The fintech sector is using artificial intelligence to better analyze data and enhance user experience. Many firms are integrating AI into its operations. Sentient Technologies uses artificial intelligence to continuously analyze data and improve its investment strategies. Wealthfront, a robo-advisor, uses artificial intelligence capabilities to give customers more customized advice. This includes tracking account activity and understanding and analyzing user spending, investing, and financial decision making. AI is also being used by banking customer service, such as the technology Luvo, which assists service agents find answers to customer inquiries. AI is more than automation, not only does it search through databases, but it also provides human personality and can continuously learn and improve.

I think artificial technology can enhance financial technology in many ways. Often times customers of traditional banking believe technology lacks the personable human interaction they get from a bank, however AI can offer similar services. AI’s ability to learn and adapt to the user will give customers a tailored experience at a fraction of the price they previously paid. However, the largest downside to AI is that it will replace jobs in the workforce. Like many other disruptions, this will cause many job losses so companies can lower overhead and increase profit.

Source: The Age of Artificial Intelligence in Fintech