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7 Examples Of Artificial Intelligence In Finance

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AI or artificial intelligence is making its presence felt in the manner in which companies conduct their work. Slowly most of the industries are showing an acceptance to this new concept and finance is not to be left behind. Worldwide nearly 64% of the companies have embraced the change and read with us to know the benefits of AI or Internet of things (IoT) in finance and which companies have implemented it.

Benefits Of AI In Finance

  1. Personalized Attention To Customers: The banking sector can use the data generated to understand the needs of customers. Now this information can be essential to formulate a tailored experience according to the same.
  2. Better Decision Making: Thanks to AI the banks now have information that they can use to analyze the credit risk assessment for each customer. Usage of the device to device communication protocols paves the way for gathering data from all fields.
  3. Smart Interaction: Using IOT finance companies get a hang of a customer’s daily routine. They can connect their banking interactions to their smart devices and thus remain in touch always.
  4. Seamless Synchronization Between Devices: IOT gives banks the power to enable automated payments. The customers are given financial advice basis their past spending habits. All this happens because of the synchronization from one device to another.

 

IOT Fintech Applications In Use

The application of IOT in finance is in the nascent stages however some applications have already been accepted. Have a look at them.

  • IOT Security Systems: IOT is in practice to ensure security while using any finance application. Connected devices get to exchange passwords, biometrics, and certificates all without disclosing any important information.
  • Wallet Of Things: Usage of apps like these helps in securing payment to various IOT devices like wearables too. Users can access their spending patterns and form their plans basis that.
  • Insurance: In order to provide a customized insurance plan firms can keep an eye on the safety habits of clients. For example, a person who drives often would have a different kind of plan offered.
  • Smart Payment Contracts : The smart payment contracts when added to IOT makes the transfer of any financial information or data extremely secure.

 

7 Companies Who Use IOT In Fintech

The following companies use IOT in their finance applications and have been quite successful in doing so.

1. Stripe

Located in San Francisco, the company’s software makes it easy to customize and facilitate the payments for any company regardless of its size. They also have applications for revenue management, expansion and fraud prevention.

2. Kontakt.IO

Their creation is low energy Bluetooth beacons that can essentially be used to make payments and other tasks as well. Slowly this application is replacing all the traditional methods of sale. This means that no more standing in ques as all processes of sale are streamlined into making it move faster.

3. ARMIS

They have been providing IoT security to financial institutions. Their focus is on the identification of all unmanned devices and quick deployment of the applications to make it easy for businesses to conduct their work. They have been named by Forbes as one of the 25 start-ups to watch this year.

4. Dynamics

The product they have unveiled is battery powered payment cards that use IoT to act as a bridge between the banks and customers. These cards have display screens that enable both of them to communicate with each other.

5. Mastercard

Mastercard works on streamlining everyday activities and they have joined hands with other companies to do so. So, you have contactless payments with Coin and smart refrigerators with Samsung to make it convenient for customers.

6. Metromile

They are using IOT to offer insurance plans that have been made using the driving patterns of the customers. Their claim process is also simple and drivers can do so using their mobile phones.

7. Amber Agriculture

As the name suggests they are in farming and use IOT to in small wireless sensors that would help in marketing the produce. It is easy for farmers to monitor the moisture content of their products and they can sell it off before the product rots away. Not only that their technology can be a boon for farmers to understand the value of their crops before selling it.

 

Disclaimer   :

Blockchain Magnets provides general information about financial products and services that should not be construed as financial advice or recommendations of particular financial products or services. It is advisable to obtain appropriate advice from an appropriately authorised financial planner or investment adviser before making any investment decisions or before purchasing financial products or services. Read more here .

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