From the Regulatory Lead to the Site Reliability Engineers (SREs) and development team, there are quite a few individuals involved in keeping a Financial Technology (FinTech) company compliant. And there are quite a few regulations to stay in line with: anti-money laundering (AML), know your customer (KYC), payment card industry data security standard (PCI DSS), the list goes on.

The state of financial services today spotlights core banking digitization and the bigger-than-life disruption it’s causing in the industry. It makes sense that going to the bank sounds like an errand people no longer need to run. Even though 77 percent of banking consumers still use traditional banks in some capacity, 43 percent keep their funds elsewhere, and 61 percent will likely switch to a digital-only provider, Galileo Financial Technologies found.

Top tips is a weekly column where we highlight what’s trending in the tech world today and list out ways to explore these trends. This week, we’re examining four use cases for AI in the ever-growing FinTech sector. The FinTech sector has transformed the discussion around the financial services industry from top to bottom.

We could probably sum up the direction the financial services industry is headed in just two words: digital transformation. It’s the buzzy, all-encompassing focus and end goal of financial services organizations near and far, and it’s the big reason why many organizations are thinking about process automation with a greater sense of urgency.

Fintech, an abbreviation for financial technology, encompasses many firms and technologies that employ innovation and tech to enhance and automate financial services and operations. Their goal is to enhance the efficiency, accessibility, and user-friendliness of financial services. Fintech entities span numerous sectors within the financial industry, such as online payments, lending, digital banking, investing, insurance, and more, all aimed at streamlining financial processes.