A.I & Your Finances...

Today's culture around us, has changed manifolds. Technology has taken an upper band in any area we see. But, In today's present time we are pretty unaware about the future possibilities that "Artificial Intelligence is growing day-by-day". The society needs to update & explore a lot about and need to get it's better use as advantage.

Looking upon the digital world, it's time to have a smart digital world that takes away the concept of tangibility and the digital systems has made it quite disruptive. However, other big problem is Financial Literacy, continues to low as consumer tend to have an inherent fear of getting cheated when it comes to the financial products in the markets.

The whole industry especially, the Fintech ecosystem is at the start of stick growth and generally people are uncleared about the fintech that what actually Fintech is ???

So basically, Fintech is nothing but a merger of technology and finance which works together to become a better version of financial services. Since 2008, a new era of Fintech has emerged in both the developed and developing world. The latest evolution of fintech led by startups and other ventures poses challenges for regulators and market participants alike notable in balancing the potential benefits of innovation with the possible risk of new approaches.

It has taken the finance and banking sector in a little stormy way especially as a response to the 2008 Financial Crisis. Many academicians and experts have explored the emergence of trend and study the opportunities and challenges that digital platforms, cutting edge technologies and new business models have brought-up to the sector.

To be prosperous for the consumer as well as the service provider. A.I plays a vital role to perspect the future of India's Financial Ecosystem.

As to that, today it helps the Financial Org., in solving the major problems like improving the application of right methods that can be derived from the human intelligence for a scale.

For instance - 

          Gesture Recognition Technology uses a combination of machine learning, A.I, cognitive science and contextual intelligence to deliver an unparalleled touchless interactive experience with connected devices.

On the pillars of Money & Credit, Financial ecosystem concerns financial services are in place of in a better version to develop value added solutions. So, with adoption of A.I into services in core financial market the role is quite changing the economic aspect of business & the big mass consumption level as well.

Google searches says that innovation in financial services and technology have increased by more than 30 times in the past 6 years.

In  many cases, financial innovation are simply take some interesting twists in existing technologies 7 business models, Peer to peer lending is one of the example.

On the point, Evolution of technologies like -

• Distributed ledger / Block-chain Technology.
• Big Data Analytics.                 
• Internet of Things (IoT).
• A.I & Machine Learning
• Space Colonization 
• 3-D Printing
• Medical Innovations 
• High Speed Travel Technology
• Robotics 
• Autonomous T Vehicles
• Advanced Virtual Reality etc.

As A.I does exactly what it is programmed to do, there is still a humans responsible for the initial programming. A single programming error can be catastrophic, as in the case of Knight Capital who lost $400 million due to a programming glitch.

• Risk management is one of the areas that could be impacted the most as A.I can improve the risk management strategies of various fintech companies on a higher scale.
• A.I can help to create an A.I based fraud prediction system by learning millions of possible fraud attacks.
• To ascertain the quick decision without any deviation in human behavior is quite uneasy. From that, A.I will always help to protect the user from any unwanted attacks.
• A.I has the ability to work round the clock so that any fraud based activity can be blocked quickly.

So, Finserv Companies can identify the authenticity of it's customers by an automated process & completely reduce the number of fraud cases which leads to increase in financial productivity.

Various financial advisors do not require the human intervention for a self-guided online management consultancy service to frame a right strategy for fintech. Exponential increase in the volume of data from the people, business & censors will impact on firm's approach to the critical processes.

As finserv firms continue to improve their compliance & risk management process system to analyze large amount of data for financial & non-financial in nature has the potential to augment every stage of fintech services.

In a globally interconnected world, digital-led financial risk management can significantly reduce the losses in core risk area by the use of A.I technology linked to respond to the risk insights in financial ecosystem and surely, the future of AI seems bright for the industry where the clients will be benefited from a much improved user experience & enabling the advision to better focus on the data & portfolio monitoring.

The Future is Here . . .

By implementing AI Technologies simply to speed up business processes, companies risk driving away the very people needed to guide the machines and work alongside them to enable future growth.

Most of the business leaders have taken too narrow view of AI, using traditional automation or any other advanced automation methods to achieve incremental performance improvements.

This third era of process change is already delivering profound results across industries and for the economy as a whole.

      From the phase of Human-only-activity to Human-machine-alliances shows a broader scope for easy future. Mainly Human-machine-alliances works on the processes as Humans-enable-machines and then machines-augment-humans.

In almost every cases, AI augments a worker's capability either by freeing them for higher level, more engaging tasks or helping them to work faster or maybe even  both.

Interactive alliances are re-imagining business process in many white-collar professions as well as Blue-collar or no-collar areas.

My opinion -

  A new dimension and this is how most of the world keeps count – Interestingly Strange.

In 10 years from now, for instance – governance as well as utilities like banks, would be a click away perhaps on one’s smartphone or whatever variant is available then. In the last few years, technology is changing the way we work, we live and it’s totally difficult to visualize what would happen in the next few months .

       In every point the cycle of unlearning and relearning keeps going to change the way we did last time. So, the degree of unpredictability is quite high as how the world is going to change is being identifiable by key trends. Obviously, Innovation is the only way to move forward. Thus, constant innovation is hard way to flip the failures into a greater success for the life of people and other species on earth.

      I feel that the time has come for a human interaction with A.I which is necessary for the future. Just for 2020 Olympic Games, Japan is hosting and has developed robos to assist travelers for their ease.

     In every sphere, agility to adapt and reinvent is the only factor to become India a $5 trillion economy by 2025. A.I is something which make most things predictable in various sectors for the fulfillment and upliftment of society and the economy and it will be extremely relevant in the next few decades.

        India is undergoing a revolution and everything at people’s fingertips is necessary for the people’s use and the technology is giving us a unique edge for the fulfillment of the Nations dream. People are talking about the employment opportunities and reduction on human resource employability then,

     Personally i believe, Pen and Paper is getting replaced by digital solutions but what is more promising, i.e.  shift in the nature of opportunities, were the task oriented opportunities shrinking, we continue to work with people who Ideate, Strategize and Develop to re-skill themselves as the new jobs are being created for the people.

- Ravi Kumar