Fintech
The Future of Artificial Intelligence in FinTech: Revolutionizing the Industry
Alan Irwin, VP of Product and Solutions Europe at Global Payments, told us: “The main driving force behind paytech innovation is the drive to support businesses by developing more efficient and convenient ways of paying for their customers.
“Merchants who want or need to increase their revenues and expand into new markets must have strong levels of customer loyalty, something that can be earned by providing consumers with quick, easy and secure payment experiences, tailored to their specific preferences” .
Gen AI in fintech: a constant flow of innovation
News of new Gen AI innovations in the fintech and finserv sectors are coming with increasing frequency.
Last month, Temenos launched its own the first responsible generative AI solutions for core banking, as part of its Gen AI banking platform, to help banks revolutionize how they interact with their data to transform efficiency, operations and product management.
Just two weeks ago, Quantexa presented its new Gen AI suiteQ Assist, with HSBC and BNY Mellon, to help organizations increase decision-making among frontline and information workers.
Gen AI’s reach is limitless; it even helped Klarna saves $10 million in marketing costs with its rapid ability to execute marketing campaigns and generate images.
As new regulations, including the EU AI Act, begin to spread, the possibilities for using AI in fintech and finserv will begin to become crystal clear, and we can expect to see its application being used in increasingly innovative ways , as the fintech industry barrels head first into its digital future.