How Artificial Intelligence is Shaping the Future of the Fintech Industry

How Artificial Intelligence is Shaping the Future of the Fintech Industry

Managers who work in the financial area, and UK-resident banks or investment companies, should always look for an optimal approach to customers, processes, and data. Embracing AI technologies may come in handy here. That’s why the AI maturity of UK banks and other financial institutions is in the spotlight. Let’s figure out what benefits these institutions get by implementing and scaling AI.

AI is Fueling Data-Driven Innovation

What does AI do exactly? AI finds dependencies and patterns that serve as a basis of insights related to marketing, customer retention, business processes, and operating activities. By using AI algorithms and big data, fintech companies can personalize their services. For example, banks develop unique apps capable of creating offerings tailored to customers’ needs, taking into account their location, age, spending behavior, and preferences. According to the State of the Connected Customer report prepared by SalesForce, 66% of customers expect just such an approach, where companies clearly understand their needs.

At the same time, the customer requirement is becoming more and more diversified. The evolving technology capabilities, including transcript analysis for mood prediction, enable fintech companies to find the appropriate solutions. In the future, fintech companies are going to fulfill customers’ wishes and create even more data-driven solutions with the help of high-quality data and complex AI models.

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