AI is taking over the world and now every user is relying on it to get quick and reliable solutions. Moreover, the global AI market is set to reach $267 billion by 2027 which again showcases that it’s a growing market.
Now, integrating finance with AI comes with several advantages which we will be discussing in this post. Additionally, we have also mentioned some use cases that you should know, so let’s check the content of this post-
AI In Finance
Here we will be discussing 3 major areas where AI can prove to be a game changer in the finance industry-
AI In Personal Finance
Personal Finance and AI go hand in hand as nowadays customers are looking for financial independence. AI can assist consumers 24X7 with financial guidance and can assist them with suggestions of the stocks they can invest in, provide personal wealth management insights, and so on.
AI In Consumer Finance
Customer prefers banks that provide high security and thus AI can prevent banks from cybercriminals. AI can detect and analyze single-out regularities in patterns that might consume a majority of the time if done manually.
AI In Corporate Finance
Including AI in corporate finance can improve prediction and loan risk. Furthermore, AI can also reduce financial crime by detecting unusual activities and protecting data from fraudsters.
Benefits Of Using AI In Finance Industry
The biggest advantage of AI in the finance industry is the protection of data from cybercriminals. Additionally, it can automate tasks and provide personalized recommendations which scale up the customer experience in your store. Here are other advantages of AI in Finance
- AI can provide robust 24X7 customer interaction and solve most queries.
- With task automation, AI can reduce repetitive tasks and ensure that the manual workforce can spend on other productive tasks.
- AI can also reduce human errors and ensure that the end report is correct.
7 Use Cases Of AI In Fintech
Here are the top 7 use cases of AI in the Fintech industry that you should check out-
Provide Robust Customer Service
Do you know, 47% of US consumers will abandon their online purchase if they don’t get a quick resolution to their query? Thus, AI can quickly attend to the customer and resolve their query.
Most customers are quite vulnerable while investing their money and thus want a quick resolution to their query, this is when the AI chatbot can help.
AI Can Collect Customer Reviews
The chatbot can collect customer reviews that you can use to know your pain points. This helps you make changes to your software and make the application user-friendly.
The better the user experience, the higher the chances of customer retention. AI bot can also reply to reviews with the help of some pre-set rules.
Loan Prediction & Credit Scoring
AI can help banks and financial firms make better decisions while providing loans to customers. The AI can detect past data of a particular user and suggest to them firmly if there is some unwanted activity.
With the help of machine learning algorithms, AI can calculate a credit score which can also be used by firms to decide if a person is eligible for a loan or not.
Reduces Labour Cost
There is a lot of human capital required in simple financial tasks such as accounting, data entry, record keeping, and more which if done manually will consume a majority of the time and can even cost more.
Thus, integrating the system with AI can help you complete all these processes at a faster rate and does not even cost much.
Robotic Automation Process (RAP)
A fintech application can not be used without a strong registration process. Thus, to manage the back end of your application, AI can be used.
- Onboarding customers
- Check their previous records
- Can send inbound reminders to collect accounting statements and transactions.
- AI can process credit cards, mortgages, and account closures.
- Suggest trading information, helps in the loan process, and so on.
Boost Algorithmic Trading
AI can analyze millions of data through a pre-set form that helps in conducting a stock trade. It can also benefit the customers by informing them about the stock they should invest in. AI can also react quickly whenever there is a dip in the market which can help customers save their investment.
Advance Fraud Detection
AI can effectively help you minimize a wide range of fraud such as credit card fraud, loan fraud, and so on by providing the history of users that are applying for it.
AI reduces human error and the chance of fraud taking place in your business.
Were you able to solve your queries regarding AI in finance? If not, then do let us know your queries in the comment section and our experts will assist you.
However, if you are looking for a Finance app development company that can integrate AI into your application, then you should try Appic Softwares. We have an experienced team of developers that can use the latest technologies such as AI, Flutter, React, Blockchain, and more to create a custom application.
Moreover, we are also providing a free prototype service and can create a free prototype for your project as well.
So, what are you waiting for?