Insights From FMLS:23 "AI in the Finance Will Be Worth $64 Billion by 2030"

<p>In a panel discussion hosted at the
Finance Magnates London Summit 2023 on “What’s Next for Fintech?”, esteemed
leaders from the financial technology (fintech) sector converged to dissect the
evolving landscape of fintech and anticipate its trajectory in 2024. Moderated
by Susanne Chishti, CEO &amp; Investor at FINTECH Circle, the panelists engaged
in a dynamic exchange of insights, shedding light on pivotal trends and
emerging innovations within the fintech sphere.</p><p>The panel comprised influential
figures from diverse realms of fintech, including Karen Zhang, Fintech Account
Lead, UKI at Google Cloud; Kate Shcheglova-Goldfinch, Consultant on Fintech
Market, Digital Technologies, and Regulatory Platforms Development at EBRD/NBU;
Veronica M Glab, Head of Partnerships &amp; Investment Lead at Innovate
Finance; John Woods, Chief Revenue Officer at Zenus Bank; and Stefan Lucas,
Executive at FinTech Trends.</p><p>Trends, Innovations, and Strategies for 2024</p><p>With an audience eager to glean
insights into the future of <a href="https://www.financemagnates.com/tag/fintech/">fintech</a>, the moderator
articulated the agenda: to dissect current trends, identify obstacles to
growth, and delve into the strategic priorities shaping the industry's
trajectory.</p><p>The discussion commenced with an
exploration of key fintech trends expected to shape the landscape in 2024.
Zhang underscored the burgeoning significance of generative <a href="https://www.financemagnates.com/tag/ai/">AI</a> within financial
services, emphasizing its role in enhancing user experience and
personalization. </p><p>"One of the trends that I see
that the next piece is around embedded Finance. There is an increase in the use
of embedded <a href="https://www.financemagnates.com/tag/finance/">finance</a>
and with a lot of my customers, they're seeing this as a massive opportunity,"
Zhang commented.</p><p>Shcheglova-Goldfinch highlighted the
pivot towards embracing new <a href="https://www.financemagnates.com/tag/technologies/">technologies</a> from
a regulatory standpoint, emphasizing the shift towards technological neutrality
and fostering open dialogue between regulators and market players. She
commented, "In the <a href="https://www.financemagnates.com/tag/uk/">UK</a>,
they're arranging Frontier AI task forces and different groups of experts
listening to the market and then understanding what is needed in the regulatory
space." </p><p>Glab accentuated the transformative
potential of AI in enabling intelligent decision-making and combating fraud,
while also spotlighting the internationalization of fintech, particularly in
the Asia-Pacific region. </p><p>"In the past 5 years, we have
seen that, at least in the top 10 fintech markets for receiving the most
capital into fintech ventures, eight out of 10 would always be the US, followed
by the UK, and then the top seven European countries. That's no longer the
case. We actually see four out of the top 10 markets are now in <a href="https://www.financemagnates.com/tag/apac/" target="_blank" rel="follow">APAC</a>. So, I
think that's a trend that is going to continue as well," Glab commented. </p><p>Lucas added, "AI in the finance
market will be worth $64 billion by 2030, and AI will decrease operating costs
by about a trillion dollars by 2030. So, there's a huge opportunity, My second
point is embedded finance. It's a $63 billion market poised to become a $250
billion market by 2032."</p><p>Addressing Obstacles and Embracing
Collaboration</p><p>Woods delved into the paradigm shift
catalyzed by open banking, citing its evolution as a global phenomenon with
distinct regional implementations.</p><p>Lucas echoed sentiments on AI adoption and
highlighted the burgeoning market for embedded <a href="https://www.financemagnates.com/tag/finance/">finance</a>, emphasizing
its transformative impact on consumer transactions and e-commerce.</p><p>Woods stated: "It's very
accessible and working through the implementation in the UK, but how it's been
adopted internationally is very interesting. In South America, industry has led
the way, creating their own regulations and implementation of it. In <a href="https://www.financemagnates.com/tag/north-america/">North America</a>,
it's a bit of a bung fight; no one quite knows who's leading and is kind of
waiting to see which way it flows. <a href="https://www.financemagnates.com/tag/asia/">Asia</a> has its own approach
to it as well."</p><p>The Role of Visionary Leadership </p><p>In discussions about leadership amidst
uncertainty, panelists underscored the importance of traits such as diversity,
adaptability, resilience, and authenticity. Leaders were encouraged to foster
open communication, collaboration, and transparency within their teams,
empowering them to navigate challenges and seize opportunities.</p><p>The panel concluded with a call to
action for leaders to embrace change and engage in honest conversations,
reflecting a collective optimism about the future of fintech and the pivotal
role of visionary leadership in driving sustainable growth and innovation.</p><p>A Fraud Survey</p><p>We invite you to participate in our joint survey conducted
by FXStreet and Finance Magnates Group, which explores prevalent online
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of countermeasures, and challenges faced by companies in tackling such fraud.
Your valuable insights will help inform future strategies and resource
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Survey Participation</a></p>

This article was written by Tareq Sikder at www.financemagnates.com.