Fintech industry leaders are predicting significant innovation opportunities in 2024 stemming from advancements in artificial intelligence (AI) and generative AI (GenAI).
These predictions come despite fintech facing an economic downturn in 2023, two years after a record-breaking investment year in 2021, with major questions around future funding rounds, valuations, and the performance of individual fintech businesses.
Main points from industry leaders include:
- Ugne Buraciene, CEO of payabl, stresses the importance of technologies like AI in streamlining integrations and enhancing fraud monitoring. She also pushes for addressing legacy frameworks among established providers.
- Nigel Lombard, CEO of PeppercornAI, highlights the rapid development of AI and urges CEOs of insurance providers to understand and adopt the technology to avoid falling behind.
- Uldis Tēraudkalns, CEO of Nexpay, anticipates shifts in the rules for cryptocurrencies and electronic money, with regulators working to safeguard users and the financial ecosystem.
- John Barber, VP of Finacle, discusses the impact of GenAI on how banks embrace technology, while emphasizing the need for strong ethical frameworks and oversight.
- Anish Kapoor, CEO of AccessPay, warns that authorized push payment (APP) fraud will remain a crucial concern in 2024, pushing payment service providers to implement new reimbursement requirements.
Meanwhile, others predict an increase in GenAI-driven crime, a transformative change in the acquiring landscape, and a focus on the fundamentals for business success.
The general sentiment suggests that while 2023 posed significant challenges to the fintech industry, the potential for technological advancements and regulatory shifts in 2024 offers exciting opportunities for innovation and growth.
