“AI and machine learning are expected to leave a huge mark in the financial industry. Currently, credit card companies and banks have started using complex algorithms to detect and prevent fraudulent transactions.
Fintech startups backed by multinationals have assisted in pioneering some of these technologies. With it, they have improved customer experience and benefitted customer service.
Financial institutions use similar technologies to protect login credentials and mobile banking information. Apart from fraud detection, companies also use AI and machine learning for regulatory compliance and to gather information on consumer behavior.”