AI Driven Fintech Transformation: Roadmap for New Age Business

Abstract

Artificial Intelligence (AI) has transformed the fintech services and created a robust business canvas elevating various personalized and automated services with lightning speed satisfying ever changing needs of a person and market. AI triggered financial models and Chatbots are changing the investment environment in India. The quantum computing enabled with the AI is able to design tailor made risk management models in the financial services front. On the other hand, AI is empowering the fintech models face the challenges of frauds and cybercrimes. Automated documents and know your customer verifications, e signatures, faster clearings are some of the inventions in the Fintech arena supported by AI driven technologies. Credit score calculations and data maintenance of customers, identification of risks in finance and credit portfolios are other tools minimizing the frauds in lending portfolios of the banking and non-banking institutions. Market, investors behaviours, funds-flow trends’ analysis are other important operational efficiency tools that the bankers enjoying. The decentralized platforms, mechanized and smarter modes of financial services designed by the technology are contributing to the growth of the financial services including the insurance, capital markets. Banking services blessed with technological inventions are transforming the traditional banking into new-age businesses by reducing the operational cost and minimized operational time. The digital payments, real time credit of cheques, UPI payments are contributing for secured transactions, faster mode of authentications, encryptions and many more. The dependence on natural human resources is becoming less even after with expanding base of customers and variety of financial services. Anytime, anywhere banking models, digital platforms, and digital channels dedicated for the financial transactions are other contributions of the technological developments. The Fintech is witnessing a remarkable transformation with the induction of AI and other technologies into designing, operational and distributive models of financial products. Inventions in this field of financial sector are continuous. Emerging computing technologies are adding value to fintech facilitating faster developments in the services sector and contributing the growth of the economy.