​Over the last 2 months, Finitas has been collating key insights surrounding all topics of Artificial Intelligence (AI). Over the 5 polls we released, we gathered over 80 votes creating a detailed and highly informative array of insight that reveals the future of AI according to our expert following on LinkedIn.

This is a 2 part blog series. In this part we cover topics including; AI in FinTech, and AI in fraud detection and insurance claims. Please read on to find out what Finitas has to say about this evolving sector.

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The potential of AI in FinTech

‘In your opinion, what is the most exciting potential of AI in FinTech?’

This poll was received very well with 28 votes overall and a balanced array of results. Of the 5 poll options equal numbers of people (36%) believed that enhanced fraud prevention and enhanced decision-making host the most exciting potential of AI in FinTech currently. Leaving 29% of voters with the belief that improved automation has the most capability.

Generally, these results indicate that FinTech experts look forward to working alongside AI to streamline tasks and create a safer environment for professionals and clientele. What do you think? Have your say, follow our LinkedIn page to never miss out on another poll.

AI in fraud detection and managing insurance claims

'Does your organisation use AI for fraud detection in risk scenarios?'

The utilisation of Artificial Intelligence (AI) for fraud detection stands as an essential consideration in the development of FinTech. This poll illuminates the prevalence and depth of AI integration within organisations regarding fraud detection in risk scenarios.

Interestingly, among the voters, 70% of organisations do not utilise AI in fraud detection and risk prevention and only 30% commented that their company does to some extent. However, according to other external research, a larger ‘51% are turning to AI to help with cybersecurity and fraud management.’

The results of this poll undoubtedly shed light on the current standing of AI utilisation in the fraud detection sector. These numbers will likely shift drastically over the next few years and there may be evidence to contrast this poll in which a higher percentage of voters use AI to aid this sector.

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'How effective do you think AI is in detecting insurance fraud?'

Following on from the poll above an alternative poll was created, looking into the efficiency of AI in this sector regardless of its usage.

We all agree that fraud detection is a critical aspect of the insurance industry, and AI-powered algorithms are increasingly being utilised to identify suspicious patterns in claims data. But how effective is AI, when it comes down to detecting fraud? 27% of voters think that AI is very effective, with a higher portion of experts (47%) having doubts that AI is only somewhat effective in detecting insurance fraud. 13% of voters remain neutral on this poll.

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Thank you for reading, please follow our LinkedIn to get notified when we publish part 2 of our AI poll roundup.  

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