article thumbnail

AI-Based Banking Loan Software Will Become Norm In 2022

Smart Data Collective

The banking industry is among them. Banks have been slower to adapt AI technology than some other institutions. However, the market for AI in banking is expected to grow over 30% a year and will be worth over $64 billion by 2030. New software uses AI to manage bank loans. AI Makes Bank Lending Software Far More Reliable.

Banking 319
article thumbnail

2021 Enterprise Tech Predictions: Zero Trust, Machine Identity for AI, and Open Banking

Dataversity

The post 2021 Enterprise Tech Predictions: Zero Trust, Machine Identity for AI, and Open Banking appeared first on DATAVERSITY. Amid the pandemic, the harrowing spike in cyberattacks forced all enterprises, large and small, to take a closer look at potential […].

Banking 162
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

5 Sure-Fire Tips How AI Is Going to Improve Fintech in 2021

Smart Data Collective

AI (Artificial Intelligence) and ML (Machine Learning) will bring improvement in Fintech in 2021 as the accuracy and personalization of payment, lending, and insurance services while also assisting in the discovery of new client pools. As a result, fintech firms can solve complex challenges even more quickly and efficiently.

article thumbnail

Cyber Fraud Statistics & Preventions to Prevent Data Breaches in 2021

Smart Data Collective

The risk of data breaches will not decrease in 2021. In this blog post, we discuss the key statistics and prevention measures that can help you better protect your business in 2021. Cyber fraud statistics and preventions that every internet business needs to know to prevent data breaches in 2021. Let’s dive in.

article thumbnail

A Surging Trend: 5 Most Promising Cryptocurrencies Made Possible through Blockchain

Smart Data Collective

It has earned favor among users thanks to low transaction fees and zero banking fees. The first week of 2021 saw a wild surge in the Bitcoin price that briefly topped $40,000. Last year in November, the price stood at $579 but has since skyrocketed to $1,368 (by 30th January 2021). Ripple’s XRP.

Banking 257
article thumbnail

Promising Benefits of AI in the Financial Technology Market

Smart Data Collective

For example, banks now apply AI to assess credit risks with high accuracy. It’s critical to financial institutions such as banks and credit unions that earn revenue from lending money with interest. Hence, banks go through the pain of assessing every prospective borrower’s creditworthiness. Cybersecurity.

article thumbnail

Big Data Leads to the Possibility of a Cashless Society

Smart Data Collective

By the end of 2021, 70% of card payments were contactless. It found that – despite all the talk that cash is obsolete – that cash payments still made up a fifth of all payments made by the end of 2021. Making concessions for those without a bank account. That rose to 19% by 2018.

Big Data 283