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AI_and_Financial_Technology_(FinTech)

Artificial intelligence is revolutionizing the FinTech industry by enhancing efficiency, security, and customer experiences through fraud detection, automated transactions, and personalized services. AI also improves risk management and cybersecurity in banking, while raising concerns about data privacy and ethical use. Addressing these challenges is essential for maintaining consumer trust in financial technologies.

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crystaldodson10
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2 views

AI_and_Financial_Technology_(FinTech)

Artificial intelligence is revolutionizing the FinTech industry by enhancing efficiency, security, and customer experiences through fraud detection, automated transactions, and personalized services. AI also improves risk management and cybersecurity in banking, while raising concerns about data privacy and ethical use. Addressing these challenges is essential for maintaining consumer trust in financial technologies.

Uploaded by

crystaldodson10
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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AI and Financial Technology (FinTech)

Artificial intelligence is transforming the financial technology (FinTech) industry by


improving efficiency, security, and customer experience. AI-powered algorithms analyze
financial data to detect fraud and automate transactions.

Machine learning models enable personalized financial services. AI-driven chatbots provide
instant customer support, while robo-advisors suggest investment strategies based on user
preferences.

AI enhances risk management in banking by predicting creditworthiness. Financial


institutions use AI to assess loan applicants, reducing default risks and improving lending
decisions.

Blockchain and AI integration strengthen cybersecurity in financial transactions. AI detects


suspicious activities in real time, preventing identity theft and fraudulent transactions.

While AI streamlines FinTech operations, concerns about data privacy, algorithmic biases,
and regulatory compliance remain. Ensuring ethical AI use in finance is critical for
consumer trust.

References
Arner, D. W., Barberis, J. N., & Buckley, R. P. (2016). *The Evolution of FinTech: A New Post-
Crisis Paradigm?* Georgetown Journal of International Law, 47(4), 1271-1319.

Brynjolfsson, E., & McAfee, A. (2017). *The Business of Artificial Intelligence.* Harvard
Business Review.

Zhang, Y., et al. (2020). *AI in FinTech: A Systematic Review and Research Directions.*
Journal of Financial Technology, 2(1), 1-23.

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