Name: The next big thing in fintech
Uploaded: 2023-08-24T09:57:48.111Z
Duration: 389.36
Description: The fintech industry moves fast. So, we asked three fintech experts what’s new and what’s next that will completely transform the industry. Here’s what they said!

ADF_2023_08_17_FINTECH FUTURES 2023 WILSON-SMITH-NGUYEN D2_V03_1.mp4

ADF_2023_08_17_FINTECH FUTURES 2023 WILSON-SMITH-NGUYEN D2_V03_1.vtt

English

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The next big innovation in the FinTech

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space is definitely going to be the

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inclusion of blockchain and crypto

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assets within the FinTech environment and

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creating ecosystems that are hybridized.

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I think predicting what the next

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big thing in FinTech has become

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an incredibly difficult task,

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and you only have to look at

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the rapid advancement of technology

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with the introduction of chat G P T

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in the last year on the one hand and

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the difficult economic environment

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that we find ourselves operating in.

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For me, there's no doubt it's gonna be ai.

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Now, what could really happen in

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the finance industry, is how now

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that AI is scaling in a big way.

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It used to be really, to a certain few

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in the bank, but today AI is a very

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powerful tool and it will really transform

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all the financial services and how

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people will use it to do better the job.

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In other words, linking the

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old traditional systems with

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the new FinTech systems.

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I think that's going to be the biggest

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thing to watch for the next few years.

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Whereas previously we had a lot of

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hype around the retail sector, we

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are now starting to see institutional

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adoption of the technologies

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for areas like data security and

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verification auth authentication.

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So I think we're going to see that

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increase and continue very much so in

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the next coming two to three years.

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So if you are a glass half full person,

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you'll probably be excited about the

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possibilities of AI and result in product

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and services enhancements and innovations.

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But if you are a glass half Empty

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person you'll be concerned about the

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difficult fundraising environment

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and the difficult economic

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situation that we find ourselves in.

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I think it will be really, fast.

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AI is not new.

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If you talk with the industry,

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a lot of people have been

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using AI for many, years now.

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It's not something that is totally new,

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but now compared to perhaps a couple

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of years ago or 10 years ago, AI now is

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at scale and it's to mass market, which

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means that huge amount of people will have

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and have access to it and will use it.

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It means that now if you don't you will

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really see the impact and you are still

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starting to see already some major deals,

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some major people using it at scale.

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Some banks are actually now partnering

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in a big way to use ChatGPT  to do

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some of the function in the bank.

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So for me that in the next year,

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1, 2, 3 years, it will really,

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transform the whole industry.

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I, wouldn't talk five, 10 years.

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I would talk next year or the

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next the next two, three years.

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So well, I think we'll start to see

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what we call hybrid finance, where

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we'll actually start to see the

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primary traditional institutions

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will not succeed unless they start

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to adopt the FinTech approach and

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crypto assets and digital assets

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because the world is

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moving forward to that way.

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Reg tech is going to be an

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important area for development.

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Certainly regulation is

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becoming more complex.

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Regulators are becoming more

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interventionists  and it is only going

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to become more challenging for banks.

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So typically banks have have their

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compliance and their fraud function

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operating separately from product or

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product design and I think fintechs

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find themselves in a similar situation.

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They typically added on fraud

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or compliance as an add-on

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after they've grown and their

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requirements have increased.

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So in this space, we're seeing

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an error of, solutions coming to

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the market, addressing food using

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artificial intelligence and machine

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learning technologies, which is making

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it much more simple for banks to

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operate, reduce costs and complexity.

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Digital trade and trade finance

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is gonna be a huge area.

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We know that 96 percent of the economy

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are SMEs, and they're actually pretty much

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excluded from digital trade, despite the

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fact that they contribute such a large

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percentage to G D P internationally.

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With the introduction of FinTech

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blockchain technologies, ai, the

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adoption of authenticated data, those

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SMEs will be, in essence de-risked and

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they'll have greater access to trade

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finance through the institutions.

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It's about $130 trillion opportunity

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for financial institutions, so I

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think that is, Definitely the area

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that we will see a movement towards.

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And that of course means that

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we do need to start looking very

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seriously at digital credentials.

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I think in terms of how fintech's are

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approaching their growth and development.

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I think what we've observed is an

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increasing focus on partnerships.

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So growth and scale are not necessarily

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animating factors of Innovation in

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financial services and FinTech anymore.

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And what they're looking to do is to

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partner with other fintechs or vendors

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or financial institutions to expand

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the products and customer bases rather

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than pursue their standalone growth.

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So glocalization of technology

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stacks is becoming the necessary evil

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FinTech, and that's why partnerships

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is going to be an important business

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strategy for them going forward Web 3.

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I think if you are not interested in

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the world of Metaverse and web three,

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I think you're gonna be losing a lot.

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We are starting to see amazing things

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in the space which means that I

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would invite you to start learning

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about it and start opening a wallet.

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Start an going into that

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metaverse because, Things

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will shape very differently.

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You'll be able to do your

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shopping, to talk to people from

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around the world in that space.

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And if you are not there, I

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would invite you to start getting

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into that world and learn.

assets within the FinTech environment and

For me, there's no doubt it's gonna be ai.

powerful tool and it will really transform

possibilities of AI and result in product

and services enhancements and innovations.

means that huge amount of people will have

starting to see already some major deals,

FinTech Futures

Trend

The fintech industry moves fast. So, we asked three fintech experts what’s new and what’s next that will completely transform the industry. Here’s what they said!