Harnessing the Power of AI for Fintech Innovation

When thinking about innovation, it’s easy to focus on using product features and benefits to differentiate from our competitors. MX Chief Commercial Officer for Fintech, Brett Allred, frames it differently: 

“Innovation is about disruption and disruption is about changing a process, a way of doing things. The most disruptive companies, I believe, have found a way to change a process.” 

Amazon, Netflix, and Uber are each iconic for their ability to disrupt an industry or space by introducing a new process. Amazon changed how we shop. Netflix changed how we consume content. And, Uber changed how we order a ride.

Among the disruptions 2023 has brought so far, ChatGPT has made an impressive amount of headlines. Artificial intelligence (AI) is disruptive to most industries because, in part, it introduces a new process. And, there are seemingly endless use cases for this. Here are a few examples of how fintechs can consider integrating AI into their working models to evolve business processes and increase speed to market:

Generate first drafts with ChatGPT. According to MX’s latest consumer research report, 31% of Gen Z want educational programs to teach them to become financially stronger. This desire jumps with older generations with 33% of Millennials, 36% of Gen X, and 34% Baby Boomers looking for these resources, too. For companies focused on meeting this need by building financial wellness tools and resources for consumers, ChatGPT can be leveraged to help create first drafts of things like financial literacy courses. 

Leverage an AI-powered image generator for branding. For fintechs with little to no marketing resources, an AI-powered tool that creates images based on text prompts for logos or other marketing materials can help significantly elevate the brand.

Use predictive software to empower customers to achieve their financial goals. By combining data aggregation and customer analytics tools using an open banking and embedded finance approach, financial providers can offer consumers a comprehensive view of their financial lives. This allows for tailored marketing segments and the ability to send just-in-time offers to support their customers’ financial goals.