K
Kathleen Martin
Guest
Companies in the financial sector may leverage artificial intelligence to analyze and manage data from multiple sources to provide valuable insights. These innovative results help banks overcome the difficulties they face on an everyday basis while providing day-to-day services such as loan management or payment processing. Now, let’s examine some use cases of FinTech innovation driven by AI, and the main benefits FinTech companies can gain from this technology.
Increased Security
AI in the realm of finance powers many solutions aimed at enhancing security precautions. For instance, banks offer apps that can be accessed only with facial or fingerprint recognition. This is made possible due in large part to Artificial Intelligence.
Some experts claim that passwords and usernames will be replaced by AI-backed security solutions in the near future. Speech recognition, face recognition, and other biometric data can add a supplementary security layer and are more difficult to bypass than traditional passwords.
Artificial Intelligence in FinTech embraces behavioral solutions and can lead to a revolution in finance. The AI can monitor how a customer interacts with their transactions and determine their typical behavior. Let’s say a customer tries to withdraw $7,000 from their account in a place outside their typical location several times in a row. AI-powered machine learning will detect this activity as possible fraud and block it.
Continue reading: https://www.iotforall.com/4-ways-artificial-intelligence-will-change-fintech
Increased Security
AI in the realm of finance powers many solutions aimed at enhancing security precautions. For instance, banks offer apps that can be accessed only with facial or fingerprint recognition. This is made possible due in large part to Artificial Intelligence.
Some experts claim that passwords and usernames will be replaced by AI-backed security solutions in the near future. Speech recognition, face recognition, and other biometric data can add a supplementary security layer and are more difficult to bypass than traditional passwords.
Artificial Intelligence in FinTech embraces behavioral solutions and can lead to a revolution in finance. The AI can monitor how a customer interacts with their transactions and determine their typical behavior. Let’s say a customer tries to withdraw $7,000 from their account in a place outside their typical location several times in a row. AI-powered machine learning will detect this activity as possible fraud and block it.
Continue reading: https://www.iotforall.com/4-ways-artificial-intelligence-will-change-fintech
