Revolutionizing finance: AI’s impact minus personalized card promotions.

TLDR:

• AI is predicted to significantly transform the fintech sector in the next five years.
• Key business functions impacted by AI include personalized banking, regulatory compliance, RPA, credit decisions, investment, customer support, and fraud detection.

If you read any business or finance news, you would have found it impossible not to notice that artificial intelligence (AI) was the central theme at Davos last month. Bryan Zhang presented research results highlighting AI as the most important factor in the future of global fintech. The study gathered data from fintechs across various regions, identifying AI, embedded finance, open banking, and the digital economy as key factors.

AI will drive personalized banking, improve regulatory compliance, enhance RPA, optimize credit decisions, transform investment strategies, streamline customer support, and bolster fraud detection in the financial sector. However, the author emphasizes the need for financial services organizations to focus on the customer’s use of AI, rather than just the banks’ utilization of AI. The article also discusses the implications of Business-to-Robot-to-Consumer (B2R2C) commerce, where marketers will need to convince robots instead of humans.