In the past few decades, financial services have undergone a major transformation aimed at improving the management of cash flow and risk for both corporates and end customers. However, with the emergence of numerous game-changing innovations and technologies like open banking, blockchain, Big Data analytics and more, the next wave of development is set to occur faster and more extensively. Financial services, in fact, are set to become more digital, accessible, embedded, and decentralized.
A few weeks ago, Match-Maker Ventures Venture Partner Michael Hilbert had the pleasure to attend the leading global event for the financial services industry, Finovate Europe 2023, where they showcased the latest innovations and cutting-edge technologies which are set to revolutionize the banking sector.
Read on to discover our key takeaways from Finovate 2023 on the industry trends banks and FinTechs should look out for to stay ahead of the curve.
1. The age of data
The age of data has finally arrived in the financial services industry – with the use of data-driven algorithms becoming increasingly prevalent. FinTech and corporate banks are developing solutions that leverage data analytics to enhance client interactions, provide ESG (Environment Social Governance) solutions, and facilitate regulatory and legal processes. In order to make data-driven decisions and offer more personalized services to their clients, many corporates are relying on advanced analytics and machine learning techniques, deriving insights and identifying patterns, while complying with regulatory requirements.
2. Embedded banking
Following a more data-driven focus, embedded finance also experienced significant growth in the past years. By integrating financial services into other products and services, businesses are able to gather valuable information about their client’s behavior and preferences, offering more tailored and accessible financial services.
3. AI and data-driven solutions
As technology continues to advance, the banking industry is expected to become more reliant on AI and data-driven solutions. The ability to analyze vast amounts of data and draw insights from it will be critical in meeting the evolving needs of customers and staying relevant in a fast-paced environment.
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