Machine Learning Trends in Fintech
Fintech is one of the rising sectors in the Indian economy, and artificial intelligence and machine learning in fintech has played a big part in its rapid growth. The power of automation, along with data science, has enabled companies to help even novice investors to find the right options and helped the experienced ones to further their portfolios. Apart from that, they have reached the masses with rising internet penetration, helping a lot more people than before.
So, let's look at the trends emerging from fintech in AI and ML.
Trends around artificial intelligence and machine learning in fintech
There are many trends that are rising in the field of fintech. Due to these fields becoming prominent, there has been a complete revolution in finance. The companies are launching new products which are digital and accessible through the cloud. So this has resulted in the customers behaving in new ways. A fine example of this is the UPI (Unified Payments Interface) and other digital payment services.
Anyway, returning to the issue of rising trends in the field of fintech, they are:
Lending in fintech
This old service has been packaged in such a way that it has adapted to the new times, especially as per the channels of the digital medium. According to the Bank of Baroda, lending in fintech allows the lender to issue loans online through websites or mobile apps. Earlier it was quite traditional, where the mechanism was primarily balanced sheet underwriting. Now it has been leveraged into a digital format. This has helped to ease business processes and make them faster and more secure.
Mobile or digital rupee
This is purportedly the currency of the new age, where a digital medium of exchange is connected to your digital wallets or bank accounts. It is highly helpful in sending money all throughout the world within a matter of seconds. The best thing is that it helps to skip the channels and tax ports in between, making the transactions less expensive than the conventional ones. Due to its brisk transactional speed, it has become quite popular among people, and it is one of the biggest attention grabbers for the fintech sector.
Online investing platforms
Although online investment platforms are the biggest draw of the Fintech sector, it is quite cumbersome. They are offered as a platter or combination of allied services. Nowadays, almost all traditional investment services are available online. For example, most platforms these days offer stock trading options, gold loans, gold purchases, mutual funds and other investment options through fintech apps. You will find multiple services under one roof. This sector uses the assistance of advanced technology to find the right products for an individual customer, and it is one of the biggest trends of machine learning in fintech.
Stock price prediction
This is another trend in fintech that heavily uses technology and is dependent on AI and ML. It is required by most stock marketing companies and investment brokers who need to guide their customers about building the best possible portfolio which yields them the most traffic.
Machine learning algorithms help ecommerce companies to predict how much sales they will be able to make during the present fiscal year. They train the machine learning models to observe data and give better insights by calculating the demand and the supply, helping them to predict how much selling could be done and how it could be optimised towards a particular target.
It used to be a fintech star at one point in time, and it heavily employed machine learning to secure investors' digital transactions. Even if the cryptocurrency market is seeing a slump in present times, it is still trending worldwide. In the future, it might transform, but it will still use a lot of AI and ML to provide a bigger and very different investment option for investors.
Blockchain and applications related to it
Blockchain is the talk of the town even years after its launch, and it has become a buzzword because of the fact it finds its application in almost every operation of the fintech business. Today, it has become the backbone of the fintech industry and has helped to make this sector more secure.
The introduction of machine learning in fintech has shaped the industry and made it future-ready, and it has also played a significant role in its transformation. Today, fintech is a growing sector with more promising years ahead.
If your interest has been sparked towards fintech, then you should also opt for the right training. In this regard, an MBA in fintech sounds like the right option. Imarticus Learning, in partnership with KL University, runs the MBA course that includes an updated curriculum, training from industry veterans, placement assistance and a host of other facilities to ensure that you have the best career ahead.