Artificial intelligence has been introduced into the world of banking via a new application called Finie. This app uses highly specialized AI engines that adapt to and learn from user requests. Users can ask questions like, “Can I afford to buy groceries this week?” or “How much did I spend eating out last year?” This kind of technology is a step above the AI technologies we see in Siri, Echo, and Alexa which are more simply programed to respond to a preset cadence. The article brings up the point of Finie-type technology being integrated with Apple Pay. Although a great thought, I find possible future issues with this type of integration.
- Finie is already integrated into mobile banking applications
- Apple does not have this technology so it is at a disadvantage to be truly competitive
- Type of regulations that will be put in place as mobile banking is still an emerging market
- Undercutting the number of jobs in banks and for accountants
Despite these issues, the promise of evolving financial applications like Finie, provide for a dynamic marketplace in which consumers have more options in how to manage their finances ultimately pushing for the banking industry to evolve.