The use of Artificial Intelligence (AI) and Machine Learning (ML) has become prevalent worldwide, with different industries leveraging these technologies to bring efficiency and improve operations. One such industry is Fintech, which has become a growing industry in recent years. In Southeast Asia, AI and ML have been adopted by fintech companies to make solutions and services more accessible and affordable while expediting processing requests and tightening security, giving the industry a competitive edge.
From 2016 to 2019, the adoption of AI and ML in the Southeast Asian fintech industry reached its peak, and currently, it is at a state of “reaching a plateau.” However, the innovation of such tech is still constant, and according to a Robocash Group Analysts study, the use of AI and ML in the fintech industry in Southeast Asia is still rising. The study showed that out of 26,105 fintech companies in Southeast Asia, 807 are already optimizing AI and ML.
The fintech industry in Southeast Asia mainly uses AI and ML for process optimization. Automation helps make processes such as document verification, forecasting, and data analysis faster, decreasing risk and boosting employee productivity. AI and ML also help fight fraud by improving the processing of payments, checking fraud in transactions, and protecting data, thus improving the overall user experience.
Moreover, chatbots have become a common feature of fintech companies, offering real-time support and answering any queries, reducing response time, and improving customer satisfaction. AI and ML also help with better decision-making and innovation in the fintech industry.
The adoption of AI and ML in the Southeast Asian fintech industry has not only improved efficiency but also made financial solutions and services more accessible and affordable. The use of these technologies has allowed fintech companies to offer faster processing and better security, which has given them a competitive edge. The study shows there is still room for growth in the adoption of AI and ML in the fintech industry in Southeast Asia.
The fintech industry in Southeast Asia is poised to benefit from the continuous improvement of AI and ML technology.