Study on Usage of Artificial Intelligence in FinTech Industry

Abstract: The use of artificial intelligence (AI) in the fintech industry is changing the way financial services are managed and managed. This study explores the various applications of artificial intelligence in the fintech industry and its impact on improving the efficiency, accuracy and security of financial systems. Fintech companies widely use artificial intelligence tools such as machine learning, natural language processing, and deep learning to analyse data, perform operations, and improve customer experience. One of the main applications of artificial intelligence in the fintech industry is fraud detection and prevention. Machine learning algorithms can now analyse large amounts of data to identify unusual or suspicious activity, helping reduce financial fraud. Another important area of expertise of Fintech is credit intermediation and risk assessment. Artificial Intelligence-driven algorithms can evaluate the integrity of a borrower's credit by analysing various factors, improving decision-making, and reducing risk. Loan default. In addition, artificial intelligence is used in personal finance management tools to offer suggestions to users based on their consumption patterns and financial goals.