While AI and ML, blockchain, and cloud computing have disrupted the entire financial industry, robotic process automation (RPA) delivers substantial benefits: It can free up employee time that can be devoted to more complex tasks, streamline account creation for customers, and make KYC and AML compliance easier for banks.
AI has revolutionized diverse parts of the finance industry: With robo-advisors, it makes wealth management more accessible to just about anyone; it supports real-time fraud monitoring and prevention; streamlines contract management; and even personalizes customer service with AI chatbots powered by massive amounts of data. Next up? Payment systems.
Today’s banking industry relies on big data, ML/AI, and advanced visualization tools to impose advanced security and fraud protection, mine social media data analytics to gain insight into customer sentiment, and customize service offerings. But wrangling such massive amounts of data comes more naturally to digital native fintech companies.