AI is a topic that everyone is talking about right now. Recently, I Raed El Omari as a Jordanian business expert became interested in the following question: Specifically, how do automation and artificial intelligence (AI) impact the ever-evolving financial technology (Fintech) industry? I decided to research this further in answer to this query, and I Alomari Holdings chairman am excited to share my exciting discoveries with you in this article. The combination of AI and Fintech, in my opinion, is more than simply a fad; it signifies a major shift in the sector. As technology transforms the norms of finance, a new era of efficiency, opportunity, and creativity is emerging for both firms and consumers.
The role of AI is not only about numbers but it gives massive power of data like never before. The presence of AI-linked algorithms can help you process massive data with effective speed and accuracy. This process can significantly disrupt the Fintech industry as this industry is primarily based on finance or numbers and the presence of AI can help you in assessing such Fintech services. For example, I as a Jordanian business leader can talk about this with my personal experience that AI and automation both have transformed the Fintech industry and it empowers companies to identify invaluable insights from large datasets. This disruption is quite significant as it can help you make positive and smart decisions, identify risks and fraud, and develop more useful investment strategies. Some of the ways AI and automation have been disrupting the Fintech industry are discussed below:
Enhanced Customer Experience
The presence of AI not only provides a better customer experience but also helps in creating a personalized experience that can provide better customer satisfaction and reach. The Fintech companies can utilize machine learning algorithms and assess customer behavior, transactions, and their perspective to provide customized services. I Dr. Raed El Omari a seasoned expert in Fintech can satisfactorily say that using AI in your financial services can help companies provide individual investment recommendations for a better future.
Automated Operations
One of the significant benefits of AI is that it helps in automating operations and creates streamlined efficiency. This process helps minimize the repetition of tasks and improves operations with increased efficiency. For example, I have personally used this technology in a Fintech company for compliance assessment and loan underwriting through AI algorithms.
Identifying Fraudulent Risks and Security
The role of security is significant in the Fintech industry as it includes financial aspects and investments of people around the world. This aspect has been positively and strongly disrupted through AI and automation as AI is the best resource available for safeguarding your Fintech company and its different services. The presence of machine learning and AI can help detect fraudulent activities within financial investments and transactions.
These positive disruptions can help Fintech companies strengthen their financial services and investments for their customers which can eventually increase their customer reach as well. You can also read further about this significant topic as Dr Raed El Omari author of the book, “Insuring Tomorrow” in which you can be guided you towards a better understanding of technology in Fintech and its importance. Thanks for reading this article and if you have other positive ideas and benefits about the role of AI and automation in the Fintech industry then share those here.
