Home Page
cover of Akshat Final recording for podcast
Akshat Final recording for podcast

Akshat Final recording for podcast

Akshat Shah

0 followers

00:00-06:29

We explore FinTech innovation and its significant influence on financial management in this episode. We look at how FinTech helps small firms get funding more easily and provides personalized financial services to consumers via digital wallets and smartphone apps. We also talk about the difficulties in implementing blockchain technology and artificial intelligence, as well as how these technologies might be used to suit customer demands. We reveal the potential and ramifications of FinTech for c

4
Plays
0
Downloads
0
Shares

Audio hosting, extended storage and much more

AI Mastering

Transcription

Fintech is a new technology that improves financial services. It has helped small businesses get easier access to funding and better financial management tools. It has also empowered people who were excluded from traditional banking by providing basic financial services. Fintech companies use algorithms and AI to provide customized financial services to individuals. However, there are concerns about algorithm bias and data security. Blockchain has the potential to be trustworthy, but it depends on government regulations. Overall, fintech is transforming the way we manage money but comes with new challenges. Hello listeners and welcome to our new episode for our podcast. Today the topic for our discussion is fintech and how it has impacted the financial world. Now fintech is a new technology that aims to improve and automate the delivery and usage of financial services. Some common examples for us are our digital wallets such as PayPal and Google Pay as well as all the banking applications that we are using in our mobile phone. Today for the discussion joining us is Kakshil Patel all the way from India who is a CA article working in the industry for the past three years for international audience. CA is also known as charter accountant in India. Now it is a kind of certification course similar to our CPA course that we have here in North America. Hello everyone thank you for inviting me Akshay. I hope this session will be insightful for the listeners. Let's begin. So going on to our first question for the day. How has the fintech advancements affected the small businesses today? Fintech has evolved significantly providing us easier access to several fundraising platforms such as crowdfunding and peer-to-peer lending streamlining the entire lending process and making it quicker and way more easier for the entrepreneurs to secure financing. Additionally this fintech solutions offer tools for better financial management like bookkeeping software, digital payment systems enabling the small businesses to operate more effectively. Going on to our second question. How has fintech innovation empowered the individuals who were excluded from the traditional banking institutions? I believe fintech softwares have played a very critical role in empowering the people who were previously excluded from the traditional financing systems. Fintech has underserved group access to basic financial services including wallet payments, money transfers, money in loans, via mobile banking apps and micro financing platforms available. Furthermore eliminating intermediaries and lowering the transaction cost thus making the system less expensive making it more accessible for everyone regardless of the status or geographic location. Insightful. Thank you. Going on to our third question. How has been software companies addressing the needs of an individual? These organizations use several algorithms and artificial intelligence to provide customized financial services in response to the ever changing demands of the consumers. Fintech companies modify the solution to match the specific requirements of the consumers such as budgeting assistance, investment advice or insurance suggestion by studying consumers financial behaviors and patterns of course with the permission. This degree of customization improves users entire experience and creates a financial literacy leading to a more educated decisions about their money. Now talking about the artificial intelligence, one of our very well-known website, Statistica, have made a survey and that has resulted with them saying that over the years there have been an increase of over 8% in robot advisors in the financial field. So what are some of the primary concerns that are associated with adaptations of such AI in this industry? I think Akshat, one major issue regarding the implementation of AI and chatbots is the possibility of algorithm bias where the AI powered suggestions may unintentionally discriminate against specific groups or perpetuate existing disparities. Furthermore there are several issues regarding the data privacy and security breaches since this chatbots utilize the sensitive financial information of its users to analyze and provide more accurate responses. Also there is always a risk of over-reliance on AI driven solutions which reduces human supervision and responsibility. What I believe the best way is would be to implement the AI in internal business processes rather than on the customer front. Okay, that should be a good implementation then. Now and to the last question, one of the well-known authors, Melinda Swan, had talked about that blockchain would be a very important part for the future of fintech. So how trustworthy would this be for the customers who have recently been converted to using these softwares? Yes, I believe Melinda Swan's arguments hold a very key importance in the blockchain's development regarding the customer trustworthiness. While blockchain provides advantages in terms of security and transparency but its ultimate adoption depends on how government develops corresponding regulations for its effective implementation. Consumer confidence in blockchain will be determined by the industry's ability to overcome the difficulties and establish definable value proposition that meets its users requirements and expectations. So in this episode we discussed how fintech is transforming the way we manage money from giving small businesses greater access to capital to giving individuals access to specialized financial services. However, let us not forget that there are new concerns about data security and algorithmic biases. So I hope this session has been insightful for you and before leaving I would also like to say thanks to our guest Axel for joining us. Thank you for inviting me.

Other Creators