Artificial intelligence will drive as much as 95% of customer interactions by 2025.
Because it is simpler. Advances in machine learning have made it possible for us to start automating mundane and repetitive tasks. Chatbots can now simulate human interaction pretty accurately. Machines can process and make sense of large amounts of data in seconds and give responses to queries as quickly.
Nowhere has the change been as profound as in the financial services industry and that’s thanks to the rise of the Fintech. 72% of consumer banking has already been thoroughly disrupted, and the disruption is set to continue. Part of this can be ascribed to the more widespread adoption of cryptocurrencies; companies big and small like Expedia are starting to accept Bitcoin payments, while smaller merchants like Reeds deploy other Fintech innovations in order to offer more attractive prices.
What is more interesting, though, is not so much the cryptocurrencies themselves but the blockchain technology behind them. At the moment, cryptocurrencies are a dime a dozen – look it up, there are literally hundreds of them.
It’s the blockchain technology underpinning these currencies that make it possible to transfer money from one person to another in a matter of minutes. It is the immediacy of these payments and the increased security of the blockchain tech that has catapulted Fintech to stardom.
And the Fintech industry shows no signs of slowing anytime soon. With investment in Fintech companies standing at $2.86 billion across 114 deals just in Asia and Europe at the end of 2017, it is clear the Fintech industry is on a very solid footing.
It’s a fascinating topic and something that is well worth looking into. We’ll play Santa this year – we’ve made our list of the top Fintech stats, and we’ve checked it twice. Check out our infographic to see if you think Fintech is naughty or nice.
Follow this link to view the infographic.