Revolutionising the Monetary Landscape: The Convergence of FinTech, RegTech, and AI

Abstract

Abstract

This article investigates the applications and ramifications of FinTech, RegTech, and Man-made reasoning (simulated intelligence) inside the quickly advancing monetary biological system. By assessing pertinent writing and contextual investigations, the article exhibits the cooperative energy of these three mechanical areas and fundamentally examines the difficulties and potential open doors they present. The paper closes by framing critical bits of knowledge and likely bearings for future exploration.

1. Financial ecosystem: A complex network of interconnected financial institutions, markets, products, and services that interact and transact. This term can encompass everything from traditional banking systems to the latest financial technologies.
2. FinTech: An amalgamation of "financial technology" refers to using technology and innovation to challenge traditional financial products and services and offer new solutions in the finance industry. This includes mobile banking, cryptocurrency, peer-to-peer lending, and more.
3. RegTech: Short for "Regulatory Technology," it pertains to technologies designed to assist financial institutions in meeting industry compliance rules and regulations. These technologies use data analytics and modern techniques to ensure businesses adhere to external regulatory standards and internal risk policies.
4. Artificial Intelligence (AI): Refers to the capability of a machine or software to mimic human cognitive functions such as learning, reasoning, problem-solving, perception, and decision-making. This technology is driven by algorithms that can learn and make decisions from data.
5. Challenges and opportunities: In the context of this abstract, this refers to the potential barriers, problems, and benefits that the convergence of FinTech, RegTech, and AI might bring to the financial ecosystem. Challenges can be anything from regulatory hurdles to technical limitations, while opportunities involve improved efficiencies, new markets, or innovative products and services.