Complete Growth Overview on Artificial Intelligence in Fintech Industry

Complete Growth Overview on Artificial Intelligence in Fintech Industry

Financial technology (abbreviated Fintech or FinTech) is the technology and innovation that aims to compete with traditional financial methods in the provision of financial services. 234 It is an emerging industry that uses technology to improve financial activities. The use of smartphones for mobile banking, investing, lending services, and cryptocurrency are examples of technologies aimed at making financial services more accessible to the general public. Financial technology companies are made up of both startups and established financial institutions and technology companies trying to replace or improve the use of financial services by existing financial companies.

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Some of the key players of Artificial Intelligence in Fintech Industry:

Alphabet, Cisco Systems, IBM, Intel, Microsoft

After reviewing more than 200 scientific papers citing the term "fintech", a study defining fintech concluded that "fintech is a new financial industry that uses technology to improve financial activities". Fintech are the new applications, processes, products or business models in the financial services industry that consist of one or more supplementary financial services and are provided as an end-to-end process via the Internet. Fintech can also be viewed as "any innovative idea that improves financial services processes by suggesting technology solutions for different business situations, while the ideas can also lead to new business models or even new companies."

Financial technology has been used to automate investing, insurance, trading, banking services, and risk management. The services can come from various independent service providers, including at least one licensed bank or insurer. The interconnection is made possible by open APIs and open banking and supported by regulations such as the European Directive on Payment Services. When trading on the capital markets, innovative electronic trading platforms facilitate online and real-time trading. Social trading networks enable investors to observe the trading behavior of their competitors and experts and to follow their investment strategies in forex and capital markets. The platforms require little or no knowledge of the financial markets and have been described by the World Economic Forum as disruptors that represent "an inexpensive, sophisticated alternative to traditional asset managers."

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