As we navigate the future of financial solutions, we sought insights from five industry leaders, including Managing Directors and Operations Managers. From the revolution of finance through AI and tech stack to the reshaping of financial solutions through IoT integration, these experts share their predictions for the industry’s future.
- AI and Tech Stack Revolutionize Finance
- Financial Inclusion Through Technology
- Quantum Computing Transforms Finance
- Digitalization and Automation Shape Finance
- IoT Integration Reshapes Financial Solutions
AI and Tech Stack Revolutionize Finance
The future of financial solutions and their impact on the industry will be wide-ranging, especially given the uptake of AI within financial institutions. Advancements in AI, particularly large language models, are also speeding up the pace of change for moving away from legacy systems.
This is because AI usage requires that financial institutions have the latest technology stack in place to integrate AI into their business processes. The latest technology stack includes the cloud, whether private or public, software tools for data analytics, and BI reporting for handling extensive sets of data to be used by AI-based financial solutions.
It also includes open APIs for integrating disparate systems together in a more seamless fashion. Financial institutions that are forward-thinking stand to benefit from AI much more than their less nimble peers. They also future-proof their firms from a tech perspective.David Csiki
Managing Director, INDATA
Financial Inclusion Through Technology
Financial solutions aim to bridge the gap and provide access to financial services for the unbanked population, leveraging technology to offer affordable and simplified banking solutions.
This will have a profound impact on the industry by promoting social and economic development. For example, companies like M-PESA in Kenya have already made significant strides in financial inclusion by providing mobile banking services to millions of previously unbanked individuals.
By expanding similar initiatives globally and leveraging new technologies, financial solutions can empower individuals and communities, driving economic growth and reducing poverty levels.Roy Lau
Co-Founder, 28 Mortgage
Quantum Computing Transforms Finance
Quantum computing is a really powerful tool that can help the financial industry become even better. It can do things that regular computers can’t, and this can change how we handle money-related matters.
Quantum computing can significantly enhance portfolio optimization for financial solutions and FinTech tools. This issue is about finding the best way to invest money from a multitude of different options.
It’s a tricky problem because there are so many ways to invest. However, quantum computers can solve this problem exceptionally well because they can perform numerous calculations simultaneously. They are better at solving this problem than regular computers.
Quantum computing also has the potential to transform option pricing, a fundamental component of trading. Quantum computers, with their high-speed processing capabilities, can calculate precise option values faster than traditional methods, giving traders a competitive advantage.Samantha Hawrylack
Founder, How To FIRE
Digitalization and Automation Shape Finance
As a finance technology expert, my prediction for the future of financial solutions is that we will witness a continued and accelerated shift toward digitalization and automation.
Advanced technologies, such as artificial intelligence, blockchain, and data analytics, will play a pivotal role in shaping the industry. Financial institutions will increasingly adopt innovative solutions to enhance customer experiences, improve risk management, and streamline operations.
Mobile banking, contactless payments, and personalized financial services will become the norm, catering to the developing needs and preferences of tech-savvy consumers. However, with this transformation comes the challenge of ensuring robust cybersecurity measures to safeguard sensitive financial data.
Overall, the future of financial solutions will be marked by increased efficiency, accessibility, and integration of technology in every aspect of the industry.Brian Clark
Founder, United Medical Education
IoT Integration Reshapes Financial Solutions
Integrating IoT devices and sensors in finance will revolutionize the industry. Real-time financial data gathered from connected devices can improve risk assessment, fraud detection, and customer experience.
For example, in insurance, IoT sensors in insured assets can provide continuous real-time data on their condition, helping to determine accurate premium rates and reducing fraud.
In retail banking, real-time transaction information from IoT devices can enhance fraud detection and enable personalized offers based on a customer’s location or spending patterns. The possibilities are vast, and this integration will reshape the future of financial solutions.Jason Cheung
Operations Manager, Credit KO