In the last decade, the finance industry has seen an infusion of cutting-edge technologies like never before. This transformation is largely attributed to many startups that appeared on the scene post 2008 recession and followed a technology-first approach to create financial products and services with a target to improve customer experience. FinTech, as these startups are known, have been the early adopters of the new technologies like Smartphones, Big Data, Machine Learning (ML), Blockchain and were considered the trendsetters that were later followed by more traditional banks and financial institutes.
The recent advancements in machine learning and deep learning has really pushed the boundaries of computer vision and natural language processing. FinTechs are leaving no stones unturned to capitalize on these breakthroughs to improve financial services. As per a report, the ML Fintech market was valued at $7.27 billion in 2019 and it is expected to grow to $35.40 billion by 2025. Statista forecasts that the entire banking industry overall will be able to derive the business value of $182 billion globally with machine learning by the year 2025.