AILabPage define FinTech as “Technology applied to automate, speedup and secure financial system with its own standards chiefly used by financial institutions”. Financial institution here can be Bank, FinTech services company or mobile financial services provided.
So for responding to 2 main questions. 1. Where do all these AI trends fit into the FinTech & finance industry? 2. How machine learning algorithm will transform financial technology services?
AI is Transforming the Digital Economy through FinTech. How its doing that we will answer below by taking help through “Cognitive Ergonomics”. May assuming AI more human then it is.
Bringing Artificial intelligence to make FinTech better, demystified and simple. How FinTech intelligence will become better with machine learning. Artificial Intelligence is a field that includes everything that is associated with the data (cleansing, preparation, analysis and many more), Learning processes to describe, diagnose, predict and prescribe with use of AI subfields like Machine Learning, Deep earning and Neural networks. Machine learning is a field of Artificial Intelligence, which is allowed to software applications for making accurate results.
AI in Fintech is a great help & ease for understanding on how the automation can be achieved for automated tasks (yes its true). Machine Learning focuses on predictions, based on known properties learned from the training data using too much statistical inductive reasoning. It’s been said ML works very well as long as past gets repeated in future. Financial chat bots use predictive analytics to push out real-time, informed responses to customers without the need for human intervention.