Within financial services, AI technology could allow companies to establish new business models, reduce risk and expenses and increase productivity. Photo: Shutterstock
Financial services and technology might be an odd couple but through their unison we saw the birth of Fintech which is defined in the Oxford Dictionary as: “Computer programmes and other technology used to support or enable banking and financial services.”
In today’s world one could slightly tweak this definition to technological innovation in financial services. Fintech through Big Data, Blockchain, Internet of Things (IoT), use of Cryptocurrencies, Artificial Intelligence (AI) and a more effective exploitation of digital channels, social networking and mobile devices is disintermediating the financial services industry through innovation.
Within financial services, AI technology could allow companies to establish new business models, reduce risk and expenses, and increase productivity. It can also be used by regulators in Suptech like South Korea’s supervisory authority (FSS) is doing, where AI with big data are used to monitor fintech operators.
AI, however, could also be pivotal to what we call…
