Digitization has long since found its way into the financial sector. The resulting, i.e. financial technologies, is becoming increasingly popular and describes a wide variety of innovations for financial services or financial instruments that are created using new technologies. A technology that is essential for FinTech is artificial intelligence, or AI for short.
Ai Underwriting is a technology from computer science that is currently used in a variety of areas or sparks discussions about future developments. Currently, it is above all the sub-areas of machine learning and deep learning that are fueling the digital transformation of industrial manufacturing.
Artificial intelligence applications are also driving digital transformation in the financial sector. AI certainly produces more exciting examples than the applications in finance, but they are no less impressive.
Applications that are considered promising innovations are:
Risk assessment of companies: Artificial intelligence can help with the processing of loan inquiries and, for example, analyze large amounts of data in a very short time to assess the creditworthiness of companies.
More accurate market forecasts: When identifying and assessing trends, an AI can provide decisive support and analyze a wide variety of data sources to filter out relevant information for market forecasts and thus improve their precision.
Evaluation of critical transactions: Manually evaluating potentially critical transactions is a time-consuming process. An AI can be trained to identify fraud-related transfers, for example, and to significantly reduce the resulting effort.
The increasing importance and thus application of artificial intelligence will significantly change the way the financial sector works. It is undisputed that AI will be able to take over many tasks performed by humans in the long term. This holds great opportunities: With their help, employees can reduce their workload and gain more life without companies losing productivity. In addition, new areas of responsibility, not only in the area of data management, can lead to new business areas.