What is Consumer fintech?
What is Consumer fintech?
Technically. The definition resides on the coming together of technology and finance. Hence FinTech. Or Financial Technology.
How do we define what a consumer fintech company really is? What about fashion? Can that consider itself FinTech?
And so really one could stretch that definition to anything using money with the consumer. Now, if we allow for FinTech’s definition to really include all movements of money. Then as a result, couldn’t per se, fashion, be a FinTech? Wouldn’t RentTheRunway.com consider itself a FinTech? They provide rental services. Deal with payments.
But let’s look at the overall fashion industry.
Moreover, the fashion industry keeps changing its clothing.
Fashion industry has a long history of changing and turning back to the old trend. People enjoy the imagination and creativity brought from the fashion industry. Having a refreshing and interesting visual sensation is always the goal for the designing industry.
Dolce & Gabbana has promoted its collection for its summer 2019 and there are a lot of extravagant flower patterns in the collection. Recently, some machine learning algorithms are good at recognizing patterns and summarizing the current trend of runway clothes. Furthermore, the results can be a good tool to help designers to check their perspectives towards the fashion trend in the upcoming year.
What can artificial intelligence code accomplish in the fashion industry?
IBM has created a machine learning application that is able to analyze the style of clothing by its size, length and cutting. Sometimes, designers are analyzing the collection of clothing in the industry, and it is hard to summarize them into categories in a short amount of time. In addition, Machine learning algorithms are able to categorize the different styles of clothing in a shorter amount of time and it saves fashion assistants tons of time. The application improves the efficiency of fashion designers. Occasionally, the clothing becomes recognized into the wrong categories, and it does take time to maintain the system.
As for nowadays, shoppers are buying a lot of clothing online and all websites are storing the user’s data all the time. All of that data is valuable data and if the data is cleaned in the right way, algorithms have a chance to predict the user’s preference right.
Customer’s tastes can change over time and between seasons. All the past user’s behavior data is not directly linked to the current clothing preference. Lastly, trends change all the time, and everyone has his or her own definition of fashion. Fashion is a more expression of self and those selected clothing recommendations by algorithms can only be checked when people have no idea what to buy.