Artificial Intelligence could be your new financial advisor.

For millennials, a world without online banking and peer-to-peer transactions seems unimaginable. A recent study found that 70% of consumers believe their lives and financial health are better because of FinTech solutions. With FinTech apps right at our fingertips, FinTech has made it possible for the everyday consumer to benefit from services that were once only available to the wealthy.Behind almost every FinTech solution is an Artificial Intelligence (AI) and Machine Learning (ML) mechanism. A recently developed app is investing spare change from day-to-day transactions into customized portfolio investments based on the user’s interests. AI is also making financial recommendations based on the user’s occupation, lifestyle and spending behaviors.Should you take financial advice from a robot?FinTech ‘Bots’ are becoming smarter every day as they are able to analyze information at rates exceeding human capability. One of the original uses for AI by financial institutions was to monitor normal spending behavior and flag transactions that occur outside a customer’s typical behavior, cutting down on fraud. For example, if I typically spend €200 on groceries every month and the following month I spend €800 on groceries in one transaction, AI will notice that this is outside of my normal behavior and flag the transaction. This all occurs instantaneously.How are transactions occurring both instantaneously and securely?The answer is Blockchain in combination with AI. FinTechs are using Blockchain to facilitate their transactions. This allows for the immediate transfer of funds from one individual or entity to another. It also provides a new level of security. AI is working to not only monitor every transaction, but to bring the user the best experience possible.NeuroChain is the backbone behind systems that use Blockchain and AI technologies, working with FinTechs to develop smarter, faster and more secure applications that keep up with the changing tides.

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