Artificial Intelligence Application in Personalized Fintech

Abstract

Personal finance is an integral part of finance management, and personalized finance has recently gained much importance. Previously, artificial intelligence has been used in mobile banking services. Mobile banking applications use AI to better understand their customers and to provide them with enhanced features (Manser et al., 2021). Services like expense monitoring, credit-debit balance, payments tracking are all crucial parts of a finance management system. While providing users with these services, the concept of cognition is taken into account to better understand the human perspective and thought process behind using the finance management platform. The impact of digital finance is not restricted to customers, whereas it also affects the global economy. Digital finance uses technologies such as AI, blockchain, IoT and cybersecurity, which make it more efficient by the minute. The best way to improve a service's reach is by making it more customer-friendly (Gigante & Zago, 2022). When a system is easy to use and understand, it is more likely to get recommended. Newer technologies and advancements in AI enable new areas of research and development. In the recent years, the area of supply chain has evolved exponentially, and so has AI. AI can be used in supply chain to optimize the management process of any system.