Over the past few months, there has been a lot of discussions regarding the future of artificial intelligence in the financial sector. While there is a lot of innovation to be explored in this area, it is not certain how well this will translate to Fintech solutions. As is the case with any innovation, there are advantages and weaknesses to take into account.
Fintech chatbots using artificial intelligence are being explored by various companies already. Facebook is perhaps the biggest name on that list, as the social platform aspect associated with this technology could be a major selling point. But for every positive side, there are a handful of questions waiting to be answered.
Artificial Intelligence: Data Collection and Privacy
One thing to take into account when dealing with artificial intelligence is how the information will be processed by enterprises and shared with partners. In the case of Facebook, there have been various concerns regarding users giving up control over their picture and locations. Whether or not this will apply to financial advice through an artificial intelligence platform, is unknown at this time.
However, Facebook is not the only company facing scrutiny over their data collection methods. Google, Microsoft, Amazon, and others will all have to answer these pressing questions over the coming years. Artificial intelligence is a beautiful concept, but it will take some time until it can be a trustless solution.
Establishing a private chat platform between consumers and artificial intelligence is an option well worth exploring. Protecting privacy should be at the top of the priority for all Fintech companies exploring this solution right now, as well as in the future. Doing so will also attribute to the learning process AI has to go through, as the technology relies on actions and intents to become smarter.
Using The Technology In The Field
The biggest hurdle to overcome is figuring out how artificial intelligence will be used in real-life situations. Proper assessments have to be made which weigh both the good and the bad aspects carefully. This technology has incredible potential, but it has to be beneficial to the people using it as well, rather than just a select few. If only enterprises stand to gain from deploying this technology, there is little point in consumers embracing it.
Artificial intelligence can impact various aspects of our daily lives, ranging from communication to risk management and compliance to financial advice. Additionally, these platforms will keep improving themselves over time, and we have to carefully keep an eye on the progress. No one is saying AI will become Skynet, but the accelerated growth of this technology should be monitored closely.
Source: BIG Podcast
Header image courtesy of Shutterstock