Betting on Fintech: Which Transformative Technologies Will Shape the Near Future?
Jul 22, 2024
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Experts in fintech, including Jeff Tijssen, Ronit Ghose, and Anthony Craufurd, discuss the future of transformative technologies in the industry. Topics include practical applications, research impacts on investments, dividing ventures, revenue growth, overhyped technologies, and proof points for pioneering companies.
AI is seen as the next major platform in FinTech, surpassing Gen AI in importance.
Payments infrastructure inefficiencies are a focus, sparking excitement for global innovation in the industry.
Deep dives
The Future of AI Beyond Gen AI
AI is projected to be the next major platform after mobile internet, surpassing Gen AI in significance over the next decade. The panelists emphasized the transformative potential of AI, suggesting that new platforms may not follow a linear development like PC to mobile, but rather be centered around AI.
Importance of Payments in FinTech Innovation
While AI garners attention, payments remain a critical focus in the FinTech industry due to its impact on global players and high investment levels. Speaker Jeff highlighted the value of addressing inefficiencies in payments infrastructure globally, expressing excitement for the innovation that could stem from these improvements.
Navigating AI Integration in Financial Services
The conversation delved into the challenges and opportunities posed by integrating AI within financial services. Insights pointed to the need for transparent, auditable, and explainable AI solutions to enhance decision-making processes, and highlighted the importance of AI complementing human expertise rather than replacing it.
Consolidation in FinTech and Future Trends
The dynamic landscape of FinTech showcased a trend towards consolidation among established companies and a reduction in seed and A-stage startups. The speakers anticipated an upcoming wave of mergers and acquisitions, signaling a shift towards greater industry consolidation and potential IPO activities in the future.
In this episode of Deciphered, recorded live from Money20/20 Europe, host Adam Davis, Bain associate partner, is joined by Jeff Tijssen, Bain partner and global head of fintech, Ronit Ghose, Citi Future of Finance global head of banks research and cohead of fintech and Anthony Craufurd, Visa Europe director of ventures and startup engagement, to discuss which transformative technologies will shape the future of Fintech.
Timestamps:
04:46 Betting on Fintech: Which transformative technologies will shape the future?
09:48 Practical applications of new technologies in financial services
13:50 How is the research at Citi translated into investment and product decisions?
16:12 Dividing up ventures from a tech perspective
18:09 Integrating investments back and driving revenue
19:22 Overhyped technologies
22:59 Proof points when looking at companies pioneering new technologies
24:58 Money 2020 takeaways
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