Artificial intelligence (AI) and machine learning (ML) algorithms are increasingly being used by Fintech platform developers to make more intelligent or informed decisions regarding key processes. This may include using AI to identify potentially fraudulent transactions, determining the creditworthiness of a borrower applying for a loan, and many other use cases.
Research conducted by Accenture found that 87% of business owners in the United Kingdom claim that they’re struggling with finding the best ways to adopt AI or ML technologies. Three out of four or 75% of C-Suite executives responding to Accenture’s survey said they really need to effectively adopt AI solutions within 5 years, so that they don’t lose business to competitors.
As reported by IT Pro Portal, there’s currently a gap between what may be considered just “hype” and actual or “practical implementation” of AI technologies and platforms.
Less than 5% of firms have actually managed to effectively apply Ai, meanwhile, more than 80% are currently just exploring basic proof of concepts for applying AL or ML algorithms. Many firms are also not familiar or don’t have the expertise to figure out how to best apply these technologies to specific business use cases.
Yann Stadnicki, an experienced technologist and research engineer, argues that these technologies can play a key role in streamlining business operations. For example, they can help Fintech firms with lowering their operational costs while boosting their overall efficiency. They can also make it easier for a company’s CFO to do their job and become a key player when it comes to supporting the growth of their firm.
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