Traditional banks and FinTech companies are often portrayed as rivals that are in constant opposition for popularity and new customer acquisition. This notion is not entirely false, especially when considering that some of their paths rarely meet such as with disruptive digital-only banks. However, innovative technologies are emerging at a rapid pace and their impact on banking is felt at an almost-daily basis. Artificial Intelligence (AI) happens to be at the forefront of this impact, eventually leading to inevitable change in the finance sector.
From complex machine learning applications to combat money laundering and automated big data processes for fraud detection to customer service chatbots, smart contracts and credit scoring, people have probably already interacted with banking AI software without necessarily knowing it. Here are some of the most happening banking areas that AI is changing:
Although consumer-centric digital banking technically dates back to the 1960s with the introduction of ATMs, today we see that clients’ customer support expectations haven’t really changed since then. Millennials are often blamed for “killing” industries and that includes brick-and-mortar banks, and in the present they can hardly be held accountable for not wanting to engage wit banking services except at a digital level. AI-powered chatbots, voice assistants and smarter-than-regular applications are now the norm in the digital age, and this impact is further amplified into the future by AI-enabled biometrics and similar state-of-the-art solutions.
Security of funds and fraud countermeasures are still an ongoing concerns when it comes to digital finance, and artificial intelligence might be the one application that actually revolutionized this area, commonly known in the industry as middle office functions. Middle office is where banks and financial institutions perform risk management and security processes, including fraud detection, anti-money laundering efforts and KYC verification to identify customers; platforms that have all greatly benefitted from AI incorporation into their systems.
When U.C. Berkeley researchers published a study called “Consumer-Lending in the FinTech Era”, there were two major takeaways from it; firstly, FinTech lenders were revealed to discriminate less than overall lending firms by about one-third, whereas secondly, discrimination still occurs at variable levels. Enter AI applications that ought to enable more equitable credit underwriting in the future, providing that existing AI algorithms will be constantly fine-tuned to make that happen. Expanding beyond lending, AI has also affected risk assessment and management in banks.
For now, artificial intelligence is positively contributing to a seamless, more efficient e-finance age that is still experimental in some aspects. However, banking and financial services are bound to be safer and more secure as we move forward into the future.
Agri-FinTech Applications by Fresh Source
4th Episode of 7areef FinTech Podcast – Supply Chain Finance
FINTEKRS is for you!
Banque Misr Partnership
FINTEKRS Program Benefits
FINTEKRS 2nd Round- Assuit
3rd Episode of 7areef FinTech Podcast – Digital Payments
2nd Episode of 7areef FinTech Podcast – ROSCA
1st Episode of 7areef FinTech Podcast - FinTekrs Introduction
Are you interested to be “7areef FinTech”?!
“FinTech Egypt” Launches the First Digital Academy to Upskill the Workforce Skills in the Banking, Financial, and FinTech Sector
FINTECH IS EGYPT’S NEXT BIG OPPORTUNITY..Catch up with FINTEKRS
The Future is FinTech..JOIN FINTEKRS NOW!
FinTekrs’ Alex Round Sponsor
FinTech Worldwide Statistics...FINTEKRS is Not-To-Miss!
Who Can Apply to FINTEKRS
Knowledge from FINTEKRS!
4 Reasons to Join FINTEKRS!
FinTech Egypt releases its FinTech Investments-focused H1 2022 Landscape Review “Why Egypt is a promising market for FinTech Investments?”
The Women Techsters Initiative Fellowship Class of 2023
We're bringing top LPs and GPs from around the world
The Egyptian FinTech ecosystem is booming
We've joined forces to bring the best LPs and GPs together
We're taking a closer look at Egypt
Come and join the key players in the Middle East & Africa’s VC market
Connect with Egypt
Frontier of Egypt, Africa & the middle East in the 2022
Egypt’s First VC Summit kicks off in partnership between GIZ Egypt, AfricaGrow and Fintech Egypt
BANQUE MISR, NATIONAL BANK OF EGYPT, AND BANQUE DU CAIRE LEAD INVESTMENT IN NEW FINTECH FUND
The Increasing Influence of Women in FinTech
FinTech Egypt is releasing the first comprehensive report of its kind providing an overview of the unprecedented growth of FinTech in the Egyptian market
5 FinTech Trends to Follow in 2022
How FinTech is Disrupting an Age-Old Industry
RESHAPING FINTECH WITH AI: TOP AI INNOVATIONS IN THE FINANCIAL INDUSTRY
Accelerate’ha’ Female-Focused Problem Statements Now Live!
Breaking Entry Barriers for Women in FinTech
Have Traditional Banks Realized the Full Potential of Fintech By Now?
Episode 5: Accelerating FinTech Innovation through Open APIs
Episode 4: Understanding Blockchain’ s Potential in Disrupting FinTech
Episode 3: Discovering FinTech Talent through “FinYology - FinTech for Youth”
Episode 2: The Current & Future state of FinTech during COVID-19
FinTech Egypt Dialogue podcast launches its first-ever session about E-KYC Regulations and Regulatory Sandbox
Where does Artificial Intelligence fit in FinTech?
Critical FinTech Questions That Only the Near Future Can Answer
Special Interview With Dor-E, Winner Of The AI-Customer Experience FinTech Innovation Challenge
Egyptian Banking Institute Announces “The Future Of FinTech And Latest Digitalization Trends” Field Trip
Artificial Intelligence Is Transforming Banking As We Know It
Hub71 Partners With Techstars In Launching An Accelerator Program To Boost Startups
FINTECH IN THE SAVANNAH: Afro-Asia FinTech festival 2019 that took place in Nairobi Kenya
How Machine Learning Supports Credit Profiling
The Central Bank of Egypt’s Regulatory Sandbox started its first cohort in “e-KYC” to empower the FinTech ecosystem in Egypt.
Dubai Smart City Accelerator invites Egyptian startups to join Cairo Fast Track
Calling All Egyptian FinTech Startups To Participate In The Afro-Asia FinTech Festival!
Paynas Wins Big At Seamless North Africa 2019
Seamless North Africa 2019
Announcing The Inaugural AFI FinTech Showcase
Fintech Trends In 2019 - Blockchain Adoption
Discounted Start-Up Passes