

Metaverse
How startups are using AI, data science for fixing challenges present in traditional financial services – Crypto News
The growth and integration of artificial intelligence, machine learning and data science in technology automation has led to the emergence of some of the most advanced, efficient and secure systems in the financial services today. These technologies have impacted and improved operational capabilities across industries, heralding a phase of superior functioning backed by the growing availability of quality information and data.
This technological revolution has markedly affected the finance industry, which has witnessed the emergence of several startups that are leveraging AI and data science to predict cash flow events, assess creditworthiness and detect frauds. Startups using AI are making better data-driven decisions, increasing profits directly by efficient targeting, automating repetitive tasks, and much more to unlock competitive advantages. Consequently, we have made great headway in financial inclusion being able to significantly increase penetration to the previously un-served population. Furthermore, the global spending on AI is projected to be more than $110 billion by 2024, almost double of the total from 2020.
Improved Lending
One crucial application of AI in the financial industry is credit scoring. Large banks, fintechs and NBFCs are leveraging AI for the purpose of speeding up processes and accurately assessing potential borrowers. AI and ML use advanced classification algorithms with diverse explanatory variables such as demographic data, income, savings, transaction history, past credit history, their digital footprint and more to decide the creditworthiness of the respective customer. The use of these technologies provides institutions the added advantage of unbiased decision-making, while also enabling borrowers without an extensive credit history to access capital and prove their ability to repay loans.
Advanced Algorithmic Trading
An intriguing development in algorithmic trading has been the use of AI techniques such as evolutionary computing, deep learning and probabilistic logic. These techniques are helping traders systematically implement and strategize upcoming trades, increasing predictive capabilities exponentially. AI-systems are also helping traders track risk exposures, adjust or exit the position depending on the user’s needs in a fully automated manner, eliminating the need for any human intervention. Further, AI and ML systems provide competitive pricing, liquidity management, optimization and streamline execution for traders, while Natural Language Processing (NLP) techniques leveraged in AI-systems allow traders to accurately identify sentiments from sources like Twitter, Reddit, news articles, etc. .
Preventing Frauds
A vast array of machine learning algorithms are designed to prevent fraudulent transactions and for detection of anomalies. The traditional methods of fighting fraud involved sets of hardcoded rules which were designed by domain experts, which could then be discovered and exploited by fraudsters. AI-based solutions can evolve over time and adapt to new patterns found in data pertaining to transactions, such as past behaviour, location, spending patterns and much more, allowing a more secure and protected system which can be used to identify anomalies and trigger warnings .
Personalized Banking Experiences
Chatbots have become increasingly popular over the past two years, and banking institutions are harnessing the power of AI and advanced NLP techniques to understand the needs of customers. Additionally, banking institutions are also leveraging vast amounts of data to analyze consumers’ spending behavior, while providing tailored financial advice to help them achieve their financial goals. These include tips on how to reduce monthly expenses, predict recurring transfers in the near future, and much more. The possibilities for improving customer experiences remain endless with the use of AI and ML.
process automation
Automation has been one of the most important aspects offered by AI. Simplification of extracting information from documents, digitizing them, and processing forms are just a few examples of what AI-based systems are capable of providing, while optical character recognition can significantly increase the efficacy of time-consuming processes. The benefits of using AI-systems can greatly enhance regulatory, supervisory and oversight capabilities for financial institutions.
AI, ML and data science are thus providing the financial industry a newfound robustness and resilience, helping them reduce the cost of credit underwriting, adding an extra layer of complexity to algorithmic trading, and providing secure, efficient and transparent ways of functioning. The integration of such innovative technologies is advancing the potential for financial inclusion in the country, bringing forth several opportunities for people to gain financial independence, while improving the quality of products and services available.
Catch all the business news, market news, breaking news Events and Latest News Updates on Live Mint. Download Mint News App to get Daily Market Updates.
-
Blockchain1 week ago
Ripple and Ctrl Alt Team to Support Real Estate Tokenization – Crypto News
-
Cryptocurrency1 week ago
Satoshi-Era Bitcoin Whale Moves Another $2.42 Billion, What’s Happening? – Crypto News
-
Cryptocurrency1 week ago
Bitcoin Breaches $120K, Institutional FOMO Takes and House Debate Propel Gains – Crypto News
-
Cryptocurrency1 week ago
It’s a Statement, Says Bitfinex Alpha – Crypto News
-
others1 week ago
EUR/USD recovers with trade talks and Fed independence in focus – Crypto News
-
Technology1 week ago
Fed Rate Cut Odds Surge As Powell’s Future Hangs In The Balance – Crypto News
-
Technology1 week ago
Fed Rate Cut Odds Surge As Powell’s Future Hangs In The Balance – Crypto News
-
Business7 days ago
XLM Is More Bullish Than ETH, SOL, And XRP, Peter Brandt Declares – Crypto News
-
others1 week ago
Bitcoin Critic Vanguard Becomes Strategy’s (MSTR) Largest Shareholder – Crypto News
-
Metaverse1 week ago
Why voice is emerging as India’s next frontier for AI interaction – Crypto News
-
Cryptocurrency1 week ago
Stellar [XLM] bulls exhausted after rally – Is a pullback nearby? – Crypto News
-
Technology1 week ago
V Guard INSIGHT-G BLDC fan review: Cool performer with a premium look – Crypto News
-
Cryptocurrency1 week ago
Fed’s Hammack Raises Inflation Concerns Amid Push For Interest Rate Cut – Crypto News
-
Business1 week ago
Pepe Coin Rich List June 2025: Who’s Holding Highest PEPE as it Nears Half a Million Holders? – Crypto News
-
Cryptocurrency1 week ago
1inch price forecast: 1INCH hits 7-month high after double digit gains – Crypto News
-
Cryptocurrency1 week ago
1inch price forecast: 1INCH hits 7-month high after double digit gains – Crypto News
-
others1 week ago
VanEck Details Key Drivers Boosting Bitcoin Price, Including Corporate Treasury Demand, ETF Flows and More – Crypto News
-
Business1 week ago
XRP Lawsuit Update: Ripple Paid $125M in Cash, Settlement Hinges on Appeal – Crypto News
-
Cryptocurrency1 week ago
Bitcoin trades near $119K after new all-time high; Coinbase rebrands wallet to ‘Base App’ – Crypto News
-
Cryptocurrency6 days ago
Anarchy, crime and stablecoins – Blockworks – Crypto News
-
Technology5 days ago
“Decentralized Ponzi Scheme”- Gold Bug Peter Schiff Slams Landmark Crypto Bills – Crypto News
-
Technology1 week ago
Google, Anthropic, OpenAI and xAI join US defence to tackle national security with AI – Crypto News
-
Business1 week ago
CME XRP Futures Hit $1.6B In Total Trading Volume Since Launch – Crypto News
-
Technology1 week ago
XLM Price Forecast: Why Stellar Lumens May Crash After 80% Rally in Last 7 Days – Crypto News
-
others1 week ago
Scammer Drains $10,000,000 From IRS in International Tax Fraud and Identity Theft Scheme: DOJ – Crypto News
-
Business1 week ago
Ethereum Price Prediction- Bulls Target $3,700 As ETH Treasury Accumulation Soars – Crypto News
-
others1 week ago
Top Crypto Exchange by Trading Volume Binance Announces Airdrop for New Ethereum (ETH) Ecosystem Altcoin – Crypto News
-
others1 week ago
GBP/USD rallies on US PPI dip and Trump’s potential Powell removal – Crypto News
-
others1 week ago
GBP/USD rallies on US PPI dip and Trump’s potential Powell removal – Crypto News
-
Cryptocurrency1 week ago
Russia’s $85 Billion Sberbank to Launch Crypto Custody Services – Crypto News
-
Cryptocurrency5 days ago
California Sheriffs Believe 74-Year-Old’s Disappearance Linked to Son’s Crypto Fortune – Crypto News
-
Cryptocurrency5 days ago
Shytoshi Kusama Breaks Silence on New SHIB AI Whitepaper and Transformed Future – Crypto News
-
Cryptocurrency5 days ago
Altseason heats up, but Bitcoin could face short-term pullback – How? – Crypto News
-
De-fi1 week ago
Ripple’s RLUSD Market Cap Passes $515M, Flips TrueUSD – Crypto News
-
Cryptocurrency1 week ago
Hypercharged Exposure to XRP and Solana Now Available With These Two ETFs – Crypto News
-
Cryptocurrency1 week ago
Nothing Burger or Crypto Catalyst? – Crypto News
-
Metaverse1 week ago
Nvidia’s Jensen Huang says AI ‘fundamental like electricity’, praises Chinese models as ‘catalyst for global progress’ – Crypto News
-
Business1 week ago
$800 Billion JPMorgan To Rival Tether, Circle, and Ripple In Stablecoin Race – Crypto News
-
Blockchain1 week ago
BitMine Shares Rallied After Peter Thiel Investment. – Crypto News
-
De-fi1 week ago
U.S. Marshals Peg Federal Bitcoin Holdings at 28,988 Tokens Worth $3.4 B – Crypto News
-
De-fi7 days ago
U.S. House Passes Clarity, GENIUS, and Anti-CBDC Acts With Historic Bipartisan Support for Crypto – Crypto News
-
De-fi6 days ago
BNB Chain Teases New Blockchain with Privacy Features to Compete With Crypto Exchanges – Crypto News
-
Cryptocurrency6 days ago
XRP Price Spikes to Record Highs As Momentum Signals Extended Gains – Crypto News
-
Blockchain6 days ago
Why Bitcoin self-custody is declining in the ETF era – Crypto News
-
Cryptocurrency6 days ago
US House passes three key crypto bills; market reaction muted as Bitcoin dips – Crypto News
-
Technology6 days ago
Breaking: GENIUS Act Becomes First Major Crypto Legislation as Trump Signs Bill – Crypto News
-
De-fi5 days ago
Crypto Market Cap Hits $4 Trillion Milestone as US House Passes Landmark Bills – Crypto News
-
De-fi5 days ago
Crypto Market Cap Hits $4 Trillion Milestone as US House Passes Landmark Bills – Crypto News
-
others4 days ago
Why Is The Crypto Market Rising Today? – Crypto News
-
Technology1 week ago
V Guard INSIGHT-G BLDC fan review: Cool performer with a premium look – Crypto News