Giving computers specific instructions is not nearly as fruitful as teaching them to write their own. Machine learning is the buzzword everyone is talking about since the past few years. However, it is NOT just a buzzword! Banks and fintech startups are working smarter rather than harder on providing innovative finance-based solutions. This is all thanks to the power of data if utilised correctly.
The field of AI and data market is still in its infancy in countries around the Middle East region. For example, most banks in the region do realise the power of data and machine learning when it comes to improving customer experience as well as improving internal processes, but unfortunately, nobody is doing anything to actually leverage the huge amounts of data that banks have. This is where fintechs can actually pressure banks by providing new personalized financial services that the banks simply do not provide.
Where do I get financial data to train my AI baby, you may ask? The answer is right here on this website! You can begin by using our state-of-the-art banking APIs, which are RESTful by nature, as a trusted fintechs you can securely access customer-specific data from banks, where you will have the ability to do account aggregation and transaction processing and analytics using Machine Learning techniques on the bank's data to provide personalized financial advisor services or promotional recommendation system based on the customer's buying habits.
This is only the tip of the iceberg. The application of machine learning and AI in the financial services industry is yet to be witnessed and the innovative new services and ideas are limitless. So, it is wise to start thinking about the data-driven future of finance now!