Artificial Intelligence

How Cognitive Ergonomics of AI Exciting FinTech

Share this

Cognitive Ergonomics in FinTech. Before we start getting confused around the title here; allow me to clarify. I am attempting to scan FinTech of 2018 and beyond. 2018 is the year which has too much packed for FinTech and AI. The growth of Fintech is largely made possible by the relative age of current banking system across the globe. In short FinTech is merging with IOT, AI, and AI’s subfields to keep its challenge alive for banks.

It is easier for people to use mobile payments and web-based financial services since phones are more pervasive and convenient to access than traditional financial instruments.

AI in FinTech – FinTech Intelligence

FinTech intelligence or FinTech with new flavours like AI and its commandos i.e ML, DL, ANN etc are not new by now. This new flavour of FinTech is working like magic. Giving it bluer oceans by focusing on new markets where conditions are somewhat favourable. Beyond year 2018 FinTech powered with new electricity of corporate world i.e Artificial Intelligence will dominate this space.

AI is radically transforming the digital economy through FinTech. How its doing that we will answer below by taking help through “Cognitive Ergonomics”. Financial engineers are combining data from mobile phones, social networks, and almost from every step we take in real life to transform FinTech in to new industries. We are assuming AI more human then it is. Areas like CyberSecurity (biggest ticket item for year 2018) which we will talk in next blog post though.

 DYjyU_XX4AAdMkU.jpg

 

Cognitive Ergonomics Environment

AI is now integral, critical and most important component to our personal devices, applications, and for transport system i.e self-driving cars. User experience is now more focused on extreme high analytical framework. In case of payments or FinTech this gets focused on where user spend, how much user spend, when user spend etc.  Cognitive technologies, such as artificial intelligence and machine learning are already into our financial planning and investing experience too much.

There is very strong proof from the past on how this is related to cognitive ergonomics. Fake tweet came out in midday on April 23rd, 2013, from official associated press twitter account. The tweet was related to some fake news about attack on white house. The target was never the president or the White House. The target was the financial markets.

In less than a split-split-second, the state-of-the-art computers running state-of-the-art high-frequency trading algorithms picked out the keywords from a trusted source and went into overdrive, reacting to what they perceived as a confirmed terrorist attack that never actually happened. The cost to the market? was $136 billions in around three minutes. No human being could orchestrate an attack of this magnitude.

 

Cognitive Ergonomics is becoming an important field for data scientists to understand and implement.

 

Cognitive  & AI Influence on FinTech

Building a 720 degree customer experience which is the primary target for FinTech is not feasible without Cognitive touch in your FinTech services. The 360 degree experience looks no good reason to remain in blue ocean domain of business world. Giving environment and surrounding on your Fintech services without customer ask looks much better Idea.
When you are on google search engine; google knows what are you looking for as soon as you type first character on the page (80-90% accurate to predict). How about telling your customer his last 5 related transaction as soon as customer is at a location and in the middle of initiating payment. The payment customer trying to make for and the historical information combined can create some sort of cognitive environment with recommendation will provide 720 degree view and experience.

Understanding context in written words was the biggest break through of AI in this direction. Now implementing and using the same in FinTech is the next challenge.

Disclaimer – All credits if any remains on the original contributor only.

 

 

Cognitive Ergonomics

ConclusionTo achieve the goals for cognitive system which must be able to select, coordinate information processing subsystems, locations in perceptual fields and categories in memory. This wont be impossible in 2018 onward. Year 2018 and onwards i.e. the far we will go into future the cognitive and super fascinating our experience will become through applications and devices we will use. AI will allow us to delve into each customer’s interaction sequences, needs, and level of influence within their social network. Along with their current life events to figure out their current needs and how to serve them better. This learning will come out immediately to provide best experience and force customers to live under the guidance.

 

#MachineLearning #DeepLearning #ArtificialIntelligence #ArtificialNeuralNetworks

================ About the Author ===================

Read about Author at : About Me

Thank you all, for spending your time reading this post. Please share your feedback / comments / critics / agreements or disagreement. Remark for more details about posts, subjects and relevance please read the disclaimer.

FacebookPage                 ContactMe                   Twitter         =============================================================

Advertisements

3 replies »

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.