cross-border payment procedures. The blockchain will be crucial in ensuring that transactions between sender and receiver are completed in real time, avoiding the need for lengthy bank transfers.
Wealthtechs have been able to fill the gap left by traditional banks by developing personal financial tools as well as platforms for counseling and asset management. Digital brokers, automated trading platforms, new investment tools, and non-meltable tokens are just some of the services they offer.
Fintech companies are investing heavily in cybersecurity and RegTech (technology applied to the regulatory framework) These businesses use technology to strengthen cybersecurity and data protection in order to combat fraud and money laundering. These solutions are used by fintech organizations for identity verification, data protection and client management.
领英推荐
New fintech ventures based on big data and artificial intelligence will emerge this year as a result of the pandemic. The rollout of 5G, which will improve connection and data transfer, has been pushed back. New platforms and apps will be able to be used more easily in the financial sector.
There will be a rise in the number of banks without physical locations. Bank transactions and operations are increasingly conducted over the internet via mobile applications, a trend that has already resulted in the emergence of new banks with no physical locations. In an earlier article, I go through this in further detail.
Simple banking transactions through speech, such as issuing payments, claiming them, or consulting financial products, are the next stage in contactless payments.
Another payment-related fintech trend is the ability to use your digital wallet on any device with a screen, such as a wristwatch or a television, rather than simply your smartphone.
In the financial industry, disintermediation platforms will expand. Above all, employ digital signatures when making online payments, and everything will be accessible from your smartphone.
Digitization refers to a shift in the disaggregated financial model, which is fueled by new technologies and digital transformation to provide clients with a more customized experience. In 2021, the Fintech sector was notable for its increased investment and funding levels. In 2022, the industry is predicted to keep developing and producing new trends and possibilities, allowing for the formation of partnerships and the reduction of gaps and risks. As a result, services may be reorganized around a digital architecture that puts the fintech ecosystem at the center of the sector.