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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.

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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.

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

Smart Data Collective

Blockchain technology was developed to create bitcoin, but it has been vital to other digital currencies as well. With over 7,000 digital coins to choose from, how do you tell which is the best cryptocurrency? It has earned favor among users thanks to low transaction fees and zero banking fees. Ethereum (ETH). Ripple’s XRP.

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Big Data Leads to the Possibility of a Cashless Society

Smart Data Collective

By the end of 2021, 70% of card payments were contactless. Apple Pay, Samsung Pay, other eWallets and digital payments have continually grown in popularity in the last few years (again, especially during the Covid-19 pandemic) and this has pushed older payment methods like cash further down the pecking order. That rose to 19% by 2018.

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Will Blockchain Be Resilient for Russians Using Cryptocurrencies?

Smart Data Collective

Although many traditional financial institutions like Bank of America use blockchain , it is still mostly used for cryptocurrency transactions. The ruble’s slump is understood to have led many Russians to withdraw money from banks and put it into other assets, primarily U.S. They have refused such requests so far.

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SMEs Use AI-Driven Financial Software for Greater Efficiency

Smart Data Collective

billion on AI in 2021 , but small businesses may spend even more on AI-driven financial management software. The banking industry is among those most heavily affected by AI. Smart solutions can give banks an advantage over competitors. Forbes author Rob Shevlin reports that chatbots will actually make bank branches obsolete.

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Big Data Partnerships Drive Growth in the Global Remittance Market

Smart Data Collective

With so many consumers around the world using money transfer services, the global digital remittance market has experienced unprecedented rates of growth over the last few years. Recent revenue reports from its website show its digital partners increased more than 38% in 2020 from 2019.

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