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

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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.


Fintech: Powering digital transformation in financial services - BusinessWorld Online

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Anyone who has transferred money to another person's account without having to deal with a bank employee -- by e-mail, text, call or physical visit to a bank branch -- is no longer a total stranger to financial technology. But keeping up with developments in the market can be dizzying, as fintech has grown exponentially of late, helped in part by the global health crisis that provided the impetus to reexamine processes and put the customer at the core of solutions. Fintech trends have been disruptive and will continue to be so especially now that the mobility restrictions since 2020 forced financial institutions to take a good look at what a digital economy is going to look like. Looking at the practical responses of banks to stay agile during the pandemic by examining processes that can be automated and making them more customer-centric, we can see that financial institutions have already set into motion what could be the beginnings of digital transformation. In some countries, financial firms are proactively taking steps to understand how their organizations can benefit from the wide array of available and emerging technologies.


fintech Twitter NodeXL SNA Map and Report for Monday, 13 June 2022 at 06:17 UTC

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The graph represents a network of 6,865 Twitter users whose recent tweets contained "fintech", or who were replied to or mentioned in those tweets, taken from a data set limited to a maximum of 18,000 tweets. The network was obtained from Twitter on Monday, 13 June 2022 at 09:58 UTC. The tweets in the network were tweeted over the 1-day, 13-hour, 8-minute period from Saturday, 11 June 2022 at 17:08 UTC to Monday, 13 June 2022 at 06:17 UTC. Additional tweets that were mentioned in this data set were also collected from prior time periods. These tweets may expand the complete time period of the data.


AI In Fintech Market to be Worth $41.16 Billion by 2030: Grand View Research, Inc.

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The global artificial intelligence in fintech market size is expected to reach USD 41.16 billion by 2030, growing at a CAGR of 16.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. Artificial intelligence (AI) is widely used in financial organizations to improvise their precision levels, enhance their efficiency and instant query resolving through digital banking channels. AI technology like machine learning can help organizations raise their value by improving loan underwriting and eliminating financial risk. Organizations are also using it to build more robust fraud detection and prevention systems and help accelerate risk assessments and fraud detection. Get more Insights from 100-pages market research report, "Artificial Intelligence In Fintech Market Size, Share & Trends Analysis Report By Component (Solutions, Services), Deployment (Cloud, On-premise), By Application (Fraud Detection, Virtual Assistants), And Segment Forecasts, 2022 - 2030", published by Grand View Research. The AI in fintech market is expected to increase in the coming years due to advancement in technology that is boosting financial service providers' business processes.


Why AI and ML is Reshaping the Fintech Industry

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Andreas Braun is the Director Artificial Intelligence & Data Science at PwC Luxembourg. He is passionate about technologies that have the human factor at the forefront. Biometrics, in particular in its usage of Machine Learning and AI methods is his area of expertise. We caught up with him to find out how his role has developed, and why AI is at the forefront of the most innovative fintech solutions. I am the AI lead at PwC Luxembourg, which gives me the great opportunity to have an impact on all the different sectors that are touched by AI – which pretty much means all of them.


#FinServ_2022-05-28_18-38-50.xlsx

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The graph represents a network of 1,973 Twitter users whose tweets in the requested range contained "#FinServ", or who were replied to or mentioned in those tweets. The network was obtained from the NodeXL Graph Server on Sunday, 29 May 2022 at 01:52 UTC. The requested start date was Sunday, 29 May 2022 at 00:01 UTC and the maximum number of days (going backward) was 14. The maximum number of tweets collected was 7,500. The tweets in the network were tweeted over the 4-day, 1-hour, 3-minute period from Monday, 23 May 2022 at 09:19 UTC to Friday, 27 May 2022 at 10:22 UTC.


Digital trends shaping financial services - Bluegrass Digital

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Modern tech-savvy consumers are opting for financial service providers that can help them better understand their financial position and manage it accordingly across any platform, any time. There is a new breed of agile, tech-driven start-ups that are fast changing the fintech landscape. Consumers expect a digital-first customer experience and businesses will have to adapt to and thrive in this changing environment. Tech is transforming the market and meeting the growing digital demand. Waiting to innovate is no longer an option for traditional banks and other financial institutions, they need to act quickly to remain competitive.


Bye-bye, megabank: More young adults are adopting digital banking to manage their money

ZDNet

Marc Wojno has been a writer and editor in the financial field for more than two decades. A new report published this month by data analytics firm FICO shows that a growing percentage of younger U.S. consumers -- specifically Gen X, Millennial and Gen Z groups -- consider digital banks, such as Cash App, Chime and PayPal, as their primary checking account provider, not traditional megabanks such as Bank of America, JPMorgan Chase and Wells Fargo. The report identified five competitive threats to traditional banks and credit unions, and what those companies need to do to stay competitive: Overdraft; savings and investing; buy now, pay later (BNPL); niche neobanks; and open banking. The report, Counterattack: Banks Field Guide to Fintech Disruption, in conjunction with research from Cornerstone Advisors, notes that although many US consumers are pleased with the quality and services of traditional banks and credit unions, the percentage of those three younger generations who chose fintechs over brick-and-mortars as their primary banks have doubled, at 12% of customers since 2020. FICO's report stated that for Millennials and Gen X-ers, the percentages dropped by nearly half during that same period.


Promising Benefits of AI in the Financial Technology Market

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Artificial intelligence (AI) is all the rage now. It's impacting numerous industries globally and changing the way we do things. One of the critical industries AI is making strides in is the financial technology "fintech" industry. AI now plays a significant role in facilitating financial services, replacing what required manual work a few years ago. For example, banks now apply AI to assess credit risks with high accuracy.


How AI-Powered tech is transforming the credit risk process

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The global data and intelligence solutions provider, Provenir, is leading the marketplace through its data insights innovation and technologies. The US-based software technology company which supports the international fintech industry, ensures the marketplace is a global data and intelligence ecosystem that makes accessing data fast and easy. Now, Provenir has invited industry professionals to join them in their latest webinar that outline how can AI-powered risk decisioning can play a part in transforming the entire credit risk decisioning process. The session, which is presented by key industry leaders, explores how technology continues to evolve and advances in big data, digital transformation, and AI/ML are creating new opportunities for financial services and fintechs to improve their credit decisioning processes. The webinar panel discussion is being moderated by FinTech Magazine and will provide a spectrum of topics for discussion that outline the importance of using AI/ML to transform credit risk decisioning.