HomeTechnologyHow Artificial Intelligence Collaborates with Fintech

How Artificial Intelligence Collaborates with Fintech

Technology has influenced the way the financial world works in many ways. One of the most popular discoveries today, Artificial Intelligence, can make utilizing your fintech safer and easier. You can check your balances, make investments, and get your questions answered through your computer instead of waiting on hold or making an appointment to talk to a person. Here are a few ways that these two can collaborate to make life simpler for you.

Interact With Customers

Many of your clients are content to call into your customer service phone line or to visit their financial advisor if they have a question. However, there are customers who are more tech savvy and want to chat with someone while they are on their device or computer. Artificial Intelligence, or AI, can intercept these individuals and answer their questions with little human interaction. They utilize software designed by companies like Cane Bay Partners to offer a bot to greet the end user and send them the information that they require. If there is still a question after this answer, it can get a live representative to look into it further.

Check Your Finances Safely

When you try to log into your account on your phone or other device, many financial institutions will ask for your fingerprint or facial appearance before you can proceed. This ensures that you are the only one seeing the money that you have invested in the organization. This advancement in fintech is enabled by AI and can adapt to the situation at hand. It learns about your physical attributes and secures them within the security software so that it can close off anyone else that may try to log in instead of you. As technology increases, there will be more instances like this to protect your information from hackers and external influences.

Catch Fraudulent Transactions

Artificial intelligence can catch any irregularities in your account then warn representatives at your financial institution that there is an issue. It looks for where the purchase originated, what item was paid for, and the amount spent. This allows for the person in the fraud department to contact you and question if you bought what is in question. This protects you from being responsible for transactions that were made by an outside source. These can harm your credit and quickly deplete your funds.

Provide Information Before It Is Requested

Much like the ads that you see on social media that tailor to the recent searches that you have made, AI can direct fintech to answer your questions and provide vital information to you before you request it. It can offer services to you and other customers that relate to what you have already invested in. It uses the cookies on your computer as well as the products that are in their database that you own to personalize their offerings to you. If you are the financial advisor, this can increase the sales for your organization. It takes away the time you must spend to plan out someone’s program and allows you to direct it somewhere else.

I am Content Writer . I write Technology , Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. Linkedin


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