How is AI changing the financial services industry?
What is FinTech?
Financial technology ("FinTech") generally refers to digital innovation in the financial sector. At its inception, the understanding of FinTech was limited to innovative ways of facilitating payments and transactions. Underpinned by revolutionary shifts in Internet and mobile technology in recent years, the realm of FinTech has witnessed explosive growth. Nowadays, it refers to a wide variety of technological interventions within the financial services arena, such as crowdfunding, online customer acquisition, mobile wallets, P2P lending, MPOS, MSME services, personal financial management, private financial planning, Blockchain and crypto currencies.
Given the opportunities that FinTech affords, many technology companies have been actively trying to tap into the financial market. As such, FinTech is also used to describe businesses that aim at providing financial services by making use of software and modern technology.
Artificial Intelligence (AI) has become sought-after knowledge as businesses are apt to learn in the growing kingdom of automation, machine learning, robotics, analytics and more. Financial services providers are making efforts to adopt AI for mundane task automation, consistent customer services, deep-dive behaviour analysis, as well as efficient fraud finding. They also need to manage the risks and concerns that arise along the journey of transformation. Deloitte is ready to be the strategic and implementation partner for financial services providers who would like to embrace the changes in the shifting market landscapes.