Fintech’s greatest breakthrough of the year and cybersecurity threats to look out for


Fintech’s greatest breakthrough of the year and cybersecurity threats to look out for

Technology is not what it was a few years ago. Mobile banking apps did not exist a few years ago. Today, numerous apps offer a variety of financial services. Financial technology, or Fintech, is a term that describes technology that automates and as a result improves the delivery of financial services. This technology aims to aid businesses and their customers who manage their financial activities using apps on their PCs and mobile devices.

Fintech origins are back end systems in financial institutions. This has however changed in the recent past where fintech focuses more on customer satisfaction and service delivery in education, retail banking, among other sectors.

The greatest breakthrough in 2019

Several innovations have taken the fintech industry by storm. One of the most outstanding is cognitive Artificial Intelligence (AI). Cognitive computing refers to the use of computerized models to mimic the human brain. Cognitive computing and AI are closely connected, and the premise of the same technologies. AI refers to the simulation of human intelligence by a computer system. This includes machine learning, self-correction, and reasoning.

AI is divided into weak and strong categories. Weak AI or narrow AI is designed for a specific task. Weak AI includes Virtual Personal Assistants such as Siri from Apple. Strong AI is an AI system that as human cognition. When faced with an unfamiliar problem, a strong AI can find a solution without the help of a human.

Cognitive AI banking

Cognitive banking is a blend of AI, natural language understanding, machine learning, and predictive analysis technologies. All these technologies help to change a bank’s relationship with its clients by offering them quality customer experiences, reducing cost and increasing shares with new services and products.

Cognitive banking has several advantages:

  • Cognitive banking has several advantages:
  • Engaging and responding to clients anywhere and any time
  • Guiding clients with personalized advice
  • Automatically act on behalf of customers and help them get to their financial targets
  • Continuously learn from client behavior and quickly adapt.

Forms of cognitive banking cyber threats

Cognitive security is helpful in the prevention of attacks that try to manipulate human thoughts. Such attacks are known as cognitive hacking and are meant to change people’s behaviors to suit the attackers. Some of the threats of cognitive AI include:

Adversarial AI attacks

An adversarial attack attempts to fool a computer model via malicious input. This technique is used to cause a malfunction in AI models. Attackers can take over AI machines and reprogram them, making them adversarial and potentially dangerous to the people around them.


Hackers can easily control networks and systems by injecting malware into the communication systems. This malware can cause AI systems to spread malware to other systems.

How to protect against cyber threats

There will always be hackers as long as there is information steal. There are several ways to protect data from hackers:

Biometric login

While using cognitive banking and AI, cybersecurity uses biometric login for added security. The AI system can scans retina, pal and fingerprints with 99% accuracy. The biometric login can be used together with passwords.


Using Android and iOS VPN for mobile devices that communicate with AI in cognitive banking is advised. This prevents hackers from accessing any information sent to the AI as the VPN encrypts all information.

Training the AI systems

The AI systems can be trained to detect viruses and malware using data sets that have different codes and algorithms. By using this data, AI can carry out pattern recognition, which helps to identify anything suspicious that could be malware or virus.

The AI’s best feature is the potential for Natural Language Processing. An AI-powered system collects data automatically for later reference by article scanning, news, studies, articles, etc.


Technology is on the cusp of a breakthrough.  Cognitive computing and AI banking is the next big thing. The convenience of banking with ease, and with the help of virtual assistants may end up being hacked. Hackers gain entry into databases using the weakest link, humans. While AI may learn how to think like humans, they are not yet fully intelligent like humans. In another 5 years to come, maybe things will be different and AI will be a lot more intelligent.


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