Porfirio Sanchez Galindo: How AI can benefit the Fintech industry
Artificial intelligence is changing the way people do business. As its presence continues to grow in industries around the world.
Artificial intelligence is changing the way people do business. As his presence continues to grow in industries around the world, the mathematician and economist Porfirio Sánchez Galindo believes it is worth evaluating his positive contributions.
For the financial technology industry, AI has proven extremely beneficial. Banking software provider (SaaS) Fininbox predicts that fintech will reach more than 4.5 billion active users by 2023. The reason for this is simple: artificial intelligence.
More and more companies use AI to automate processes that employees traditionally performed. The result is more time for employees to concentrate on other tasks, while their AI counterparts manage various financial tasks and user queries. In short, companies are seeing the future of efficiency. Reliable AI has given birth to better productivity and growth.And this is just the tip of the iceberg.
The financial industry has tended to ignore those already retired for a long time. Perhaps the thought is that these people, many of whom sit on the richest pillars of the financial system, do not need fiscal attention. Instead, they focus on young people. What products do you need? What services do you want?
Porfirio Sánchez Galindo prefers to think of the population as a whole. Young people are certainly important, but many over 60 years old want to be participants in the use of their wealth. Whether this means managing it or growing it, the demand is there. Besides this, what do human beings want? Live longer .
Traditional banks were never designed to maintain lasting accounts for their clients. At first glance, a gloomy notion. However, all this means that banks did not expect to serve a large contingent of clients for an extra long time .
Fortunately for everyone, AI seems to be about to help fintech serve another industry: the longevity industry.
As human life expectancy grows (and the population of people over 60 with it), AI advances promise to contribute to the development and creation of new financial products and services geared to the aging of the world.
Longevity banks will become the new norm, and clients will have better opportunities for investment, capitalization and accumulation of wealth in general. The products can provide a simplistic overview of the investments, taxes, insurance and the set of regulations that come with all of them.
The growth of AI-led services and practices is already in action. For example, the IAcen King`s College Longevity Consortium in London focuses on the development of the application of advanced AI to human longevity.
Naturally, much of this is geared towards personal health. As the body ages, the imperative for health maintenance grows. Longevity has become an industry in itself, with explorations on how AI can be combined with various medical instruments and services.
However, in addition to personal health, comes financial well-being. As a result, companies are also analyzing how AI can be combined with life data related to insurance companies, pension funds and other means of retirement.
For Porfirio Sanchez Galindo, the question is no longer just the traditional one, how can we keep it healthy? For him , how can we keep him financially healthy?
With the implementation of AI, fintech companies hope to help people achieve the financial health they crave. Perhaps it is through automated advisors who use algorithms to provide investment options. Or maybe a greater offer of digital brokers for online investment and continue to increase growth in microinvestment platforms. Regardless of the path, AI has opened many doors for financial technology and, subsequently, the longevity industry.
Porfirio Sánchez Galindo completed his studies at Stanford University before serving as Chief of Staff of the Treasury Secretariat from 2000 to 2006. Later, he worked as Chief Economist and Marketing Director for Televisa, the largest media conglomerate in the language Spanish. It specializes in marketing and management strategies and often provides innovative support to the financial technology industry.