Artificial Intelligence at the forefront of finance

Friday, August 6, 2021

Artificial Intelligence at the forefront of finance

The financial ecosystem has changed its competitive dynamics with the emergence of artificial intelligence (AI) that allows streamlining processes in a more efficient and secure way.

Allowing to streamline processes in a more efficient and secure way is just part of the changes brought by artificial intelligence (AI) in the financial ecosystem, learn how to get the most out of this technology.

With the advent of AI, the way institutions market products changed by making decisions with more optimal techniques that outperformed those of analysts.

Likewise, with the arrival of Big Data and Data Science to the digital landscape, AI gained strength by being able to identify patterns from large amounts of data and even manage to anticipate events.

Currently, FinTechs have come to give that impulse to many financial entities by using AI not only to automate processes, but as a bulwark to improve the user experience.

With increasingly versatile and intuitive digital services, financial institutions will achieve greater customer loyalty.

In the case of Antit, a FinTech product developer puts at your disposal highly qualified personnel, specialists in Cloud Engineering, Big Data, among other services that together with the use of AI will give you greater competitiveness in the digital market.

The key to innovation is to be part of the digital ecosystems where Antit has great experience, in a world where consumers seek to develop their procedures without having to travel and have to interact with a human.

In addition, AI allows automating internal operations by achieving a more innovative approach to customers , incentivizing loyalty through tailored products with an understanding of customer preferences in real time.

Among its main advantages are:

Credit automation: allowing through the use of AI to prepare a prediction of credit payment behavior, with personalized advice on investment and savings opportunities.

In this sense, the use of credit scoring stands out , a computer system that allows to approve or deny credits more efficiently, by functioning as a risk analyst with greater precision, automation, speed making a better informed decision and supported by data.

On the other hand, it allows the combination of algorithms and Big Data to grant credits in a more secure, objective and transparent way.

Safer operations: AI systems allow financial institutions to identify new risk categories for their clients and propose mitigation strategies.

The AI makes use of fraud detection systems by analyzing the behavior , location, and buying habits of customers and is capable of activating a security mechanism when they contradict the established spending pattern.

In addition, AI systems allow, with the help of Big Data, to identify suspicious activities that involve the entry of resources of illicit origin, reducing the costs of investigating money laundering schemes.

Personalized advice: AI allows the implementation of chatbots based on natural language processing and virtual assistants, which make use of machine learning algorithms through Machine Learning , managing to verify user balances, schedule payments, search for account activities and more.

Likewise, these applications are able to offer personalized financial advice, track income, recurring expenses, consumption habits and offer an optimized plan with financial advice, helping clients to estimate their finances.

This will translate into greater customer satisfaction by reducing response time and increasing company productivity.

According to the World Economic Forum for this 2020 the investment in artificial intelligence will reach 10 billion dollars by financial institutions.

AI is essential to carry out a metamorphosis to the digital market through verticals that assume increasingly complex tasks, which can be done on the map of the digital world.

Melissa López
August 6, 2021