Fin Tech: Looking at what is happening with the fin tech and the whole financial sector with technology and mobile banking, people like Russell Simmons were ahead of the curve with the launch of Rush Card. He started Mobile Banking, today banks copy what Uncle Rush did 20 years ago! Give this man his flowers, his the visionary, leader & pioneer Uncle Rush!

The services may originate from various independent service providers including at least one licensed bank or insurer. The interconnection is enabled through open APIs and open banking and supported by regulations such as the European Payment Services Directive.

Artificial intelligence (AI), blockchain, cloud computing, and big data are considered the four key areas of FinTech. Artificial intelligence refers to the intelligence demonstrated by machines, in contrast with “natural intelligence” displayed by humans and animals.

AI is assuming an increasingly important role in traditional banking as it provides technologies such as voice recognition, natural language processing, and computer vision for user-account management and fraud detection, machine learning methods and deep learning networks for anti-moneylaundering and credit modeling. Mobile and internet payment systems are closely connected to cloud computing. The past ten years have witnessed increasing adoption of cloud computing by financial institutions around the globe.

AI algorithms can provide insight on customer spending habits, allowing financial institutions to better understand their clients. Chatbots are another AI-driven tool that banks are starting to use to help with customer service.

Big data can predict client investments and market changes in order to create new strategies and portfolios, analyze customer spending habits, improve fraud detection, and create marketing strategies.

Writes Rethabile Mohlala

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