Alura experts highlight how AI has revolutionized the financial market and spurred innovation in Brazilian fintechs
Driven by the growing demand for digital financial services and the continued adoption of disruptive technologies, the number of fintechs has grown significantly in recent years. Not surprisingly, this market already has around 1,500 digital banks and more than 250 million accounts opened in Brazil, in addition to generating more than 100,000 jobs in the sector, according to data from the Brazilian Fintech Association (ABFIntechs).
In addition to financial market specialists, fintechs also employ a variety of technology professionals, such as those working in software engineering, finance, customer success, business management, and even compliance.
According to Fabrício Carraro, program manager at Alura, a technology training ecosystem, this dynamic fintech environment requires companies to foster greater innovation to attract customers’ attention and avoid competition.
“Artificial Intelligence (AI) is emerging as a key tool for fintechs seeking to stand out in their segment by offering services in a personalized and even more innovative way. The integration with AI will take this capability to the next level,” he says.
To help companies in the sector achieve this goal, discover 8 areas where artificial intelligence can benefit the financial market.
• Detecting a Fraud: AI systems can analyze transaction patterns and user behaviors to identify suspicious activity and prevent fraud.
• Credit Risk Assessment: AI algorithms can analyze financial and non-financial data to assess the credit risk of individuals or businesses, helping to automate the lending process.
• Customer care: AI-powered chatbots can provide 24/7 customer support by answering common questions, solving problems, and even performing simple transactions.
• Personalization of offersAI-based recommender systems can analyze users’ behavior and financial data to offer personalized products and services, such as investment suggestions or credit offers.
• Market Sentiment Analysis: AI algorithms can analyze large volumes of data from social media, news, and other channels to understand market sentiment and predict financial trends.
• Risk management: AI models can help identify and mitigate financial risks such as market risk, liquidity risk and operational risk, enabling more effective management of fintech businesses.
• Process Automation: AI can be used to automate a variety of processes, from account opening to transaction reconciliation, reducing operational costs and improving efficiency. Robotic Process Automation (RPA), for example, is a strategic tool for back-office financial processes such as invoicing, treasury, and even accounting.
• Predictive analytics: AI models can be used to predict the future behavior of financial markets, which can help fintechs make more informed investment decisions.
Looking at each of these technologies, Bruno Klassmann, CFO of Alura, concludes: “Automation and AI tools have the power to drive all phases of business development. Being applicable across different business sectors, these resources have the potential to transform the financial market not only in terms of efficiency, but also in such a way that fintechs offer incomparable customer experiences and unique financial solutions at an unprecedented speed.”
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Source: Terra
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