Which business wouldn’t want to adopt a solution that generates revenue, makes it possible to solve problems, and produces data-driven insights?
Artificial intelligence (AI) makes this possible and is now more important than ever. Experts say there is little doubt that AI will significantly alter the business landscape and below executives from several industries explain how AI is affecting their fields.
Competitive advantage
Mckinsey and Company states in a report that revenues from fintech solutions will grow by eight times, reaching $30 billion by 2025. According to the report, fintech solutions are 80% cheaper and have savings returns of three times higher.
The report mentions that industry growth slows down for no one and explains how innovative technology such as AI and machine learning will continue to improve into every part of business processes.
AI in the payment sector is playing a growing role, especially when it comes to its increasing consumerisation.
“Financial institutions already employ AI-driven technology for fraud protection, credit decisioning and loan default prediction purposes. We predict that most apps in a consumer’s mobile app will son be powered by AI and the use cases of AI-powered products will be extended into every aspect of a consumer’s life,” says Olaseni Alabede, the chief technology officer at MFS Africa’s Global Technology Partners.
