FinTech and AI

Abstract

Advancements in finance technology (FinTech) and Artificial Intelligence (AI) have erupted in the banking industry in the last few years (Gomber et al., 259 ). Furthermore, there has been an increase in the academic literature on the utilization of AI and FinTech in the banking industry. This has been escalated by various factors including the changes in consumer behavior, the digitalization of banking service, and the increasing competition in the industry. The current consumer behavior and the existing banking habits such as the protechnology attitude have facilitated the rapid advancement of the disruptive revolution of AI and FinTech. Banking institutions have been adopting the technologies to cater for a variety of reasons that effect the consumers and the institutions, including the increasing need to assimilate effective risk management processes and the need to utilize effective anti-fraud systems (Rohit & Patel, 129). The existing researches tend to be insuffic...