The Impact of AI on Fintech Businesses in 2024

Since the launch of OpenAI’s ChatGPT in late 2022, the world has been increasingly attentive to the potential of artificial intelligence (AI) to disrupt various industries. As we begin 2024, The Fintech Times delves into how AI continues to shape the fintech sector and beyond in the coming year.

In 2023, discussions about the potential of AI dominated the financial world. Nearly everyone in the finance industry acknowledges that AI can influence every aspect of their business, from enhancing customer experiences to streamlining operations.

Yet, with the concept still relatively new, the extent to which fintech companies are actively utilizing AI remains a question. Are they wholeheartedly embracing it, or cautiously observing its implementation by others? To gain insights into this, representatives from various fintech firms were riched to understand how AI is directly impacting their operations.

Ylva Oertengren, COO at Simply Asset Finance, highlights the role of AI in freeing up time for other areas of business and innovation. She explains, «Our focus is on delivering business benefits behind the scenes. Our strategy is primarily geared towards increasing productivity within our operations and finance teams, enabling us to focus more on customer engagement. AI doesn’t change our goals; it accelerates our journey towards achieving them.»

For Tensorflight, a property platform specializing in risk reduction, waste reduction, and cost optimization, AI is at the core of their operations. Robert Kozikowski, co-founder and chief product officer at Tensorflight, emphasizes that AI is not just transformative but foundational. It plays a crucial role in diverse AI models, including computer vision for building interpretation, permit analysis, tax record processing, and the GPT-based assistant ‘TensorAssist’ tailored for underwriters. These AI applications have significantly improved efficiency in underwriting processes and reduced unexpected claims, demonstrating AI’s vital role in providing advanced services to the fintech industry.

Peter Wood, CTO at Spectrum Search, a three-time tech founder, emphasizes how AI has «fundamentally transformed» their fintech business. It enables them to process large volumes of data for better decision-making, automate key processes, and deliver personalized client experiences. In the recruitment agency sector, AI has revolutionized candidate matching, enhancing both efficiency and success rates. Wood believes that AI can redefine business models and create new value propositions within fintech.

Tomas Navickas, CTO and co-founder of myTU, highlights the game-changing impact of AI on their fintech business. He mentions the transformation of their customer due diligence process, where AI quickly summarizes essential materials, making manual document sifting a thing of the past. Integration of AI into their platform has supercharged efficiency and aligns with their vision of automating digital banking operations. At myTU, automation and AI are not just about being tech-savvy but are strategic in serving a large client base with a lean IT team.

Finally, Gil Cross, AI product manager at Xceptor, emphasizes their mission to empower business and operations users to automate challenges. AI seamlessly integrates into their story, offering solutions that were previously unsolvable using only rules and logic. AI has expedited processes like email intent interpretation and document deciphering. By giving business and operations control over data automation, AI has opened doors to solving a wide range of challenges, enabling tasks to be performed reliably while satisfying risk and governance concerns.

AI is undeniably transforming the fintech industry in 2024, as evidenced by the experiences and insights of these fintech professionals. It has become an integral part of their operations, driving efficiency, innovation, and enhanced customer experiences. The impact of AI on fintech businesses is not just a trend but a fundamental shift in how they operate and deliver services.

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