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AI in the FinTech Industry: What Will 2020 to 2025 Look Like?

Posted on by Imarticus Learning

The financial industry has, for long, been keen followers of technological advancements for their own benefit. Many big names in the industry have been early adopters of disruptive technologies in a bid to streamline processes, reduce manual labour and negate the chances of error.

Artificial intelligence is a paradigm-shifting field that the financial industry has forayed into very recently, sitting still at the tip of the iceberg. Here is a breakdown of the trends, growth, and scope of Artificial intelligence in the FinTech industry during the years to come.

AI in FinTech: Global Market Share, Size and Investment Analysis

In 2019, the AI in the FinTech market was estimated at USD7.2 billion. By 2025, this figure is expected to reach a staggering USD35.40 billion, according to a Mordor Intelligence report. The Compound Annual Growth Rate (CAGR) has been put at 31.5% for the years between 2020 and 2025.

This double-digit surge is no doubt a result of exponential technological advancements and deeper penetration of the internet. Software tools are expected to receive the largest market share because the need of the hour, and the foundation of all further processes, is the extraction of data.

When it comes to deployment, cloud-based AI developments are expected to rake in the highest CAGR in the following years when compared to on-premise deployments. This goes hand in hand with the shift in data storage and management from on-site servers to remote, centrally-controlled cloud silos to facilitate better access and higher security.

Regionally, AI in FinTech is gaining traction across many geographical splits. The current largest market is North America; however, Asia Pacific is expected to see the fastest growth in the coming years. This comes off the back of massive research and development investments in developed economies in the United States and Canada. Europe, South America, Africa and the Middle East will also see a surge in AI adoption and advancements, though perhaps not at the scale of Asia Pacific as yet.

AI in FinTech: Trends and Growth

Fraud prevention: AI is expected to be deployed the most to ensure fraud detection and prevention. Naturally, this segment will drive most of the IT expenditure in companies of varying sizes. This trend appears in a bid to keep up with the changing face of fraud in the FinTech industry as well as the greater proliferation of digital channels and the need to secure them all.

Transactional bots: As financial entities solidify their online presence, transactional bots and digital assistants will increase to keep up with remote demands. Apart from managing customer relationships, these assistants will also be equipped to deal with term life renewals, cheque or balance notifications, withdrawal limit warnings and more.

Risk profiling: AI will become a massive driving force in evaluating client credit risk and creating profiles. Using historical client data and outliers, logical algorithms can segregate risks by range, allowing advisors and risk managers to make more accurate mitigation decisions.

AI in FinTech: Challenges

Cultural changes: With changing landscapes and evolving customer demands, cultural shifts within the company are inevitable. Employees at all levels must be reoriented so that the introduction of AI becomes helpful rather than disruptive.

Security: Increased exposure to digital forums, ironically, also means being laid bare to cyber-threats. While adopting artificial intelligence in any form, financial entities must strengthen security systems at the same time.

In light of the changes to come, it is imperative that new-age students enrol in a FinTech online course that encourages deeper thinking. With every shift in the level of computational power, FinTech industry leaders will be seen integrating beyond-human technologies into nearly every critical stage of their operations. The leaders of tomorrow, then, will benefit from a FinTech online course that preps them to make and implement these changes with minimum disruption and maximum confidence.

How AI and Big Data Can Be Used to Fight Against Coronavirus?

Posted on by Imarticus Learning

COVID-19, a deadly virus that originated from Wuhan, China, has been declared as a pandemic by the WHO lately. The whole world is in quarantine to stop the spread of the on-going pandemic to further extend. The world has united to fight against the common cause. The results are most anticipated from the AI and Big Data to sustain through this so uncalled time.

Artificial Intelligence training is already helping many countries to fight against coronavirus and executives from Amazon, Google, Microsoft, and Apple met officials at Downing Street recently to discuss their role in the Coronavirus crisis. It is no secret that “Data” is the new gold; it is no less than a miracle that even on such a large scale shutdown of the economy the countries are doing well in providing necessities to the citizens. It is done by proper modeling and tracking of data.

What is modelling and tracking data?

Machine learning (ML) an advanced version of AI, has come to play a significant role in fighting CONVID-19. Five years ago, many were asking whether these models could be used to optimize corporate performance but now is the time when these models are helping daily to fight against coronavirus. Tracking the data using parameters and altering the matrix could come in handy in maintaining the resources and handling the outbreak in a more optimized way possible.

How to use the available resources to fight against the coronavirus?  

Countries like South Korea have an advanced digital platform for big data mining and they are already running government-run big data platform that stores citizen information and monitors foreign nationals and integrates all hospitals, government organizations, final institutions, and all other services too.

AI and Big Data have surely revolutionized the approach to fight the outbreak. Tracking and forecasting the path of infection and detect the most infected area to send instant help to limit the spread.

The difference is the quality of the data

Pumping huge amounts of data into AI and machine -learning systems is no guarantee of success and it makes it difficult to ensure that people focus on relevant information and not get mislead by hysteria. A recent update by Facebook stated the concern about the public reaction on the outbreak. They told us that they are monitoring people’s response to this outbreak and detecting the most affected areas across the world. This has come to be of great help in monitoring the outbreak on a global platform.

Using fresh data in these circumstances is of high priority as early detection of the virus can save other people from getting infected. Many countries have also introduced a quick reaction team and total isolation chambers to limit the contamination. Many drive-through labs are operational where you can get your results while sitting in the car and get treatment instantly if infected.  AI and Big Data-based start-ups are busy in making thermometers which can detect CONVID-19 at early stages.

Finding the cure using AI and Big Data Analysis

Exscienta, a British start-up became the first company to test AI-designed drug molecules on humankind. There are some limitations in finding the cure as it takes a long time to study the pattern and create algorithms

Conclusion

AI and Big Data have surely revolutionized the campaign again coronavirus in all aspects possible be it keeping the people comfortable and safe in quarantine or let it be the fight against coronavirus on the front ground and it’s no wonder why AI and Big Data analytics is booming globally and many companies are shifting their focus towards this upcoming mega technology.

AI Pitfalls: The Reality of Implementing AI

Posted on by Imarticus Learning

There is no denying the rapid rise of AI. Since 2012, AI has become an almost essential part of every sector of business. 

In medical sectors, AI is making breakthroughs, be it precision surgery, making it safer to go under the knife or in banking, the AI interface has made transactions and customer care-a breeze to walk through, AI is even making its way into the F&B industry with automated smart stoves and microwaves.

Consider most tools you use on a day to day basis have AI, your smartphone now can be unlocked by facial recognition and biometric scanning, both are developments in AI. Your home security system has the same features. You can now enable smart home features using AI products like Alexa from Amazon.

The potential for AI in businesses too is immense, consider that your company can have an automated assistant to perform any task a person would have had to do in the past, this includes making appointments, sending out reminders for important dates and filing.

Artificial Intelligence can also be used for employee recruitment, simply enter specifics into your AI database and let the candidates be chosen for you in minutes. The same can be said of the research, no matter what business you run, you will need research and development models, AI voice search engines like Siri and Alexa in the workplace can streamline research time by providing ready solutions to specific problems.

There is a catch, however, while the potential and benefits of AI are immense, it is important for small businesses to understand that this tech is still in its infancy. Therefore, pitfalls will follow. One of the most common pitfalls for companies looking to integrate or implement AI in their offices is that they are caught up in the hype of the potential of AI rather than what it can currently do for you now.

Another major pitfall to consider when looking at AI for companies is AI management requires an adequate IT team who are knowledgeable in the field, since the field itself is in its infancy, finding adequate management help can be tricky.

One major pitfall to keep in mind is that while AI can reduce costs for operations of a business, it is essential that you don’t depend on AI for all your organization’s solutions, AI has not reached a level of customization where it can solve your company’s unique problems with general solutions. One more major pitfall of using AI in the office is that it can create insecurities amongst the employees, AI still carries an air of mystery which can cause insecurities to the human element in the office, thus creating an unstable working environment.

In conclusion, it is important to remember that AI has immense growth potential and has the ability to streamline your business for the better. It also is still growing including the skill required to manage it. The limitations of AI for your organization specifically and the impact of AI on your employees are all pitfalls you must consider before implementing AI on your company or office specifically.

So before you integrate that AI system to your business, understand what AI can and cannot do for you and your company rather than what it may be able to do in the future due to its potential.
References
https://dzone.com/articles/4-artificial-intelligence-pitfalls
https://www.artificial-intelligence.blog/news/pitfalls-of-artificial-intelligence
https://www.forbes.com/sites/forbeschicagocouncil/2018/06/15/five-ways-ai-can-help-small-businesses/#4d2cead310d7

AI (Artificial Intelligence) is about to Reshape the Workplace. How?

Posted on by Imarticus Learning

Of late, a great topic of discussion is on the true meaning of Artificial Intelligence. As the field is witnessing progress there is a constant evolution in the meaning as well. In simple words, artificial intelligence is the ability of the computer to perform tasks commonly associated with intellectual human beings. It is predicted to fundamentally reshape the way in which organizations work.

Artificial intelligence and Machine intelligence is often misunderstood as a substitute for each other. Machine learning is basically getting the computers to program for themselves, here it allows the data to internally train the data sets. Machine or Artificial intelligence on the other hand means ‘intelligent computers’, computers without human intervention capable of pattern discovery, discerning context, to reason, and to learn and improve themselves over time.

What’s in the future……?
In the future with this type of evolution, it will not necessarily be Humans v/s Computers, but man and computers working alongside in harmony to improve the way we work. So the employees who do routine manual or routine cognitive job roles will have a high chance that their jobs will be replaced with computers and they will have the availability of time to invest in areas that they are interested in or jobs that require advanced skills.

Making machines responsible to do the repetitive tasks can go a long way. It will take the creativity and innovation quotient of the human race to enhanced levels. Furthermore, this technology is not only set to impact the workers with routine repetitive jobs, if your job is of routine cognitive nature then artificial or machine intelligence will play a role of a digital advisor, but it will also play a role where man and machine collaboratively work in tandem for betterment. Artificial learning and automation of certain jobs will then to a large extent become a good thing.

There are some researches that predict that artificial intelligence will be responsible for making workers more productive and create new jobs. There is a belief that AI will help with automation that will not only assist companies to focus on higher-skilled tasks and more creative jobs but will give them insights that will enable workplaces to use that knowledge in ways that cannot have been imagined so far.

Some stats on Artificial Intelligence:

  • By 2020 85% of customer interactions will be handled without a human
  • 44% of executives believe “artificial intelligence’s most important benefit is that automated communications that provide data that can be used to make decisions”
  • By 2018 ‘customer digital assistance’ will recognize customers by face and voice across channels and partners.
  • By 2020, smart agents will manage 40% of mobile interactions.
  • 9% of business data technology has artificial intelligence solutions deployed.

The artificial intelligence market is estimated to reach $40 billion by 2020
In the future, you will witness an Artificial intelligence revolution in marketing, where smart data and machine intelligence in collaboration will use artificial intuition which ape’s human intuition. For e.g. creating advertisements whose images and phrases evolve based on viewer response.

However, reaching the state where organizations will be machine intelligence is not so easy. The majority of our efforts at present is on supervised learning, where we are training the computer on instances that are labeled with reinforcement, and doing that takes time. Also, there is the impending challenge of embedding technology into existing enterprise applications.

In doing that we will one day make the computer as intelligent as the human brain. 25 years ago the internet impacted the wider world, it revolutionized the way we existed, and changed the way organizations functioned. We are at the identical brink of time wherein the next 25 years Artificial Intelligence might have the same impact on the way we work and live.

Read More: Imarticus Learning