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Weekly Research Highlights – 21 November 2023

The fintech industry is rapidly evolving and disrupting traditional financial systems. In this article, we bring you the latest research insights to help you stay ahead of the curve and understand the future of financial technology. Enjoy researching!

Gen AI: A guide for CFOs (McKinsey)

McKinsey’s latest article, “Gen AI: A guide for CFOs,” advises CFOs on effectively incorporating generative AI into their enterprises and finance functions. The focus is on strategic resource allocation, emphasizing the CFO’s role in identifying and prioritizing high-impact use cases. The article underscores the need for rapid learning to navigate the gen AI landscape and harness its potential for value creation in the evolving business environment. Read more

Future growth: Fintech in Indonesia (Payments, Cards and Mobile)

The fintech landscape in Indonesia is experiencing significant growth, driven by digital penetration and investor engagement. Boston Consulting Group (BCG) conducted in-depth interviews and surveys, revealing a six-fold increase in fintech players over the last decade. The evolving ecosystem now includes a diverse range of services such as lending, payments, wealthtech, software as a service (SaaS), and insurance, reflecting the maturation of Indonesia’s fintech beyond payments. Read more

World Cloud Report – Payments sector leads adoption (Payments, Cards and Mobile)

The financial services industry, facing volatility from factors like inflation and interest rate hikes, is strategically turning to digital transformation with cloud-enabled solutions. According to the World Cloud Report – Financial Services, over 80% of industry executives believe superior customer experience and operational excellence are crucial for overcoming challenges and driving growth, with 91% recognizing cloud as a catalyst for this growth. The report highlights a shift towards composable platforms to enhance scalability, flexibility, and innovation, emphasizing the need for a comprehensive cloud strategy and roadmap to unlock the full potential of cloud-enabled systems and technologies such as generative AI in the financial services sector. Read more

Evident Index report: Which banks are winning the AI race? (Fintech Magazine)

Evident’s AI Index annual report highlights JPMorgan Chase as the leading bank in AI adoption, outperforming the market in AI research and maintaining transparency in responsible AI practices. Capital One and the Royal Bank of Canada follow, showing consistent strength across AI patents, research, and partnerships. The report emphasizes North American dominance in the AI race, with six of the top 10 banks based in North America, while Europe, represented by UK-based HSBC and NatWest, lags behind. Evident Co-founder and CEO, Alexandra Mousavizadeh, describes the current period as “epochal” for AI development, emphasizing its critical role in shaping the future of the global financial sector. Read more

How increased access to data could level the playing field for community banks (Fintech Nexus)

Community banks, constituting 97% of the US banking system but holding only 15% of assets, face challenges due to limited access to data, hindering their competitiveness in the digital era. The decline in community banks, according to the FDIC, is attributed to their struggle to match the data capabilities of larger institutions. Increased access to data, coupled with AI solutions, may level the playing field for community banks, enabling them to enhance digital offerings, compete with larger counterparts, and attract a broader customer base. Read more

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