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AI in FinTech: Threats, Risks, and Challenges

Written by Faith Uzuegbu | Sep 8, 2023 8:22:31 AM

AI is playing a crucial role in reshaping the future of FinTech. Organizations can easily use these models to speed up efficiency in different aspects of their workflow — including customer relations, data protection, and forecasts. This is why many FinTech companies blindly adopt AI technology without considering the risks or proactively planning to mitigate said risks. 

In this article, we’ll discuss some of the most common threats FinTech companies face as they integrate AI systems into their workflows as well as the best practices for addressing these risks. Here’s what we will cover: 

  • Machine Learning biases 
  • Lack of transparency
  • Regulatory challenges 
  • Data breaches 
  • Customer trust and acceptance
  • Lack of skills 

If you're interested in what STX Next can bring to your FinTech business, visit our website about FinTech development.