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AI in Fintech

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I delivered a talk on application of Artificial Intelligence in Fintech to the visiting students of University of Applied Sciences, Wurzburg-Schweinfurt, Germany at Christ University

Publicado en: Economía y finanzas
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AI in Fintech

  1. 1. AI in Fintech Tathagat Varma Country Manager, Nerdwallet
  2. 2. Disclaimer These are my personal views.
  3. 3. Pic: https://www.forbes.com/sites/ciocentral/2018/07/10/how-fintech-initiatives-are-driving-financial-services-innovation/#7723f51254fa
  4. 4. What is Fintech? “Fintech …refers to the innovative use of technology in the design and delivery of financial services and products. The application of fintech cuts across multiple business segments, including lending, advice, investment management and payments. Many fintech companies harness mobile technologies, big data and superior analytics to tailor products for various customer segments.” World Economic Forum https://www.weforum.org/agenda/2016/04/5-things-you-need-to-know-about-fintech/
  5. 5. Why tech in fin? “Silicon Valley is good at getting rid of pain points, while banks are good at creating them.” Jamie Dimon, JPMorgan CEO at Bernstein's 31st Annual Strategic Decisions Conference, 2015.
  6. 6. Over time…
  7. 7. ‘We want to be a tech company with a banking license’ – Ralph Hamers, CEO In the future, BBVA will be a software company - Francisco Gonzalez, Chairman & CEO
  8. 8. A typical bank (example)…
  9. 9. The new competition… https://www.cbinsights.com/research/report/unbundling-bank-gradually-then-suddenly/
  10. 10. Industry / company?
  11. 11. AI in Fintech
  12. 12. 9 main categories… • Credit Scoring / Direct Lending: Companies in this category use AI for robust credit scoring and lending applications. • Assistants / Personal Finance: Companies in this category rely on an AI chat bot and mobile app assistant applications to monitor personal finances. • Quantitative & Asset Management: Companies in this category employ AI algorithmic trading and investment strategies or tools. • Insurance: Companies in this category use AI to quote and insure. • Market Research / Sentiment Analysis: Companies in this category use AI to efficiently research and measure sentiment. • Debt Collection: Companies in this category use AI to improve creditor collection of outstanding debt through personalized and automated communication.  • Business Finance & Expense Reporting: Companies in this category use AI to improve basic business accounting, including expense reporting. • General Purpose / Predictive Analytics: Companies in this category use AI for general purpose semantic and natural language applications as well as broadly applied predictive analytics.  • Regulatory, Compliance, & Fraud Detection: Companies in this category use AI to detect fraudulent and abnormal financial behavior, and/or use AI to improve general regulatory compliance matters and workflows.
  13. 13. Some examples…
  14. 14. https://www.ibm.com/blogs/watson/2017/05/chatbots-customer-service-will-help-businesses-save-8-billion-per-year/
  15. 15. Robo Advisors
  16. 16. High Frequency Trading (HFT) https://www.quora.com/What-are-the-differences-between-algorithmic-trading-automated-trading-and-high-frequency-trading-Who-are-the-participants-of-each
  17. 17. Netflix
  18. 18. Amazon
  19. 19. “Hey Google, can I speak to Sunlife?” http://mediaincanada.com/2018/02/15/sun-lifes-ella-expands-its-audience-with-google-home/
  20. 20. Deployed 220 “bots”, across its businesses over the past 15 months seeking more efficiency and lower costs, as the adoption of artificial intelligence technology in banking increases…funds transfer bots alone are saving it $300,000 annually, by cutting down the time its employees need to spend on identifying and dealing with data mistakes and accelerating payments processing.
  21. 21. Softbank Pepper is the world’s first social humanoid robot able to recognize faces and basic human emotions. Pepper was optimized for human interaction and is able to engage with people through conversation and his touch screen.  Pepper is available today for businesses and schools. Over 2,000 companies around the world have adopted Pepper as an assistant to welcome, inform and guide visitors in an innovative way.
  22. 22. JPMorgan
  23. 23. Bank of America’s Erica

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