Contact Us
×

Tag: Artificial Intelligence in Fintech

Artificial Intelligence in Fintech: Understanding Robo-advisors Adoption Among Customers

Posted on by Imarticus Learning

The influence of Artificial Intelligence (AI) and its application in various industries have brought about a positive outlook on how operations are done in many sectors. In direct contrast to traditional methods, AI is making processes more smooth, beneficial to businesses by reducing overhead costs on labor and human error.

AI in financial technology (Fintech) has also seen vast applications and not just in banking and financial management but also in catering to the advisory portion of it. With AI in the mix, Fintech companies can now offer customers 24/7 support along with and reduce operational fees levied for their services.

Fintech Courses in India

Fintech isn’t just for financial institutions but also for businesses that employ financial services as part of their operations. Thus, despite the field of operations, fintech is useful in all businesses to make the process automated and smooth. Thus, many fintech startups are seeing rapid growth in the field.

Fintech courses in India have seen great exposure as the applications of this course don’t just stop at giving businesses backend solutions but also make customer-facing services smoother. Wealth management, better banking and investment management services, and more, this field has financial technology courses that give students a chance to get into great positions in the field.

Some of the courses that rank high in India include:

  • Data Science Analysis
  • Data Science Visualization
  • Artificial Intelligence in Fintech
  • Machine Learning in Fintech
  • Wealthtech
  • Robo-advisors and their applications
  • Cyber Security and more

Adoption of Robo-Advisors Among Customers

The scope of this financial technology course studies the application and adoption of Robo-advisors in the banking and investment sector. Businesses including financial institutions save a lot of costs involved in manpower and support by adopting Robo-advisors in their business to deal with customer-facing queries.

With this course, you understand the challenges involved in AI in financial services, the history of Robo-advisors and customer feedback on them, and measures involved in the successful implementation of Robo-advisors for business.

As with any new innovation, customers and even businesses are slow to adapt and test the use case of Robo-advisors. However, the course is aimed at understanding user behavior and how to overcome traditional beliefs involved in its implementation.

Careers in Fintech

There is no doubt that fintech has brought about a huge change in financial services. It is not just about the digitalization of banking and investment services but also includes cryptocurrencies, blockchain management, and more.

The prospects of a career in fintech have high demand. Fintech is the upcoming innovation that has led many financial products and their management smoother and more profitable for businesses. Entry into one of the fintech companies requires a course or a degree in financial technology and the knowledge of AI, machine learning, and its applications.

As a fintech student, you can push your career path as a data analyst, blockchain developer, cybersecurity specialist, mobile app development, and other positions. Many organizations are looking forward to hiring candidates with the right skills to help them develop the necessary IT infrastructure or monitor and analyze data secured by AI functions.

Working in a fintech company has a lot of benefits as AI in finance is a disruptive force taking over several operations in the financial sector. It can soon replace many traditional methods of banking, investment, and handling financial services. The growth in your career and the monetary benefits are worth pursuing a course in fintech.

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 labor 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 Training 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.

The final word

In light of the changes to come, it is imperative that new-age students enroll 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.