Emerging trends in Financial Services & FinTech: Artificial Intelligence, Machine Learning to define future

Two major trends Artificial Intelligence and Machine Learning are going to define the future of fintechs, said Soumya Rajan, Founder & CEO, Waterfield Advisors, at the FE Modern BFSI Summit. As for the emerging trends in the financial sector, Rajan noted two big themes, connectivity and computing, which are going to shape up the future. As far as connectivity is concerned, India has 750 million smartphone users, which is likely to become 1 billion by 2026. Rajan said that on the demographics front, the Gen Ys, and the Gen Zs are digital natives, which rely more on the technology for their financial services. In 2021, around 770 billion digital transactions happened globally, of which around 40 billion were with regard to mobile money.