Top 5 AI Use cases in Fintech

Artificial Intelligence nowadays is contributing a lot in the fintech segment in various ways, let it be fraud detection, automate loan process or credit decisions. AI adds an enormous amount of value when it comes to Financial Services. Below are a few use cases for the same: 

Predictive analytics

On a day to day basis  there are multiple applications and use cases where Banks heavily depend  on AI solutions to reduce investment risk, build models based on historical data and trends, and utilize those models to improve their business. Predictive analytics are valuable in many ways, from investment analysis to operational risk management software.

Fraud detection 

AI applications help power the first line of defense for fraud detection software, stringing together data from disparate sources helps create models that rate the trustworthiness of a particular transaction. These applications process a huge set of data at scale and in real time to figure out potentially fraudulent transactions. 

Credit decisioning 

Making lending decisions used to be a complex process that involved multiple parties and an in-depth study of the applying individual’s credentials. Now, teams use an AI-powered loan origination software to make lending decisions based on a variety of data points that automatically run through the tool. The Bot automatically analyses and rejects the application if the credit score is below the set criteria 

Trading

Investors use AI to fuel their investment process. This includes AI-powered tools that look into the web for relevant pieces of information based on investor input and predictive analytics tools that model scenarios based on historical data. There are a different set of tools designed to optimize the trading process and fuel better investment options.

Customer service chat bots

One of the most intuitive and human-driven employment of AI in fintech is its utilization in client confronting chat bots. Finservs have progressively centered around giving a fabulous client experience from a forthcoming clients to on boarded clients. Chat bots are indispensable for banks to give an incredible encounter without sinking an excessive number of their assets.

The future of AI in fintech 

Financial services’ future is AI heavy. The industry increasingly relies on AI-powered tools to perform vital functions; that trend will become firmly entrenched in the coming months and years which would definitely require GPU at a low and affordable cost to enhance the speed and productivity, for which E2E Networks has come up with the solution click here to learn more.