Stay informed, stay ahead as we look into the future of 2024. AI is taking over? Not yet, but the buzz is certainly shaking up the fintech industry at its foundation. See the latest insights on the artificial intellligence boom, the chaotic communications field, digital banking and more today.
AI in 2024: What Can We Expect? (Knowledge at Wharton)
Wharton’s Christian Terwiesch, in an interview with Wharton Business Daily, emphasizes the transformative impact of generative artificial intelligence, considering it one of the most significant game-changers in our lifetime. He stresses the importance of embracing this technology for its potential to boost productivity, advocating against unfounded fears of job displacement. Terwiesch encourages viewing AI as a valuable tool rather than a threat. Read more
Will 2024 be a progressive year for fintech investment? (Finextra)
In 2023, the fintech investment landscape faced challenges, primarily due to widespread uncertainty. However, with the anticipation of interest rates decreasing in the coming year, there’s optimism for a surge in available investment capital. The aftermath of COP28 and the global shift away from fossil fuels have elevated the importance of ESG and cleantech investments. The focus on AI’s potential impact on financial services is evident, and the industry is poised for change in 2024, with the challenge lying in how swiftly companies can adapt to meet evolving customer demands. Read more
AI in Insurance: Setting New InsurTech Benchmarks and Managing Risks in 2024 (AiThority.com)
In a recent interview, Rhino’s co-founder and CEO, Benjamin Lantos, discussed the transformative impact of AI in the insurance industry, emphasizing its potential as a game-changer. Lantos highlighted Rhino’s role in reshaping the security deposit insurance sector, using low-cost insurance policies to make renting more affordable. The interview also touched upon Rhino’s comprehensive offerings, including Credit+, and how the company leverages machine learning for risk analysis. Lantos shared insights on managing regulatory challenges and the evolving fintech landscape, emphasizing a customer-centric approach for success. Read more
Amdocs: Gen AI, RTP & Credit Unions – Key Trends for 2024 (Fintech Magazine)
In an interview with Zur Yahalom, SVP and Head of Financial Services North America at Amdocs, he predicts key areas of growth in financial services for 2024. Yahalom emphasizes the increasing demand for improved customer experience in family banking, addressing the needs of multi-generational households. He also suggests that 2024 will be the year of realization for Gen AI applications in financial institutions, exploring its potential within ongoing regulatory discussions. Additionally, credit unions are expected to continue consolidation efforts to attract customers, while the growth of real-time payments (RTP) will see banks moving towards cloud adoption. Read more
Why communications monitoring is currently a ‘wild west’ (Fintech Global)
The communication monitoring landscape is a true “wild west,” urging firms to ensure nimble processes to adapt to new and evolving communication channels. Firms face the challenge of capturing relevant communication across various platforms and devices amid the increasing use of digital communication tools. Financial institutions are actively exploring strategies like improved oversight through risk data and analytics, creating new leadership roles, enhancing agility in IT systems, and adopting continuous monitoring tools to strengthen compliance. The dynamic nature of communication channels and regulatory expectations make communication monitoring an ongoing challenge for firms. Read more
Whether you need orchestration or not depends on the ‘music’ that you want to make (The Paypers)
Masha Cilliers, Principal Consultant at Payment Options, discusses the concept of payment orchestration, emphasizing that merchants need to choose the setup that aligns with their specific needs and goals. Payment orchestration involves managing various payment providers, methods, and connections to optimize transactions. Merchants can choose between in-house solutions, outsourcing to a one-stop-shop payment service provider (PSP), or partnering with an orchestrator that acts as a single point of connection with multiple providers. The decision should be based on factors like technology, internal expertise, growth plans, and geographical considerations. Cilliers provides pros and cons for in-house versus external orchestrators, highlighting the importance of thoroughly evaluating each setup before implementation. Read more
Millennials and Gen-Z embrace digital banking and “mobile-first” payment mindset. Could that be a problem? (Fintech Futures)
The 2024 Cardholder Dispute Index, commissioned by Chargebacks911 and The Strawhecker Group, reveals that banking customers under the age of 35 prefer managing their finances through mobile apps, with nearly 72% of consumers in this age group favoring the app. Younger users are three times more likely to favor mobile payments over conventional credit card payments. As mobile banking and payment preferences of Millennials and Gen Z become the norm, fintech firms providing digital-first, mobile-enabled experiences may have an advantage over traditional institutions. Consumer education on responsible use of banking apps, mobile wallets, and dispute processes is crucial to avoid misuse of these tools. Read more
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