{"id":5729,"date":"2018-10-30T12:36:51","date_gmt":"2018-10-30T12:36:51","guid":{"rendered":"https:\/\/www.fintechnews.org\/_\/?p=5729"},"modified":"2019-05-29T10:17:13","modified_gmt":"2019-05-29T10:17:13","slug":"accessible-data-and-artificial-intelligence-is-this-the-future-of-fintech","status":"publish","type":"post","link":"https:\/\/www.fintechnews.org\/_\/accessible-data-and-artificial-intelligence-is-this-the-future-of-fintech\/","title":{"rendered":"Accessible data and artificial intelligence: is this the future of fintech?"},"content":{"rendered":"

by\u00a0Cassie Warrington<\/b><\/a><\/span><\/p>\n

Time, finance, and intelligence \u2013 all the reasons why AI and accessible data are the future of the FinTech industry.<\/a> According to the International Data Corporation (IDC), research claims that the world will\u00a0create approximately 163 zettabytes of data<\/a>\u00a0by 2025.<\/p>\n

To better understand the future of FinTech, you will have to look at the beginning of where it all began: Artificial Intelligence (AI). Today,\u00a0AI is used on multiple platforms<\/a>, such as Virtual mobile assistance, chatbots, accessible data, and more.<\/p>\n

These technologies are already integrated into smartphone mobile devices that can fulfill common tasks as well as solve financial issues. So, can AI be applied to the future of FinTech?<\/p>\n

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Advanced Customer Service<\/strong><\/h5>\n

The communication process between financial service employees and customers can be easy with the help of online chat and phone. According to a study conducted by Zendeck,\u00a042% of B2C customers showed more interest<\/a>\u00a0in making a purchase after receiving good customer service. However, the same study also revealed that 52% of them stopped purchasing from the company due to a single disappointed experience in customer service. While we cannot exclude the chances of human error, specialists can help customers solve main issues of the products or services while AI provides the technological solution to customer-support interaction.<\/p>\n

In the future, AI will be used as a tool to work with stock exchange and automate the entire process. This way, AI can make accurate predictions for tomorrow\u2019s prices and perform a thorough analysis of the financial market. As a result, investors will find more opportunities to invest in financial products that work with AI \u2013 and ultimately bring in more profit.<\/p>\n

Early Fraud Detection<\/strong><\/h5>\n

As the FinTech industry continues to embrace big data, there are two main drivers behind this: accessible data and increased computational power.<\/p>\n

Reports from the IDC FutureScape suggest, \u201cCognitive computing, machine learning, and artificial intelligence will become the\u00a0fastest growing segments in new enterprise apps<\/a>.\u201d As for organizations faced with the\u00a0rise in product liability<\/a>\u00a0and fraud losses, AI is progressively positioned as a key tech to help robotize instant fraud detection and maximize performance in the near future.<\/p>\n

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In addition, overlooked factors that influence the effectiveness of access data will include:<\/p>\n