Fintech companies and financial firms were the early adopters of relational databases, mainframe computers, and have eagerly awaited the next generation of computational and analysis power. AI helps Fintech companies in resolving human problems, by enhancing efficiency. AI improves results by applying various methods derived from the various aspects of Human Intelligence at a beyond human scale.
Synctactic Usecases for Fintech
A customer-centric approach, cost optimization, enhanced security, and real-time data integration are the crucial needs of the current financial sector that mimic the business dynamics of the FinTech firms.
Credit Default Risk
AI excels at discovering patterns based on large volume, high velocity data that can be used to generate credit default signals. With sufficient computational power, AI algorithms are capable of generating early warning signals using indicators from a wide range of sources as well as increasing the accuracy of said indicators.
Artificial intelligence can clearly help banks by understanding the customers’ behavior and providing them supreme digital experience. This can help in building customer loyalty. Customer expectations are higher than ever. Customers want an understanding of their unique situation and, in turn, expect relevant offers, accessibility, responsiveness, and readiness.
Payment fraud is an ideal use case for machine learning and artificial intelligence (AI), and has a long track record of successful use. When consumers get a call, text, email or in-app messages from their card issuer asking them to validate a transaction, or informing them of fraud on their card, they may not even suspect that behind this bit of excellent customer service are a brilliant set of algorithms.
It’s one thing to uncover facts about your customers long after they’ve already signed up for your services. But think of how powerful it could be to develop real-time insights into individual prospects to more effectively inform the organization’s interactions with them as they make their way through the sales process. Better yet, consider the powerful effect of using these types of insights to generate interest in your products and services on a customer-by-customer basis.