You probably have seen AI-generated images online or heard of OpenAI and its notorious language tool, ChatGPT. Besides these latest disruptive innovations in art, design and marketing industries, AI technology leads to upcoming changes in finance and payments as well.
Whenever we think of advanced forms of artificial intelligence (AI), we tend to associate AI. Think about Terminator, HAL 9000 or Ultron… Stephen Hawking went as far as predicting that future developments in AI “could spell the end of the human race”. This sounds very scary, right?
Although the future of AI should certainly be handled with caution, businesses around the world can currently benefit a great deal from the various AI tools that are becoming more available every day.
But first of all, what is AI?
Put very simply… Artificial intelligence (AI) is the ability of a machine to simulate human thought and make autonomous decisions.
Most companies are already making use of AI to automate customer services and avoid expenses for jobs that can be replaced by artificial intelligence. Whenever you visit a website with a chat box in which you can ask questions that are answered automatically, that means that some job is being replaced by artificial intelligence.
Help, AI is taking over!
Yes, AI is already making some jobs obsolete and may even take over more creative positions in the future. Did you need a designer for the job? Well, have a look at DALL-E, a tool that can create realistic and unique images based on textual input.
Sure, artificial intelligence is still at its beginning, but it bears enormous potential, and the way the business world looks right now may completely change in the coming years. The Fintech industry already witnessed some developments thanks to the advent of AI.
3 ways AI will be changing the Fintech game
1. Digital payments and money transfers
AI will be able to contribute to the way people transfer money and operate in the world of mobile banking. We can expect new technologies in this area or even the expansion of existing services. Picture inserting a command requiring your AI banking tool to send a given amount of money to the services you pay for every month: that would save quite some time right?
2. Blockchain and cryptocurrency
New cryptocurrencies and blockchain technologies may rise thanks to artificial intelligence. For instance, AI could start creating cryptocurrencies of its own and automatically keep track of all related transactions. AI may also become able to predict fluctuations in the stock market and provide advice (or even take action) accordingly. Technology always comes too late, FTX users!
3. Automation for Financial Services Efficiency of financial services – and their automation.
Process automation, improved decision making and enhanced customer experience: it’s not some kind of business steroids. These are just some aspects of Fintech companies that will look completely different with AI. As Fintech strongly relies on technology, we can expect AI to play a crucial role in its future.
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