How Gen AI Is Contributing To The Growth Of Finance?

Gen AI’s contribution to finance has been increasing over the years. AI is becoming stronger every day. Gen AI refers to Generative AI which is an advanced form of AI. It comes under machine learning and is capable of creating things on its own like fresh pieces of written content, images, videos, and graphics. Statista reports show that Gen AI’s market will increase further to reach $0.76 billion in the current year. While it may become a $4.20 billion industry by 2030.

How Is Gen AI Helpful In The Growth Of Fintech?

Gen AI will be helpful in the growth of fintech. It is especially helpful for the growth of small businesses. Things like access to quick credit through online methods, inventory management, working capital, and cash flow management. Calculation of risk plays a crucial role in businesses. thus, Gen AI also helps in preventing business by accessing the previous data and possible risks. As the Gen AI will have your data on the amount of risk you can take, thus, it will provide personalised data based on the numbers.

Gen AI is also capable of identifying any fraud. It can process a large sum of data and track the possible risks. Gen AI helps in improving the scanning and vision capabilities of computers. It can analyse facial expressions better than before. Gen AI can also help in assisting the customers. It provides better customer service through the chatbot. It saves the time of the customer care executive to solve bigger matters. The normal day-to-day queries get solved easily.

Apart from the advantages, there are also many disadvantages to using AI at this time. The Gen AI is still learning and is not capable of providing 100% accuracy yet. Things like image creation and video creation still need a lot of improvement. However, the pros are more than the cons. It has changed the game. Many people are taking advantage of the development. Fintech is made on the foundation of tech and AI.

Gen AI is providing security solutions and safety in the digital world. Cyber crimes are increasing day by day. Thus, AI is also developing into much stronger versions to prevent such crimes online. All the tech giants like Open AI, Google, Microsoft, and Meta are in the race to create the best AI version. However, Open AI is still at its best performance. Even in terms of creating videos from text, Open AI is leading the market. Sora AI is another best example.