Council Post: AI And ML Can Transform Financial Services, But Industry Must Solve Data Problem First

Technology has dramatically changed how the financial services industry operates. This has been consistent over many decades; however, recently the pace of change has become exceptionally fast. The fintech market has deployed these technologies to disrupt the broader industry by enhancing the customer experience and changing the traditional customer acquisition model. The next evolution of fintech will focus on the back end and middleware software that powers the financial services industries. What few market participants realize is the shiny front-end customer experience of these new fintechs and neobanks are still often powered by traditional banking systems.