Artificial Intelligence is an essential tool for the development of fintech
Fintech companies (financial technological companies) are expanding rapidly. Year after year they consolidate their business in areas such as payments and loans, and also emerging areas such as blockchain.
According to our experts, AI will drive growth in the industry with two main assets:
– The management of the data generated in every fintech company. Fintech companies must have data-driven business models. This data is generated through the acquisition of a client or, once acquired, by selling the client products and services that generate more data.
– The creation of an ecosystem where these fintech companies can become digital banks (Sandbox) and grow under a regulation that combines tradition (a legal-prudential framework) and consumers’ trust so they share their data. In this case, AI might become a tool for the right management of this potentially confidential data.
AI will also enable large technology companies to become fintech companies; they will be able to obtain banking licenses and become banks. There might be an entire alternative universe with a digital economy based on digital currency and driven by AI and blockchain. Social media, ecommerce, AI, data and blockchain technologies deeply converge in the banking and financial industry.