AI and Blockchain Revolutionizing The Finance
“The big paradox here is that people think technology will lead to banking becoming more and more automated and less and less personalized, but what we’ve seen coming through here is the view that technology will actually help banking become a lot more personalized.” – Alan McIntyre, Senior Managing Director for Banking at Accenture.
Artificial Intelligence (AI) is one of the main topics that is being discussed nowadays. Practical and inspiring use cases are developing on a daily basis. One of the main benefit of artificial intelligence or AI is that it simulates actions and decisions of humans without human shortcoming, such as weakness, emotion and the limitation of time. It is being implemented in all different kinds of institutions, from Financial Companies, Banks and different AI startups. One of the first uses of artificial neural network system was in 1987 where The Security Pacific National Bank in America, created a Fraud Prevention Task force to concurring the unauthorized use of debit cards. By using AI Banks will be able to predict which customers have more chances on canceling services or even default on their loans. Even though it has been discussed rather AI is a good to go, or not, it is no longer doubtful that AI is the future.
Four Major Benefits Consumers will have with the use of AI:
• Customer Experiences: Consumers are willing to give personal information, all they want in reward is the reassurance that they will be receiving personalized advices, offers and services which will be based on those personal information.
• Accurate Fraud Detection: By using AI Banks can detect suspicious activities in customer's accounts.
• Improvement in Productivity: AI will be used to automate routine tasks, which means that it will replace all tasks that require short bursts of cognition.
What now? - Convergence of AI and Blockchain
Finally, with the help of Blockchain, AI is totally transforming the finance and the old ways of trading. It is beyond doubt that AI and Blockchain are two major technologies that are setting in motion the pace of innovation in every industry. One of the ICOs that is using AI is AiX.
Artificial Intelligence represents a chance to revolutionize both the cryptocurrency and financial sectors. AiX is a transformative Artificial Intelligence system built to act as your broker across the crypto and regulated financial markets. With decades of combined expertise behind us, the AI Exchange (AiX) team is building a unique and transformative Artificial Intelligence system to disrupt the global Inter-Dealer Brokerage (IDB) role.
Being the first product of its kind in the market allows us to leapfrog the competition, and sets AiX on the path to becoming the dominant global player in what is already a well-established, extremely large and expanding sector.
AiX will be a sophisticated Artificial Intelligence chatbot with built-in voice capabilities, replacing ‘boxes’ with an Alexa-type device that clients will be able to consult for trading quotes while also providing standard chat functions over IM. Our forecasting predicts that we can create a product so superior to current levels of service that we will be able to win approximately 75% of Inter-Dealer Broker revenues, while simultaneously reducing commissions by more than 50%.
As the IDB of tomorrow, AiX will be a unique and highly credible alternative: one that is poised to enter the marketplace and dominate it for many years to come. Developed by a team with expertise in all the relevant sectors and technologies, AiX will offer the features and benefits its audiences have been waiting decades for. AiX will be developed with blockchain and smart contract technology at its core, allowing AiX to adapt immediately and further benefit from the rapid deployment of technology as regulation evolves.