Data science and AI in FinTech: An overview

TL;DR

This paper provides a comprehensive overview of how data science and AI are transforming FinTech into intelligent, automated, and personalized financial services across various sectors, highlighting recent advances and future directions.

Contribution

It offers a dense survey of smart FinTech, detailing the integration of advanced DSAI techniques and outlining future research directions in the field.

Findings

Extensive coverage of DSAI techniques in FinTech sectors.

Identification of key challenges and research gaps.

Future research directions for smart FinTech ecosystems.

Abstract

Financial technology (FinTech) has been playing an increasingly critical role in driving modern economies, society, technology, and many other areas. Smart FinTech is the new-generation FinTech, largely inspired and empowered by data science and new-generation AI and (DSAI) techniques. Smart FinTech synthesizes broad DSAI and transforms finance and economies to drive intelligent, automated, whole-of-business and personalized economic and financial businesses, services and systems. The research on data science and AI in FinTech involves many latest progress made in smart FinTech for BankingTech, TradeTech, LendTech, InsurTech, WealthTech, PayTech, RiskTech, cryptocurrencies, and blockchain, and the DSAI techniques including complex system methods, quantitative methods, intelligent interactions, recognition and responses, data analytics, deep learning, federated learning, privacy-preserving processing, augmentation, optimization, and system intelligence enhancement. Here, we present a highly dense research overview of smart financial businesses and their challenges, the smart FinTech ecosystem, the DSAI techniques to enable smart FinTech, and some research directions of smart FinTech futures to the DSAI communities.