AI is top fintech trend of 2019: study

The value of AI in the fintech market is expected to rise four times by end-2024.

Artificial intelligence (AI) was the top fintech trend of 2019 with companies expanding their services using the tool, according to banking software as a service (SaaS) provider Fininbox.

The value of AI in the fintech market is expected to balloon by nearly four times until the end of 2024. The use of the technology is not limited to a single area, Fininbox head of development Anton Zujev remarked, with AI tools being utilised in customer service and fraud prevention.

Improvements in usability and industry effectiveness will eventually reduce skepticism towards disruptive financial technologies, he added.

Last year also saw a shift to fintech-driven activities by traditional banks, with JPMorgan, Bank of America, and Goldman Sachs successfully developing their digital services and collaborating with fintechs.

Both traditional and digital banks also embraced blockchain in 2019 for cost reduction despite misgivings about the rise and fall of initial coin offerings (ICOs), Zujev said.

The fintech sector is predicted to reach over 4.5 billion users by 2023, with its market value seen to grow to $310b through 2022.

Photo courtesy of Pexels.com.

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