Write about one of Financial Technology which you use or know and its advantages and disadvantages when using it

Impact of AI in the Finance Sector
The finance sector is at a pivotal moment. The industry has undergone seismic shifts in recent years, largely due to the rapid growth and adoption of artificial intelligence (AI) technologies, including large language models (LLMs). Technology disruption and consumer shifts are laying the basis for the adoption of new technology for financial business models, and the COVID-19 pandemic has accelerated these trends. Building upon this momentum, the advancement of artificial intelligence (AI) technologies within financial services offers these organizations the potential to increase revenue at lower operating cost by engaging and serving customers in radically new ways.
AI has proven invaluable in the financial services industry as it empowers organizations to optimize operations, elevate customer service and pinpoint potential risks.
This article collected the key milestones on a path we believe can lead the financial sector to deeper customer relationships, expanded market share, and stronger financial performance by leveraging the power of AI.


AI and Financial Institutions
Businesses, at large, are integrating artificial intelligence (AI) into their everyday operations. In finance, it supports lending decisions, fraud detection, and customer personalization. It also drives business process automation that helps financial institutions deliver a better customer experience. Over several decades, financial institutions have continually adapted the latest technology innovations to redefine how they interact with their customers. ATMs were introduced in the 1960s, and electronic, card-based payments were introduced in the ’70s. The 2000s saw the broad adoption of 24/7 online banking, followed by the adoption of mobile-based fintech app development capabilities through “banking on the go” in the 2010s. Fast forward to 2023, these technologies are yielding results higher than expected for the market.