2021 was a year marked by the implementation of the rapid digital transformations that first sprouted when the coronavirus pandemic hit the world in 2020. Fintech firms and other businesses around the world invested heavily in transforming to meet the needs of the new normal — remote working, social distancing and a business world changed perhaps forever.
Now, as we move into 2022, it’s clear that those developments are here to stay. Trends are poised to become industry standards and there is a reinvigorated focus on consumer-friendly tech. Naturally, AI (artificial intelligence) and ML (machine learning) are at the heart of this, and it comes as no surprise that the industry is predicted to be worth over $17,440 million with a CAGR of 17.9% by 2027. The only question is, how will companies use these tools to implement digital transformation and more importantly make it count?
As the world moves forward into 2022, let’s take a look at some of the top ways AI and ML are transforming fintech today and in the future.
Data analytics becomes more than just statistics.
Over the last few years, the value of data has been growing. Armed with the right knowledge, companies can seek to “hack” the market and improve their offerings to suit consumer demand. It is estimated that by 2025, more than 180 zettabytes of data will be in existence. Two years later, by 2027, the data market is set to be valued at over $103 billion. But what does this actually mean for companies?
Continue reading: https://www.forbes.com/sites/forbesfinancecouncil/2021/12/17/how-ai-and-ml-are-changing-finance-in-2022/?sh=5fa400b862f2
Now, as we move into 2022, it’s clear that those developments are here to stay. Trends are poised to become industry standards and there is a reinvigorated focus on consumer-friendly tech. Naturally, AI (artificial intelligence) and ML (machine learning) are at the heart of this, and it comes as no surprise that the industry is predicted to be worth over $17,440 million with a CAGR of 17.9% by 2027. The only question is, how will companies use these tools to implement digital transformation and more importantly make it count?
As the world moves forward into 2022, let’s take a look at some of the top ways AI and ML are transforming fintech today and in the future.
Data analytics becomes more than just statistics.
Over the last few years, the value of data has been growing. Armed with the right knowledge, companies can seek to “hack” the market and improve their offerings to suit consumer demand. It is estimated that by 2025, more than 180 zettabytes of data will be in existence. Two years later, by 2027, the data market is set to be valued at over $103 billion. But what does this actually mean for companies?
Continue reading: https://www.forbes.com/sites/forbesfinancecouncil/2021/12/17/how-ai-and-ml-are-changing-finance-in-2022/?sh=5fa400b862f2
