AI USES IN FINTECH

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1. Presented by Ducatus AI USES IN FINTECH 2. In order to understand the far reaches of artificial intelligence (AI), we must first understand what AI is. AI is the…
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  • 1. Presented by Ducatus AI USES IN FINTECH
  • 2. In order to understand the far reaches of artificial intelligence (AI), we must first understand what AI is. AI is the science of computer systems imitating human thinking. There are two forms of AI: weak and strong. INTRODUCTION
  • 3. Weak AI Weak AI is when a computer system simply does a task based on programmed words. For example, Alexa is an example of weak AI. If a person commands Alexa to turn on the lights in a room, Alexa will complete the task based on the programmed words “on” and “lights”.
  • 4. There is more “thinking” involved when it comes to strong AI. It will complete tasks or anticipate human responses based on data. A great example is a robot in a factory. The robot will learn a task and after a set amount of repetitions, the robot will learn new ways to perform the task faster and more efficiently. Preparing and Handling Fish | Group 1A STRONG AI
  • 5. According to Forbes, there is a third form: a human reasoning model. Many industries use this form of AI to provide better customer service by anticipating human responses (e.g. chatbots). What’s interesting is the difference between AI and machine learning. AI is the concept of imitating human thinking, whereas machine learning is the application of it. Machines (computer systems) can learn our behavior, which results in human reasoning. This greatly benefits a number of industries, especially those utilizing fintech. HUMAN REASONING
  • 6. The finance and insurance industries use fintech- based solutions to help customers understand their products, provide services and reduce processing time. They have changed the way we pay bills, file claims, apply for loans, purchase services and more. AI enhances fintech to make services better by providing complex automation by processing a large amount data in a short amount of time. FINANCE & INSURANCE
  • 7. By processing a customer’s data, computer systems learn behavior patterns (e.g. spending) to determine what services are needed and provide financial (or insurance) guidance. AI programs reduce time in reading and recording data as well as processing claims and assessing risk. Also, their services add layer of protection. AI tools enable companies to detect fraud and money laundering in progress as well as predict incidences.
  • 8. Customers truly benefit from accelerated and “smart” services due to the application of AI. There is increased customer engagement (and satisfaction) because the services are convenient, easy to use and quick to deliver. It is amazing to see the many uses of AI in fintech, which will only expand in the future.
  • 9. THANK YOU
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