Fintech & Ecommerce

TIFIN Launches Platform for Creating AI FinTechs

The wealth platform with integrated artificial intelligence TIFIN presented a new project, which is a kind of space for creating AI fintech firms.

TIFFIN Launches Platform for Creating AI FinTechs

The new project was named TIFIN.Artificial intelligence. Information about this is contained in the company’s press release, which was published last Thursday, July 27. Within the framework of this project, a new group of fintech firms will be created within the structure of TIFIN. The initiative is funded by investments of the banking giant JPMorgan.

The press release indicates that the new project embodies the conditionally material realization in the digital dimension of the vision of TIFIN and its supporting bank, according to which artificial intelligence should become an integral element of the interaction process within the framework of asset and wealth management. The press release also notes that through the use of a new generation of technology, more professionals and individuals will have access to valuable information and recommendations that allow them to make informed decisions about the treatment of financial resources.

As part of the previous TIFIN Studios project, five companies and three subsidiaries were created in the period from 2018 to 2021. This result also had a positive financial indicator.

Vinay Nair, founder, and CEO of TIFIN, says that the company’s mission is to influence through innovative solutions with a minimum implementation period. He noted that the Studios project has already become entrenched in the DNA of the company and expressed pride in the fact that it was possible to create a platform that helps accelerate the future. Vinay Nair also said that he was glad to interact with talented employees who have a strategic approach to work, designed for the long term, and the opportunity to apply, according to him, amazing innovations in the field of machine intelligence, which improve the results of individuals in the use of financial assets.

Nowadays, according to experts, there is a certain technological era of artificial intelligence fever. The current situation has been formed based on the fact that digital intelligence can continue a high level of efficiency within business applications. At the same time, many experts insist that AI should be perceived as a tool for strengthening or improving processes, but not as a systemic alternative to existing structures of activity in various industries. At the same time, they recognize that machine intelligence has the potential for fundamental transformation, which involves not only participation in work but also changing standard forms of action.

Business executives and junior staff are trying to hit the wave of generative artificial intelligence, but, according to analysts, they should take into account the likelihood of reverse influence. This means that the modernization process at some point may be led by the digital mind, and people will only follow the standards set by technology. In this case, the enslavement of humanity and similar scenarios are not meant. Analysts suggest that AI can become a source of creating new forms of processes in the business environment.

Many banks recognize the strength and power of machine intelligence, but at the same time adhere to the approach of careful implementation of advanced technology in their activities. The interest of the financial sector in the integration of AI is confirmed by the example of JPMorgan. The bank’s director of Information Technology, Lori Beer, said that the lender, as part of its actions to increase the value of the business with the help of a new generation of technology is $1 billion, ahead of the original plan. This year, the financial institution has increased the number of options for using artificial intelligence and machine learning by more than 34% compared to a year ago.

Lori Beer also said that the use of AI has become a factor of positive influence on the personalization of products and the formation of the experience of retail customers, which was reflected as a result in the form of revenue of $220 million in 2022.

As we have reported earlier, Venture Capital Firm Together Fund to Help Indian AI Startups.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.