Fintech Insider Podcast by 11:FS
822. Insights: Putting the big tech into fintech
Feb 1, 2024
Experts discuss the role of big tech in finance, exploring use cases and risks. They debate whether big tech companies are friends or competitors to banks. The challenges of informed consent and the potential for bots to streamline financial processes are explored. Cultural differences between traditional banks and big tech companies are highlighted. The future of consumer engagement and the transition to the metaverse are also discussed.
46:27
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Quick takeaways
- Big tech's entry into the financial services sector requires a case-by-case approach in terms of regulation, considering both specific financial services regulations and non-financial services rules such as competition and data protection.
- AI has the potential to transform financial services by enhancing offerings, improving customer experiences, and addressing complex financial needs through personalized and efficient solutions.
Deep dives
The Growing Overlap Between Big Tech and Finance
This podcast episode explores the increasing overlap between technology giants and finance and the role that big tech is currently playing in the financial services industry. The conversation delves into the distinction between FinTechs and TechFins, with examples such as Stripe and Apple using technology to enhance financial services. It discusses the challenges and opportunities for big tech in the regulatory space, including financial services regulations and non-financial services rules such as data protection and competition. The panel also speculates on the future impact of AI and virtual reality on financial services, highlighting the potential for disruption and customer-centric innovations.
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