Artificial Intelligence generally gets us all thinking of movies like ‘I-Robot’. In reality, AI is so much different and is frequently based on Cognitive Computing and Machine Learning. The Financial Technology industry or the Fintech industry that we all like to refer to is embracing all things AI, utilizing it to predict the stock markets to driving greater customer engagement.
AI has disrupted and will continue to disrupt the financial sector as the world continues to adopt and implement AI. There are several ways AI will continue to drive change and disrupt the sector, too many to mention but I will set out two.
Customer Engagement has changed and will continue to change as many of the worlds top banks embrace the era of the chatbot. Machine Learning and Big Data techniques are used to programme chatbots to provide greater levels of customer engagement with many effective enough to communicate with and deal with requests from customers just as well if not better the humans.
Wall Street has already embraced AI as a tool for predicting movement within the stock market. According to a recent article in the financial times, the human is being outperformed by the machine and showing far superior returns on investment. This is a trend that is likely to continue as many more major financial institutions follow the trend.
Does AI disrupt/drive change for the better?
On review, It is easy to conclude AI is driving change for the better within the fintech industry. Providing greater engagement to the customer with leads to superior customer interaction and frees up human time as an added benefit. Specifically, within the Stock markets, it has been a positive disruptor as AI is proving more successful by removing room for human error.
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