AI could push global fintech revenue to $17bn by 2021: Juniper Research
Using AI in the global fintech industry could lead to a significant jump in earnings, with revenues potentially hitting $17bn by 2021, according to Juniper Research. Meanwhile, research firm, Frost Sullivan, highlights the exponential growth potential of fintech in Africa, which threatens to disrupt existing financial service providers. Africa’s MyBucks, which uses AI to analyse loan applicants' background data, says Africa’s fintech should benefit from a lack of legacy tech, and Future Talent Academy sees the development as a potential catalyst to drive skills learning and financial literacy. 

It comes as no surprise that technological innovation has successfully bridged Artificial Intelligence (A.I.) with Mobile Banking and FinTech; this is a convergence effectively assuaging concerns on the service models risks in its insurance and loan offering while better modernizing the financial sector in Africa and abroad for those citizenries still longing for financial inclusion and fundamental access.



The industry of A.I. in FinTech is further set for dynamic global growth; earnings created by the use of artificial intelligence in financial technology will reportedly skyrocket in the next five years, according to a recent report entitled Fintech AI ~ A New Kind of Trader, as issued by Juniper Research Limited in London.



Researchers at the institute have even gone so far as stating that, by 2021, the industry should expect a  jump of 960 percent, with revenues hitting $17 billion (£12.95bn).



These predictions, compounded with the findings of CB Insights, as of June 15th of this year stating that more than 200 A.I. venture financing deals have been completed, already totaling $1.5 billion in dollar volume, are more than reassuring to an investment sector acclimatizing to the unparalleled safety and security found in this evolving technology of A.I.



Moreover, the FinTech sector is starting to use artificial intelligence as a Corporate Social Responsibility (CSR) exercise in and of itself. RBS, for example, has developed Luvo, a technology that assists its service agents in finding answers to customer queries. The A.I. technology they specifically provide can search through a database, but also has a human personality and is built to learn continually and improve over time.



Similarly, we at MyBucks understand both the boon A.I. will provide to the industry on the whole, coupled with its intricate methodology to cut through the unknowns of microfinance in Africa in particular and often, the bureaucracy that hinders our consumer base in accessing immediate funds. Effectively and on a perpetually-evolving basis, our model analyzes all relevant background data pertaining to the loan applicant, in order to properly assess income standing and the ability to commit to a viable return on the investment granted.



For, as technology ushers in a greater degree of financial access, accountability and indeed inclusion on ever-globalising Africa, we at MyBucks look forward to playing a lead role in this exercise in corporate social responsibility and simultaneously, business development; we understand that in doing so and concurrently leveraging the tremendous socioeconomic growth foresight in the industry, it remains in our hands to create lasting change.



