This study aimed to provide a qualitative review of the current and potential use of artificial intelligence (AI) in fintech. A brief search of the first three pages of Google Scholar using the topic as the search term yielded 16 relevant papers. These were discussed under the sections of current, potential and current & potential of AI in fintech. The results revealed that the growth of AI in fintech has been rapid as reflected in the global market sizes of both fintech and AI. Fintech firms have been using either or both data-first or AI-first approaches depending on what was required. Currently, AI is used for many fintech services. There is potential to extend them further and innovate services with new AI approaches. There are many challenges like risks, cybersecurity, data privacy protection, fraud prevention and sustainable microfinancing. Future research should address the gaps in our knowledge about AI in fintech services and barriers to reaching the potential for AI in fintech. One major limitation of this review is limiting the number of papers to 16 for a qualitative review.

Keywords: FinTech, artificial intelligence, machine learning, review