This articles starts out by showcasing a recent report by Accenture. This report highlights the development various countries can see within their economies with the further development and use of AI. The author then debates the potential effects of AI within fintech. AI is still considered new to fintech thus making Accenture’s findings not directly relatable to fintech. The one aspect that fintech and AI needs to tackle first is customer acceptance. Many of fintech’s products are consumer products, but consumers are still skeptical of AI and therefore uptake on this technology may take more time. Despite this, millennials generally uptake such technology which will help the transition. Additionally, augmented reality is posed to include functionalities to manage financial accounts.
Considering there is already a move to simplified banking, I think that the introduction of AI into fintech will be met with less resistance. Of course this will take an uncertain amount of time, but considering AI engines such as Finie, Amazon Echo, and Google Home, are already integrating new capabilities, this amount of time will be lessened. The one aspect that may be an issue is that of security across these AI engines.