How Does FinTech Work? Automation and AI

In short, FinTech works to leverage technology in the promotion of more speed and efficiency to finance and conduct most often financial services through online platforms. That is, functioning of FinTech can be further broken down as follows:
It forms the backbone of FinTech, an advanced technology stack that includes cloud computing, blockchain, mobile apps, and APIs. Cloud computing is about scalability, blockchain is about secure, decentralized transactions, and APIs are the application programming interfaces that allow seamless integration of multiple financial systems and services.
This offers FinTech across online channels, whether that be on mobile apps, websites, or desktop software. So, financial services can then be accessed anytime, and anywhere, just to mention a few scenarios, transfer funds, view investments, or apply for a loan, without actually visiting their physical branches.
Automation and AI : One of the important factors of the business model for FinTech is the scope of automation applied to its operational activities, such as loan application and approval, development of credit score, detection of fraud up to minimize human error and efficacy in delivery of services better aligned to users' preference through the use of algorithms and artificial intelligence designed in machine learning from complex data of finances.
Payment Systems: One of the integral parts and parcel of FinTech is digital wallets, mobile payments, and online banking. The payment mechanism allows consumers and businesses to settle payments speedily and with complete safety using a credit card, cryptocurrency, or bank transfers. Technologies include near-field communication (NFC), QR codes for easy transactions.