Here are my views on AI in Fintech:
Artificial intelligence is disrupting the way we live and Fintech would also adopt these in their model. They would be affected in two ways AI used as part of their business model, dealing with AI enable the system.The first way where the lending company can use AI and machine learning to predict the weather a person would return the loan.There are both advantages and disadvantages to this model as the system could predict based on the past model but it cannot look at big picture or future .So a careful assessment should be made and AI should not be the sole authority in crucial steps.While the advantages would be it could confirm the digital identity of the person and would prevent frauds.The second way where the company had to deal with AI enabled system is for example in future a refrigerator might initiate the payment process. The payment company must make sure that it has proper authentication and is valid on the date. So Fintech companies must take careful steps and prepare themselves for upcoming challenges.
References:
https://thenextweb.com/finance/2017/02/21/fintech-is-not-just-fintech-anymore/#.tnw_odAq24Cp
https://themerkle.com/fintech-will-be-a-culmination-of-blockchain-artificial-intelligence-and-machine-learning/