AI and Blockchain has a high potential in raising efficiencies for financial services firms.
Among the world transiting to a digital economy, there is a powerful movement towards using technology. To make the payment methods faster and more transparent, providing an enormous impetus to the Indian fintech sector. However, It was the Demonetisation in India that led to the number of start-ups and technology companies taking an interest in Fintech. In recent times, there has been a lot of attention toward companies that provide AI & Blockchain-based solutions and platforms.
The arrival of the bitcoin led to the perception of Blockchain as a transparent payment and documentation mechanism. With no third-party affirmation required and all transactions & documentation available on the public domain. Likewise, Blockchain has diminished the time needed for operations. Barclays recently accomplished an international deal for an Israeli agriculture firm on its blockchain platform, in just 4 hours.
Additionally, Banks and financial organizations have been the first to realize the benefits of AI in helping them understand and forecast the demand. While also making actual cost savings. However, These institutions use AI for collecting and interpreting data, analyzing it, and learning from it. The Royal Bank of Scotland, for example, uses an AI interface Luvo to help address customer queries.
Alok Mittal, CEO of Indifi Technologies, is assured that AI in the future is going to act as a core differentiator for the fintech industry by offering significant support in credit risk predictions, pattern recognition & fraud identification.