{"id":3803,"date":"2022-06-09T18:03:37","date_gmt":"2022-06-09T15:03:37","guid":{"rendered":"https:\/\/yes-frankivsk.com.ua\/?p=3803"},"modified":"2022-06-09T18:04:05","modified_gmt":"2022-06-09T15:04:05","slug":"how-the-fintech-industry-can-benefit-from-ai-and-ml","status":"publish","type":"post","link":"https:\/\/yes-frankivsk.com.ua\/uk\/articles\/how-the-fintech-industry-can-benefit-from-ai-and-ml","title":{"rendered":"How the FinTech Industry Can Benefit from AI and ML"},"content":{"rendered":"\n<p>Recent surveys show that 19% of companies established a data culture. This trend can&#8217;t go past FinTech \u2014 the collective concept of software connected to banking and finances as this industry is driven by numbers, data, and predictions. So, what will the introduction of artificial intelligence and machine learning bring to the industry?<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-6a047706a6370\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a047706a6370\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/yes-frankivsk.com.ua\/uk\/articles\/how-the-fintech-industry-can-benefit-from-ai-and-ml\/#What_Is_FinTech\" >What Is FinTech?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/yes-frankivsk.com.ua\/uk\/articles\/how-the-fintech-industry-can-benefit-from-ai-and-ml\/#Artificial_Intelligence_and_Machine_Learning\" >Artificial Intelligence and Machine Learning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/yes-frankivsk.com.ua\/uk\/articles\/how-the-fintech-industry-can-benefit-from-ai-and-ml\/#How_FinTech_Benefits_from_AI_and_ML\" >How FinTech Benefits from AI and ML<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/yes-frankivsk.com.ua\/uk\/articles\/how-the-fintech-industry-can-benefit-from-ai-and-ml\/#FinTech_Companies_Using_AIML\" >FinTech Companies Using AI\/ML<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/yes-frankivsk.com.ua\/uk\/articles\/how-the-fintech-industry-can-benefit-from-ai-and-ml\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_FinTech\"><\/span><strong>What Is FinTech?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As mentioned before, FinTech is all software and technological solutions that in some way work with money and finances. Its goal is to make various operations with money more easily accessible, safer, or automated for both regular people and businesses of different scales. The examples of FinTech are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li> banking apps<\/li><li> home budgeting assistants <\/li><li> crypto exchanges <\/li><li> digital short-term loans <\/li><li> algorithms for credit and insurance scoring <\/li><li> crowdfunding platforms <\/li><\/ul>\n\n\n\n<p>FinTech reshapes traditional financial services and competes with them, providing faster and more nimble solutions. Most successful startups in this field aim to provide fresh solutions for old needs, like transferring small amounts of money between people, and subsequently stealing the audience from traditional financial institutions that satisfy those needs in old ways.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Artificial_Intelligence_and_Machine_Learning\"><\/span><strong>Artificial Intelligence and Machine Learning<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Though they sound like two separate entities, one is actually a subdivision of another. Artificial intelligence is a sub-division of computer sciences that study algorithms that mimic the process of human thinking and are called to solve problems typically solved by people. Programs that fall under this category can utilize special methods to react to inputs, learn from previous experience, and make decisions. Examples of AI tech are voice assistants (Alexa, Siri, etc.), self-driving cars, and spam filters.<\/p>\n\n\n\n<p>Machine Learning is one of AI&#8217;s programming approaches. Instead of designing a specific algorithm for each given task in ML, a program &#8220;learns&#8221; the correct way to solve it through many iterations of trial and error. One of ML implementations, neural networks, are widely used for such tasks as pattern recognition. This specific field is very useful for FinTech as noticing trends is crucial for risk assessment, stock trading, and more.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_FinTech_Benefits_from_AI_and_ML\"><\/span><strong>How FinTech Benefits from AI and ML<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AI\/ML solutions can replace routine human labor and make it much faster as well as mine large amounts of historic data for useful insights. Here is exactly how it&#8217;s going to improve FinTech solutions:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li> <strong style=\"color: initial\">Time-saving:<\/strong><span style=\"color: initial\"> once a machine learns to do a human job, it can perform it multiple times faster.<\/span><\/li><li> <strong style=\"color: initial\">Lowering operation costs:<\/strong><span style=\"color: initial\"> replacing human labor with computer programs saves lots of money that can be spent on R&amp;D<\/span><\/li><li> <strong style=\"color: initial\">Always available:<\/strong><span style=\"color: initial\"> machines don&#8217;t have sick leaves and lunch breaks; they are always here when needed.<\/span><\/li><li> <strong style=\"color: initial\">Enhancing human workers:<\/strong><span style=\"color: initial\"> with the help of AI solutions, employees can do their work faster and better and come up with unorthodox decisions more often.<\/span> <\/li><li> <strong style=\"color: initial\">Improving customer experience:<\/strong><span style=\"color: initial\"> AI can analyze hundreds of thousands of app and web user interactions to find fields for improvement. Also, robotized customer support assistants can take over at night time or during busy hours.<\/span> <\/li><li><strong style=\"color: initial\">Fraud protection:&nbsp;<\/strong><span style=\"color: initial\">much like spam filters, fintech ML can find patterns that correspond with suspicious activity and alert managers or take actions on their own.<\/span> <\/li><\/ul>\n\n\n\n<p>To see real cases of implementing such technologies, see this article: <a href=\"https:\/\/agilie.com\/blog\/ml-ai-and-fintech-how-maching-learning-and-artificial-intelligence-help-you-benefit\" target=\"_blank\" rel=\"noopener\">https:\/\/agilie.com\/blog\/ml-ai-and-fintech-how-maching-learning-and-artificial-intelligence-help-you-benefit<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FinTech_Companies_Using_AIML\"><\/span><strong>FinTech Companies Using AI\/ML<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>More FinTech companies turn to AI each year, and there are already some big names among them. They include Intel Capital (Intel&#8217;s venture capital division), Numerai hedge fund, Core Scientific blockchain hosting, Riskified anti-fraud solutions for e-commerce, and much more.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AI and ML are a logical development not just for FinTech but for IT as a whole. They help drastically reduce operational costs while giving each customer a better user experience through a personalized approach. If you want to find out more about the role of AI in FinTech, check this article: <a href=\"https:\/\/agilie.com\/blog\/ml-ai-and-fintech-how-maching-learning-and-artificial-intelligence-help-you-benefit\" target=\"_blank\" rel=\"noopener\">https:\/\/agilie.com\/blog\/ml-ai-and-fintech-how-maching-learning-and-artificial-intelligence-help-you-benefit<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recent surveys show that 19% of companies established a data culture. This trend can&#8217;t go past FinTech \u2014 the collective concept of software connected to banking and finances as this industry is driven by numbers, data, and predictions. So, what will the introduction of artificial intelligence and machine learning bring to the industry? What Is [&hellip;]<\/p>\n","protected":false},"author":80,"featured_media":3804,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[111],"tags":[2338,2342,2343,2344,2341,2340,2336,2345,2339,2337],"motype":[113],"moformat":[97],"moimportance":[103],"class_list":{"0":"post-3803","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-inshe","8":"tag-artificial-intelligence-and-machine-learning","9":"tag-conclusion","10":"tag-development","11":"tag-fintech","12":"tag-fintech-companies-using-ai-ml","13":"tag-how-fintech-benefits-from-ai-and-ml","14":"tag-how-the-fintech-industry-can-benefit-from-ai-and-ml","15":"tag-industry","16":"tag-machine-learning","17":"tag-what-is-fintech","18":"motype-articles","19":"moformat-reklamna-korotka","20":"moimportance-reklamna-stattya"},"_links":{"self":[{"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/posts\/3803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/users\/80"}],"replies":[{"embeddable":true,"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/comments?post=3803"}],"version-history":[{"count":2,"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/posts\/3803\/revisions"}],"predecessor-version":[{"id":3807,"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/posts\/3803\/revisions\/3807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/media\/3804"}],"wp:attachment":[{"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/media?parent=3803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/categories?post=3803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/tags?post=3803"},{"taxonomy":"motype","embeddable":true,"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/motype?post=3803"},{"taxonomy":"moformat","embeddable":true,"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/moformat?post=3803"},{"taxonomy":"moimportance","embeddable":true,"href":"https:\/\/yes-frankivsk.com.ua\/uk\/wp-json\/wp\/v2\/moimportance?post=3803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}