The financial services industry has been significantly impacted by technology this year, with generative AI being a game changer. Institutions are now developing plans to deploy the technology on a larger scale, which could disrupt how financial markets operate when combined with other advancements such as blockchain and digital assets.
Fintech has become a key player in strategic decision-making due to the rapid technological developments leading to opportunities and threats that require attention. Many in the industry have started experimenting and conducting research and development to explore the potential uses of generative AI in investments and other business processes.
While there is still progress to be made in the “crypto-winter” of digital assets, there are signs that the Securities and Exchange Commission (SEC) is starting to accommodate investors’ demand for certain digital asset products. This provides an opportunity for both traditional and technologically emergent sides of the industry to innovate and develop.