Fintech refers to the technology and innovation that aims to compete with financial services to create new and better services for consumers in industries such as banking, asset and wealth management, investing, insurance and mortgages. FinTech is a broad term which includes Digital Payments, Cryptocurrencies, Neo Banking, Digital Banking, Lending Tech, Wealth Tech, Investment Tech and Insure Tech.
FinTech innovation is fueled by AI, which creates tailored, quick, secure services that are accessible globally and have a greater level of consumer satisfaction. Artificial Intelligence is the capability of devices to conduct processes independently without human interventions. These devices can assist in credit analysis, customer service and support, fraud detection and prevention, credit risk assessment and management, insurance, wealth management, and much more. Machine learning allows devices to get programmed to perform specific functions without manual inputs. Such systems thus get the capability to recognize activity that looks suspicious and detect and prevent frauds.