Artificial intelligence for fintech
BENEFITS OF AI IN FINTECH
For quite a long time it has been used in the activities of financial and technical organizations seeking to improve the quality of existing services and create new ones. Because AI is so widespread, banking institutions, as well as insurance and credit companies, have also adopted this system in order to be able to retain their market share and customers.
Financial institutions routinely collect information about service recipients, but there is no efficiency in using it to predict the needs of their customers. Therefore, it is necessary to find options to combine such valuable data with modern innovative technologies, in which AI will be a great help.
THE USEFULNESS OF IYI IN FINANCE
The system facilitates the modernization of old services and the provision of new services at institutions such as:
Banks
Here, AI helps improve the quality of service by working with customers online. Virtual and voice assistants, as well as chat robots.
Credit companies
In these organizations, AI easily determines the identity of the client, assesses his creditworthiness, and detects fraudsters.
Insurance companies
Through AI, it automates applications for cases to be insured, identifies risks, and detects unclean hands.
Business process tuning
AI can help in the adjustment of any business processes, for example: the automation of internal procedures; preparation of reports.
THE ESSENCE OF FINTECH
Financial technology, or fintech for short, is digital innovation in the financial sector. Originally, the term was limited to innovative options to facilitate transfers and payments. Because recent years have seen revolutionary shifts in Internet and mobile technologies, fintech is now a full-fledged participant of progressive growth. Now the phenomenon can be attributed to a solid range of technological implementations in financial services such as:
- blockchains;
- crowdfunding;
- private financial planning;
- attracting investment through the Internet;
- personal finance management;
- mobile payments;
- MSME services;
- mPOS;
- P2P credits.
In addition, fintechs are companies that exclusively provide financial services using digital technology. Examples include online and mobile banking, electronic payments outside of banking institutions.
In 2018, a related term, technophiles, began to spread. It refers to technology companies that offer additional financial services along with basic services that are based on technology. Their financial products are technologically better equipped than those of banks. At the moment, this is a narrow part of the IT industry, and large corporations from China and the United States are in it. They cannot be considered financial companies, digital banks or fintechs, because their activities are not supported by traditional banks and their functioning is in no way related to the finance industry.
Even considering that AI has long been considered a technology in its own right, it is increasingly in demand by any companies that pay attention to areas that are rapidly developing:
- analytics;
- smart automation;
- robotics;
- machine learning.
It is clear that financial service providers are trying their best to implement all of the above in order to automate their tasks, consistently serve their clients, thoroughly analyze their behavior, and perform effective fraud detection.
AI AS A FINANCIAL TECHNOLOGY
Financial institutions were among the first to use relational databases and mainframes. They were very much looking forward to the next level of computing power.
The development of computing in this century is happening very rapidly. Artificial intelligence for fintech is now an opportunity to increase efficiency and improve results. Therefore, with the help of machine learning, deep learning, neural networks, analytics and much more, very large amounts of information can be processed.
SAVING AND INCREASING PROFITS OF BANKS
In the early days of banking, they worked hard to make sure their customers were managing their finances properly. But with the advent of the digital world, this is no longer necessary, because AI can do everything. Once it goes through the machine learning process, it will be able to process a lot of data. It will then begin to analyze it and select the right products for the customer. This approach makes it possible to achieve a high degree of customer satisfaction.
Autonomous Next predicts that in 8 years banks using AI will reduce their costs by almost a quarter, in monetary terms, this amount will be about 1 trillion.
But according to a study by Emerging Technologies, the use of AI boosted annual profits by 80% and annual revenue by 58%. It was conducted in 2019 by surveying seven hundred operating and financial executives from 13 countries.
Domestic banks have been seeing an increase in profits due to savings for several years now. For example, in 2020 Sberbank of Russia became the owner of an additional 3 billion dollars by applying AI and analyzing information, implementing risk management.
ACCURATE DECISION-MAKING
Data-driven managerial decisions make it possible to do less management. And instead of searching for expensive experts, bank and insurance executives can ask the required questions of the machine.
The AI will analyze patterns and trends in information, which will save the team from processing huge amounts of data. Recommendations will then be provided, facilitating optimal decision-making on the part of the manager.
Based on IDC estimates, a company with thousands of intellectual workers, each year 5 million dollars is spent searching for data, failing to find information, duplicating existing documentation if the search fails. AI will help find information in corporate systems by focusing on the general sense of the query and finding documents that contain important information, such as presentations, contracts and financial reports.
FORECASTING IN FIN. SERVICES
Forecast analytics is capable:
- have a significant impact on business strategy;
- stimulate sales;
- optimize resources;
- change the rules of the game;
- Optimize business operations;
- improve internal processes.
In the field of financial services, forecast analytics is also applicable in the systematization and collection of information and its further analysis by means of the latest algorithms. The volume of information is then used in the search for patterns and predictions regarding future results.
Predictions made by the AI will allow the calculation of credit ratings and prevent overdue loans. Its clues will give information about what will happen next, namely, which services will be purchased by customers, how long an employee will stay in his or her job, and so on. In the end, each of the consumers will have an individual prescriptive decision at their disposal.
UNDERWRITING IN INSURANCE
AI will help insurance professionals automate underwriting and apply the raw data to make their customer decisions more efficient. And users, with the help of automated agents, will be able to articulate their requirements more concretely.
Typically, the need for insurance arises after some kind of damage has been done. Auto underwriting will greatly speed up the process by issuing the required tests and linking the appropriate blocks of information. As a result, to avoid paying for expensive treatment, an excellent option would be to initially determine the risk of disease and try to prevent it. It is also possible to take previous data into account in order to identify risks in order to reduce possible losses for the insurer and the insured.
CUSTOMER BENEFITS
Virtual advisors in financial planning help clients of the organization to find solutions that will guarantee a high income and give a number of hints for effective asset management. They automatically monitor events and trends on stock, currency and commodity markets, taking into account the client's portfolio and financial goals. The AI carefully selects recommendations for selling or buying assets at the level of experienced financial advisors.
SAVINGS MANAGEMENT
Financial institutions have long advised on savings management and savings in the B2C segment. The same applies to fintech companies, only the cost of their services is much lower. Smart wallets, using AI, monitor user behavior and make recommendations on how to limit or transform spending patterns, allowing individuals to reduce expenses.
IMPLEMENTATION OF THE AI IN A FINANCIAL COMPANY
It no longer seems unrealistic that automation can improve the customer experience, reduce costs, or increase service potential, as companies use machine tools and AI to do so. But the fintech industry needs a number of different subject matter experts, such as:
- engineers;
- developers;
- techniques;
- designers.
It is with their help that your new concept of a financial product can be realized so that it can be monetized effectively.
Given the fact that the financial sector is highly competitive, modern software, which uses AI, will give an opportunity to raise the competitiveness of your business project and attract new customers.
COST OF PROJECT DEVELOPMENT WITH AI FOR FINTECH
| DEVELOPMENT | CONTACT |
|---|---|
| Developing business projects with AI for fintech | from 1000 rubles/hour |
* The indicated prices are not a public offer and are subject to change. The cost is measured based on the time spent and the functionality that is required to be implemented in the system, on average, our work costs the customer from 1000 rubles/hour.
What do our clients think of our work?
The reviews were published with the permission of the customers according to p.c. of the site
Advantages of our company
We thoroughly study the problems, consider them from all sides and quickly collect the necessary information. Then we discuss the specifics of each problem with clients and together with them make a work plan, taking into account all the wishes of customers.
There are more than 20 specialists in our team. Most of the team members have higher technical education and have been working in IT for more than three years. And we'll always answer if you have questions or need help.
We help to solve any problem related to IT: we develop programs and applications, issue tokens and develop blockchain networks. Our clients are companies, offices, small and medium-sized businesses, and financial organizations.
We develop programs in popular programming languages: Python, C++, JavaScript. That's why we can create universal solutions for any of your tasks: whether it's a program for the office, a database, an application or a blockchain network.
We are engaged in comprehensive support of ready-made products. We can extend the functionality of ready-made programs and applications, if necessary. We can also help if you need to add something to your ready-made program.
After developing a program or creating a blockchain network, we help you understand how to effectively manage the product. We support customers and help them achieve their goals with our applications.
We take a professional approach to problem solving. We create tokens and help clients bring them to market, help you create your own blockchain for your tokens. We can help if you need to configure the management of tokens you already have.
We turn any of your IT ideas into a finished working project. We have released a large number of programs and applications, provided support to a wide variety of clients and earned their trust. They turn to us for problem solving.
We develop our own blockchain networks for companies. Our programmers have excellent knowledge of Python, C++, JavaScript and can work with any storage systems. We can create a secure network or application to store any data.
We thoroughly study the problems, consider them from all sides and quickly collect the necessary information. Then we discuss the specifics of each problem with our clients, taking into account all the wishes of customers.
There are more than 20 specialists in our team. Most of the team members have higher technical education and have been working in IT for more than three years. And we'll always answer if you have questions or need help.
We develop programs in popular programming languages: Python, C++, JavaScript. That's why we can create universal solutions for any of your tasks: whether it's a program for the office, a database, an application or a blockchain network.
We help to solve any problem related to IT: we develop programs and applications, issue tokens and develop blockchain networks. Our clients are companies, offices, small and medium-sized businesses, and financial organizations.
We are engaged in comprehensive support of ready-made products. We can extend the functionality of ready-made programs and applications, if necessary. We can also help if you need to add something to your ready-made program.
After developing a program or creating a blockchain network, we help you understand how to effectively manage the product. We support customers and help them achieve their goals with our applications.
We develop our own blockchain networks for companies. Our programmers have excellent knowledge of Python, C++, JavaScript and can work with any storage systems. We can create a secure network or storage application.
We turn any of your IT ideas into a finished working project. We have released a large number of programs and applications, provided support to a wide variety of clients and earned their trust. They turn to us for problem solving.
We thoroughly study the problems, consider them from all sides and quickly collect the necessary information. Then we discuss the specifics of each problem with clients and together with them make a work plan, taking into account all the wishes of customers.
There are more than 20 specialists in our team. Most of the team members have higher technical education and have been working in IT for more than three years. And we'll always answer if you have questions or need help.
We help to solve any problem related to IT: we develop programs and applications, issue tokens and develop blockchain networks. Our clients are companies, offices, small and medium-sized businesses, and financial organizations.
After developing a program or creating a blockchain network, we help you understand how to effectively manage the product. We support customers and help them achieve their goals with our applications.
We develop programs in popular programming languages: Python, C++, JavaScript. That's why we can create universal solutions for any of your tasks: whether it's a program for the office, a database, an application or a blockchain network.
We take a professional approach to problem solving. We create tokens and help clients bring them to market, help you create your own blockchain for your tokens. We can help if you need to configure the management of tokens you already have.
We are engaged in comprehensive support of ready-made products. We can extend the functionality of ready-made programs and applications, if necessary. We can also help if you need to add something to your ready-made program.
We develop our own blockchain networks for companies. Our programmers have excellent knowledge of Python, C++, JavaScript and can work with any storage systems. We can create a secure network or application to store any data.
We turn any of your IT ideas into a finished working project. We have released a large number of programs and applications, provided support to a wide variety of clients and earned their trust. They turn to us for problem solving.