AI at the heart of Fintech

While many discovered AI with the emergence of ChatGPT, it has been part of the fintech world for nearly 15 years. 

This is notably how fintechs and neo-banks have been able to compete so quickly with traditional banks by being more agile and offering optimized user experiences. Now AI use becomes increasingly strategic for financial institutions.

According to the “Digital Banking Experience Report 2022“, 74% of customers believe that the digital tools deployed by banks do not provide personalized answers. And less than one in six French customers believe that their bank has offered them the right products at the right moment in their lives. Hence the very fast development of neo-banks, which have been able to digitalize their solutions and provide great adaptability and flexibility. At the beginning, AI was mainly used to improve the efficiency of internal processes, especially around customer knowledge. It was used to analyze the customer’s risk profile or specific documents. But we are assisting a new movement that puts AI at the service of the customer. Financial institutions are now relying more and more on AI to make suitable investment proposals to their clients. Depending on the profile and behavior of the customer, banks and neo banks offer personalized advice.

Artificial intelligence is the perfect way to individualize customer relations. We are heading towards a hyper-personalization of banking services, as it is already the case in many other sectors such as e-commerce, or media. The emergence of Fintech is at the origin of this global movement they are still leading.