AI and ML algorithms are automating processes across the fintech sector, increasing efficiency, scalability and accuracy, according to Ronald Binkofski, CEO at STX Next
Artificial intelligence (AI) and Machine Learning (ML) uptake is expanding across almost every industry, but this technology has had a particularly profound influence in the fintech and financial services sector.
This assertion is backed up by recent research. McKinsey’s ‘State of AI in 2023’ report revealed that 55% of companies have now integrated AI in some form into their day-to-day business functions, with this figure rising to 72% when we look at fintech and financial services firms in isolation.
Vital fintech operations such as fraud detection, risk assessment and personalised recommendations can all be automated with AI and ML, which is why we’re seeing the popularity of this technology grow throughout the industry.
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