HONG KONG, CHINA/ACCESSWIRE/May 7, 2022/ Tailor Insight, the Asia-based market research institute, released a report on “AI, Machine Learning and Blockchain Predictions and Trends.” Artificial intelligence, machine learning and blockchain technologies have boosted all sectors. They have enabled companies to process huge amount of data sets and draw conclusions with their ability to analyze patterns in real time, which facilitates rapid decision making. They improve efficiency and at the same time work efficiently. This has allowed different banking processes to be time-saving and cost-effective as well. New technologies are increasing employee productivity by 40-50% in many industries.
Blockchain is frequently used in connection with cryptocurrencies. However, the banking industry is also implementing it to improve workflow dynamics. Blockchain technology will provide a highly secure transaction on both ends. This will be very useful in preventing fraud and facilitating compliance with audits and regulatory requirements. With the help of blockchain and challenge transfers, payments and investments can become faster and error-free. It is said that blockchain will impact the packaging industry with the greatest intensity in 2022. Needless to say, blockchain and the security it offers is here to stay.
According to Tailor Insight, new technologies have reduced human failures and made transactions more secure, all for a better customer experience. By 2030, financial agencies will be able to cut costs by 20-30% saving trillions. Many fin-tech companies are constantly looking for areas of AI that will be useful for banks and their fraud detection processes, customer service, credit department, and lending decisions.
Moreover, the e-shopping market has grown considerably over the past two years; there is a strong demand for hassle-free digital payment options. Therefore, the majority of e-commerce players have collaborated with Fin-Tech companies to create custom gateways and portals to ensure that customers do not leave the site due to payment options. The smooth payment process has become a crucial part of online sales, as fast and efficient payment methods are key to improving conversion rates. According to a recent study, there is a 5% increase in the global flow of cross-border payments. Due to online shopping, international transactions offer huge growth potential even for small businesses, as most people expect easy and simple payment solutions.
The main objective of the financial sector has been to provide customer-centric solutions. User experience is a critical parameter, and for the new generation of customers, speed and ease of access without compromising security are essential. This generation hates going to the bank, filling out documents, printing them out and signing them. The main focus will be to fully automate financial processes and completely get rid of manual processes.
About Tailor Insight
Tailor Insight offers in-depth insight into industry trends in the financial market. Tailor Insight provides simple and fast solutions that allow clients to capture, monitor and audit market data from a holistic view down to an individual task on market research and industry trends, especially in the AI, augmented reality, virtual reality and blockchain sectors.
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