Kriti PatelTLDR:
- AI in the finance industry is projected to be worth $64 billion by 2030, with the potential to reduce operating costs by a trillion dollars.
- The panelists at the Finance Magnates London Summit discussed the rising adoption of embedded finance and its potential opportunities.
In a panel discussion at the Finance Magnates London Summit, experts from the fintech sector gathered to discuss the future of fintech and the trends that will shape the industry in 2024 and beyond. The panel, moderated by Susanne Chishti, included influential figures such as Karen Zhang from Google Cloud, Kate Shcheglova-Goldfinch from EBRD/NBU, Veronica M Glab from Innovate Finance, John Woods from Zenus Bank, and Stefan Lucas from FinTech Trends.
Zhang highlighted the significance of generative AI in financial services, focusing on the role it can play in enhancing user experience and personalization. She also discussed the increasing adoption of embedded finance and the opportunities it presents. Shcheglova-Goldfinch emphasized the importance of embracing new technologies from a regulatory standpoint, promoting technological neutrality, and fostering open dialogue between regulators and market players. Glab discussed the transformative potential of AI in decision-making and fraud prevention, and highlighted the internationalization of fintech, particularly in the Asia-Pacific region. Lucas echoed the sentiments on AI adoption and emphasized the transformative impact of embedded finance on consumer transactions and e-commerce.
The panel also addressed obstacles and collaborations within the fintech industry. Woods discussed the paradigm shift facilitated by open banking and its global implementation. A variety of approaches to open banking were highlighted in different regions, including the UK, South America, North America, and Asia. The panelists also stressed the importance of visionary leadership in driving sustainable growth and innovation. Traits such as diversity, adaptability, resilience, and authenticity were emphasized, and leaders were encouraged to foster open communication, collaboration, and transparency within their teams.
The panel concluded with a call to action for leaders to embrace change and engage in honest conversations, expressing optimism about the future of fintech. The projected growth of AI in the finance industry and the opportunities presented by embedded finance were identified as key trends to watch out for. The panelists emphasized the need for the industry to adapt to new technologies, collaborate with regulators, and prioritize customer-centric strategies.
