How Big Data, AI and Blockchain Are Changing Finance

Description

The marriage of finance and technology has given rise to new players that are transforming the financial industry. Many of these fintech firms deliver more economical, flexible, user-friendly services, disintermediating financial services and capturing a considerable part of traditional banks' market share. The days of banks serving as the only access point to the financial system are over. Instead, new technologies are ushering in new forms of affordable financing; faster, more efficient payment methods; and better customer service. This article shows how pioneering fintech business models can afford greater speed and efficiency, personalization, automation and easier access, while reducing many of the problems that have long plagued traditional financial exchanges.

Keywords

AI algorithms Analytics Artificial intelligence Automation Banks Big data bitcoin Blockchain cloud computing consumerization cryptocurrency democratization digital payments Disintermediation easier access Efficiency Finance Fintech Fraud Insurance Internet of Things Long Blockchain Corp. Long Island Iced Tea Corp. Micro Finance Millennials Moral hazard P2P peer-to-peer Personalization Platforms PwC Global Fintech Report smart contract SMEs social business model social media networks speed startups Technology tokenization traditional financial service provider unbundling