AI and ML technologies are critical components in almost every industry, and the banking, financial and insurance services (BFSI) sector is no different. The introduction of AI in BFSI operations has helped these industries improve their customer centricity, and has enabled them to become more technologically relevant. Key applications rely on AI and ML technologies primarily in the customer care, risk management, and fraud detection domains. Financial technology services have witnessed a boom in the past few years, and AI and ML components are predicted to be vital reasons for this growth in the future.

In this episode of the ManageEngine Insights Podcast, we’ll hear from Utpal Chakraborty, an eminent data scientist and AI researcher with more than two decades of industry experience. He’ll share the many benefits of incorporating AI and ML in the banking sector and what it means for the future of the industry.

Prior to the advent of this machine, people carried out complex analyses only based on a few variables. Thanks to Sophie and her team, we, however, can use the Machine Learning-based analytical model to provide much more accurate forecasts. With her colleagues, machine learning specialists, Sophie Eom has established the current state of Solidware, constantly deliberating on the roles FinTech would play and on how the world would react to it. She proposes that FinTech should be able to deal with the enormous amount of data and extract real values rather than just to ease online payment systems. She also hopes that once machine learning is to be improved to a higher stage, a true artificial intelligence that could be applied to every aspect of our lives beyond finance would be created.

Sophie Eom is the co-founder of Solidware which is a prominent pioneer of FinTech industry in Korea. Fintech, a new model in the finance industry, which intertwines finance with technology, is getting attention while surprising us with its fast growth. She has been building Machine Learning-based predictive models to operate risk managements of clients.

This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at http://ted.com/tedx

Technology will allow us to:

– Automate routine tasks

– Evaluate entire data sets of millions of transactions at transaction
level – no more sampling

– Top to Bottom approach will now be turned around from BOTTOM
(transaction level) to the TOP (Financial statements)

– FOCUS will be turned to FRAUD auditing = expected by the Public

– Scan a Revenue Contract or Collaboration agreement and let the
BOT summarize and list the 5 points of Revenue and when they
should be recognized

FinTech or Financial Technology is a technology-enabled innovation in the financial sector. This can range from financial transaction management to fraud busting. The convergence between artificial intelligence and FinTech is huge. Improved cognition and social simulation have ensured that artificial intelligence technology has moved from the fringes to the center of the debate. Here are 5 ways artificial intelligence will change FinTech.

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