Anyone still doubting whether fintech is disrupting Chicago's financial services industry only needs to look at a handful of recent partnerships to see that innovative technology is necessary for large enterprises to stay competitive in an ever-evolving market, lest they become obsolete. Take the following inked deals, for example. Amount -- a digital credit solution provider -- partnered with TD Bank and HSBC last year to help the two large institutions streamline their personal loan services, reflecting a marketplace that grew by $21 billion in 2018 to a record high of $138 billion, according to credit reporting agency TransUnion. Meanwhile, AI-powered financial compliance solution Ascent recently partnered with global information tech company IBM to help banks and other financial entities meet changing regulatory requirements. These types of partnerships help banks and financial institutions react to market changes and prepare for the future of finance; namely, by giving consumers more of the seamless user experiences they're used to and leveraging AI to streamline manual regulatory processes, saving valuable time and resources.
Financial services institutions are capitalizing on digital transformation to enhance the efficiency of existing systems, and provide competitive conveniences for customers. However, adoption of disruptive and emerging technologies is not a seamless transition. Institutions must undergo structural reforms across internal and external processes and systems, while remaining compliant with changing regulations and customer demands. In this session, attendees will learn how a panel of seasoned technology executives are driving the financial industry forward with digital transformation. Attendees will learn: • How emerging technologies such as AI, machine learning and blockchain are transforming financial institutions.