Impact of Artificial Intelligence in FinTech: A Qualitative Study

Sooraj Manoj

Master's thesis

Abstract:

As societal demands escalate to understand the consequences and progress of Artificial Intelligence (AI) in the financial services sector (FinTech), this study delves into an extensive examination of AI-driven solutions poised to revolutionize future financial landscapes. Through a meticulous investigation using case study analysis, descriptive analysis, and literacy review comparative analysis of AI's nuances in FinTech, the study seeks to uncover industry developments, and evolving needs, and elucidate the opportunities and risks inherent in AI adoption. The key finding indicates that advancements in AI in the FinTech industry include the integration of AI-driven solutions in predictive analysis, operational efficiencies through AI contract analysis systems and chatbots, a significant reduction in fraud rates through AI-based fraud detection systems, and a substantial market growth trajectory reaching $1.85 trillion by 2030. The main benefits of using AI in FinTech companies include enhanced operational efficiency, improved customer experiences, and innovative product development, while the main drawbacks encompass risks associated with AI adoption, limitations and challenges such as data labeling and model explainability, and security concerns including biases in machine learning algorithms. This study's qualitative approach may restrict generalizability, focusing primarily on AI's technological impact and potentially overlooking broader socio-economic and ethical dimensions within FinTech.

Keywords

Artificial Intelligence, FinTech, Qualitative Study, Advancement of AI, Financial Services.

Jazyk práce: English

Datum vytvoření / odevzdání či podání práce: 27. 5. 2024

Obhajoba závěrečné práce

• Obhajoba proběhla 10. 6. 2024
• Vedúci: Ing. Florin Aliu, Ph.D.
• Oponent: Ing. Jitka Brodská

Institute of Technology and Business in České Budějovice

Master programme / odbor:
Business Administration / Business Administration