Welcome to Digital Acceleration FINTECH News. By popular demand, we will comment on recent news related to Digital Transformation: AI, ML, IoT, Cybersecurity, success stories, and Systems Integrators Whitepapers. Click on Subscribe to be notified of new episodes.
I have a couple of requests from subscribers asking for industry segment news.
This week I will comment on FinTech-related news.
Incumbents and Digital-born Fintech are announcing significant investments in AI.
In the first place, I want to comment we have news coming from multiple regions, commenting on essential alliances and commitment of Incumbents and Digital-born fintech, exploring and investing in AI as a critical business differentiation: Hong Kong (HSBC and HKUST), Thailand (MONIX Co, part of SCB X Group), Middle East and Turkey (MasterCard study), India (Clear fintech), Canada (Featuremine Corp and Seneca Innovation), and US (Wells Fargo and Google Cloud), among others.
Why is this news relevant?
To emphasize, we often think that AI and innovation are running at different speeds among geographies. Not anymore: investments are driven by customer needs, not by geography.
FinTech will have a steady growth in AI investment due to the increasing demand for Process Automation.
This week UnivDatos published a report showing steady growth by 2028 due to RPA initiatives, among others.
Why is this news relevant?
- Firstly, this analysis provides some granularity, as has been segmented the study has been segmented into four categories: Type, Deployment, Application, and Geography
- Secondly, it shows a different perspective on the current priorities (RPA) vs. current trend and hype: Hyper personalization of services.
McKinsey published the results of a survey revealing an increased need for Cybersecurity Technologies in all industry sectors. (Fintech included)
This week McKinsey published a very interesting report that as the digital economy grows, digital crime grows with it, so organizations are exploring many ways to mitigate their exposure.
Why is this news relevant?
This dire report is incredibly insightful for customers in heavily regulated markets. (Fintech, Insurtech, Life Science, Healthcare, among others)
Most important, it covers a good analysis of why the Security exposure has increased, the different technologies that must be monitored and risks to be mitigated, and alternate ways to reduce risks, including migrating IT platforms to the Cloud.
Must read!
As a bonus,
The importance of quality data is a significant obstacle to progress in Machine Learning and AI.
Finally, this week Datamani, in collaboration with Capital One, published a fascinating article about multiple reasons why an AI initiative fails in connection with quality data.
Why is this news important?
While this news is not exclusively for Fintech but for all industry sectors, it is important to highlight that business leaders often pay special attention to other aspects, such as governance or processes and how to operationalize AI and ML. They need to realize how critical it is to have quality data to train the solution.
To summarize, this report provides valuable examples and testimonials from FinTech subject matter experts about the criticality of having quality data.
Good enough?
I hope you find this Episode valuable and entertaining.
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