Name: Role of AI in the future of Fintech
Uploaded: 2021-12-06T16:50:10.846Z
Duration: 83.88
Description: Today, AI is used by 70% of Fintechs. In the next five years, it is expected that this technology would have the biggest impact on the industry. Matthew Marolda, Chief Innovation Officer at Acrisure, talks about the role of AI in the future of Fintech.

Role of AI in the future of Fintech.vtt

English

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I'm excited about a lot of them.

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I think that there's sort of
two general areas that I'm

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particularly excited about.

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One is predictions about individuals
and that's everything from what an

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upstart does when it comes to their
predictions on credit worthiness.

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There's other predictions that we might
want to make around someone's risk

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profile and is the business risky?

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Like the ability for AI to
do that is really powerful.

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I mean, there's an awful lot
that we can do with that.

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The other piece of puzzle that
AI offers us is the ability to

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accelerate and take away friction.

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Right?

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So if you or I want to buy a
financial services or finished

{{00:01:03}}
product, oftentimes in the old
ways had a lot of friction points.

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There were moments where he had to
either get a human to intervene or had

{{00:01:10}}
to fill out a form or sign a document.

{{00:01:12}}
There was latency kind
of baked into that.

{{00:01:14}}
And AI, it can allow us to
accelerate that to hopefully drive

{{00:01:16}}
a lot of that to instantaneous.

I think that there's sort of
two general areas that I'm

One is predictions about individuals
and that's everything from what an

upstart does when it comes to their
predictions on credit worthiness.

There's other predictions that we might
want to make around someone's risk

Like the ability for AI to
do that is really powerful.

I mean, there's an awful lot
that we can do with that.

The other piece of puzzle that
AI offers us is the ability to

So if you or I want to buy a
financial services or finished

product, oftentimes in the old
ways had a lot of friction points.

There were moments where he had to
either get a human to intervene or had

There was latency kind
of baked into that.

And AI, it can allow us to
accelerate that to hopefully drive

Trend

Today, AI is used by 70% of Fintechs. In the next five years, it is expected that this technology would have the biggest impact on the industry. 
Matthew Marolda, Chief Innovation Officer at Acrisure, talks about the role of AI in the future of Fintech. 

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Matthew Marolda

Chief Innovation Officer 

The key to a successful lending business is determining a borrower's riskiness. Financial organisations can increase the number of loans issued to credit-worthy borrowers by using an effective risk assessment approach. 
Marolda outlines that AI can help construct models that are highly informed and flexible by leveraging large volumes of data for predictions about individuals and reduce the frictions for FIs. 