The successful integration of AI tech into daily life has sped innovation leaps and bounds past the chess-dominating curiosity that was the state of AI only a short time ago. Once we saw what it can really do–how virtual assistants and chatbots serve our needs at a fraction of the manual cost; how automated analyses scour data and deliver critical insights–developers and consumers were quick to capitalize on AI’s potential. The Fintech sector alone is ripe with examples of AI’s power to overhaul an entire industry.

The human touch is certainly important in customer service, but people are limited in many ways; we make mistakes, misread the data, and our work capacity is finite. AI, on the other hand, supplements the shortcomings of traditional customer support. Chatbots are always on the clock to assist fintech users with transactions or provide notifications regarding account activity. They’re also capable of communication; chatbots can answer basic questions if human representatives are unavailable.

Robo-advisors are yet another manifestation of AI’s customer service capability. They build risk predictions via algorithms, and provide financial advice with minimal human input. Investors in search of strategic advice can look to robo-advisors to manage and optimize their assets, at a much lower cost than their human counterparts.

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