DefinePK

Abstract

The FinTech industry has significantly transformed through the integration of artificial intelligence, enabling companies to deliver superior services with remarkable efficiency to both customers and employees. This research embarks on an insightful journey, employing a mixed methodology that gathers perspectives through 250 surveys distributed, from which 200 participants responded, complemented by in-depth interviews and an analysis of existing data sources. The findings illuminate the profound impact of AI technology, revealing that it enhances the accuracy of fraud detection by an impressive 26.7%. Additionally, it accelerates transaction processing, achieving speeds twice as fast as traditional methods, all while slashing manual processing costs by a staggering 50%. This study highlights the revolutionary potential of AI in refining the financial landscape, making it safer and more agile than ever before. AI technology is revolutionizing customer interactions, as highlighted by an impressive 88% of study participants who reported enhanced experiences. This transformative approach streamlines service and deepens connections between businesses and their customers. The challenges associated with biased algorithms, privacy protection, and adherence to regulations present significant limitations that require careful consideration. The study highlights the potential of artificial intelligence (AI) to enhance FinTech practices, reinforcing previous research while offering new insights aimed at further technological improvement. Our analysis indicates that while AI provides substantial advantages, its effective implementation in the finance sector relies on a balanced integration of ethical guidelines and regulatory frameworks.