AI to have biggest impact on fintech development over next five years

Artificial intelligence (AI) technology will have the biggest impact on fintech development over the next five years, according to a survey of 80 fintechs by Tribe Payments, which analysed the use of five emerging technologies: application programming interfaces (APIs), AI, blockchain, low code and edge computing. Alex Reddish, chief commercial officer at the firm, said the report offers insight into the technologies from those closest fintechs and suggests next steps for those that don't want to be left behind. The survey found that 67% of fintechs believe AI will be the emerging technology that has the biggest impact on the sector over the next five years. Daragh Morrissey, director of AI at Microsoft Worldwide Financial Services, said fintechs have the potential to keep leading on AI. "Some incumbents have admitted to being scared by the potential of fintechs, and they should be," he said. "Smaller companies have the advantage when it comes building sophisticated AI. Without legacy technology to deal with, fintechs simply don't have to revolutionise how they work to start implementing AI."