AI and Machine Learning in Fintech Companies

Abstract

The vast amount of data technology in organizations causes the need to understand the factors of how to use this data and for understanding. To make the most of the company's data there is a need to be an awareness of the latest trends and technology in the business analytics space. These predictions will help organizations prepare for the future of business analytics and stay agile. Technology disruption and dramatic shifts in consumer banking lay the basis for new banking S- curve business models, Further COVID-19 pandemic has accelerated these trends. This paper examines the Applications of Artificial Intelligence and Machine Learning, which are two related technologies that are playing a paramount role in Fintech companies in the present-day scenario. This paper explores the operational efficiency of Artificial Intelligence and Machine Learning capabilities and their future opportunities in Fintech Services. The present study adopts a conceptual Model. The study attempts to discover patterns in the usage and effectiveness of Artificial Intelligence and Machine Learning capabilities in FinTech Companies. The major implication of the research is fraud detection where data and machine learning an analytical solution can be embedded in the operational process and automatically isolate or minimize financial fraud. Artificial Intelligence and Machine learning help FinTech companies to detect sub spinous incidents instantaneously and expedite the time to respond. In addition, the applications of Artificial Intelligence and Machine Learning lead to operational efficiency in Fintech companies.