The Tech Nexus’ Post

#weekendmusings "Key differences in Banking & Fintech Innovation approaches across regions" If you look at the Banking and Fintech innovation trends across the world, the broad intent is to solve for personalisation, simplification and democratisation of financial technology, products and services to bring impact at scale. Having said that, I see a distinctive approach across regions as follows: North America - promotes culture of cutting edge innovation and experimentation with patient capital and leads with new tech (Generative AI, Digitization, Cloud Technology, Data Platforms, IOT, Industry X.0, Social Media). Banks and FIs in the USA are creating the 'highways i.e. the tech foundation much faster, supported by cloud, data platforms, more flexible data privacy regulations, making it easier for banks to innovate with data products, embedded finance, cross-sell/ upsell and cost savings. In summary, the innovation ecosystem is well led by Big Techs, Fintechs and Banks/ FIs. The flip side is the monopolies that get created in the process. Europe - leads the way with the regulatory foundation for the world to emulate (Open Banking, GDPR, the new AI regulation, amongst others). They are first to crack down on any monopolies either through regulation or forced mergers and divestitures. Emerging Markets (APAC, Africa, LATAM and more specifically India) - Democratisation is a distinct theme here to avoid monopolies of any kind in the long run. In addition to riding on the tech foundation that the Big Techs bring with their global footprint; regulators play an important role in creating an enabling infra to democratise technology for the larger good. In order to leap frog other advanced economies and not make the same mistakes, different demographics and lower per capita incomes compared to the rest of the world, regulators and policy makers have to take a more proactive role. Other emerging economies are now taking inspiration from India building tech for democratisation (e.g. ONDC, UPI, Account Aggregation, others). Japan, Australia and Singapore are in a different league even though they are part of APAC geographical construct.  In addition, one common theme across markets is a strong regulatory supervision enabled by Data and AI, necessary to support Fintech innovation, competition and compliance. Intent of this post is not to claim that one region is better than the other, but call out a generalised view of approaches across regions in Banking and Fintech. Would love to hear thoughts and contrarian views as well. #banking #fintech #innovation

Alert! 3 Emerging Trends Shaping the Future of Indian Fintech The Indian Fintech landscape is booming, and staying ahead of the curve is crucial for success. Here are three key trends shaping the industry that CTOs and CEOs need to be aware of: * 1. Embedded Finance: Imagine seamlessly accessing financial services within your existing apps. Embedded finance integrates financial tools like payments, loans, and wealth management directly into non-financial platforms. This creates a hyper-convenient user experience and opens doors for innovative partnerships. Action for Fintech Leaders: Explore API integration solutions to enable seamless embedding of financial services within relevant platforms. * 2. The Rise of AI and Machine Learning: Data is the new gold, and AI/ML helps unlock its potential. From personalized financial advice to automated fraud detection, AI will be central to optimizing operations, improving risk management, and delivering a superior customer experience. Action for Fintech Leaders: Invest in AI/ML tools and talent to analyze user data, personalize offerings, and create a more data-driven approach. * 3. Open Banking and API Economy: Open Banking fosters collaboration by allowing secure data sharing between financial institutions and third-party providers. This paves the way for innovative financial products and services tailored to specific customer needs. Action for Fintech Leaders: Develop robust APIs to facilitate secure data exchange and explore partnerships with other players in the open banking ecosystem. By embracing these trends, Fintech companies can deliver a more user-centric, efficient, and secure financial experience. Goavega Software: Your Partner in Building the Future of Fintech Goavega Software empowers Fintech leaders with cutting-edge technology solutions designed to navigate these emerging trends. We provide the tools and expertise to help you integrate, innovate, and secure your place in the ever-evolving Indian Fintech landscape. Contact us today to learn how we can help your Fintech venture thrive. . . . #goavegasoftware #Fintech #fintechinnovations #fintechsolutions

Game-changing fintech innovations that will transform the sector in the year 2024: An emergence worthy of note within the Indian fintech sector is the ascent of digital lending platforms. With almost infinite data at their ...

The AI in FinTech sector stands out for its remarkable innovation within a multifaceted ecosystem encompassing financial service providers and startups. Recent years have witnessed a surge in the integration of artificial intelligence (AI) by numerous FinTech companies for strategic decision-making, gaining customer insights, deciphering consumer purchasing patterns, and enhancing the digital transaction process. As an example, the Government of India has recently unveiled plans for accelerated digitalization within the banking sector as part of the Digital India initiative, aimed at fostering financial inclusion. Additionally, the Reserve Bank of India (RBI) has actively promoted its Secure and Informed Digital Banking policy to bolster the adoption of digital financial services. The Fintech industry is distinguished by its high degree of innovation within a complex ecosystem that includes, financial service providers and start-ups. Furthermore, in recent years, AI for fintech crypto has been adopted by various Fintechs for strategic decision making, customer insights, understanding consumer purchasing behavior, and improving the digital transaction experience. For instance, the Government of India announced the rapid digitalization of the banking sector as part of the …

We love fintech because it’s involved in most of our daily interactions and transactions - and it evolves every day to bring more innovation. What can we expect to see in fintech in the near future? Keiser University shares 5 trends for 2024: 💡 It will assist with anti-money laundering (good news for countries trying to get off FATF’s grey list 😉) 💡 AI will bring more natural language into banking and payments 🗣️ 💡 Biometrics-protected digital wallets will become widely useful (beyond just tapping your phone at the point of sale) 👀 💡 Embedded payment solutions will become even more personalised 💡 Open APIs will bring even more innovation 💡 https://lnkd.in/etwXDEWV #fintech #directtransact #transactions #banking #payments #fintechtrends #biometrics #keiseruniversity 

10 Major Fintech Trends Have Been Revealed https://lnkd.in/dV9npTUF Between 2023 and 2028, revenues in the fintech industry will grow over three times faster than those in the traditional banking industry. What are the main reasons for that? 🤖 GenAI and Machine Learning make financial services more secure, efficient, and convenient for the users. 📲 Embedded Finance offers people handy and situation-specific financial solutions. 🔍 Open Banking fosters innovation and contributes to the emergence of more personalized financial products by enabling third-party companies to access financial data through secure APIs. 🌍 Sustainable Finance supports economic growth, reduces environmental impact, and solves social problems. This trend will continue to grow. Want to learn more about trends in the financial industry and predictions for the next few years? Read our complete article #fintech #trends #fintechtrends #sustainablefinance #finance #banking #genai

The fintech landscape is evolving more rapidly than ever. Payment digitization and AI are leading the charge toward a more efficient, secure, and inclusive financial ecosystem. Innovations in AI are not just futuristic concepts but are present realities, driving personalization and enhancing fraud detection in real-time. The bridge between technology and finance has never been more crucial, especially in the domain of secure, cross-border payments. Dive into the future of fintech: #Fintech #FutureOfFinance  

🚀 Exciting News in Fintech and Payments! 🌟 I'm thrilled to share the top 10 trends that will shape the fintech and payments landscape in 2024. According to Juniper Research latest whitepaper, these trends are set to revolutionize the industry and drive significant transformations. • A2A Payments to Challenge Cards in eCommerce and for Funding Wallets • CBDC Use Cases to Emerge in Practice • Generative AI in Banking to Transform Spending Insights • Digital Identity Adoption to Be Catalysed by Digital Wallet Integration • AML Tools to Better Leverage AI as Alternative Payments Complicate Compliance • Sustainable Fintech Solutions to Emerge, as ESG Compliance Tops Agenda • FedNow to Fail to Match Instant Payments Success, but VAS to Flourish • Mobile Financial Services to Accelerate Transition to Banking Tech Services • Biometric In-store Payments to Surge, as Checkout Innovation Rises • B2B BNPL to Provide Critical Financing for SMEs These trends highlight the immense potential for innovation and disruption in the fintech and payments space. As a fintech expert, I'm excited to witness these developments and help businesses navigate the evolving landscape. Stay tuned for more updates and insights on the future of fintech. If you're interested in learning more about these trends or discussing how they can impact your organization, feel free to reach out. Let's explore the opportunities together! #Fintech #Payments #Innovation #DigitalTransformation #FutureTrends

🚀 AI and automation are proving to be game-changers for the UK fintech sector. Over the past five years, despite challenges like Brexit and Covid-19, these technologies have driven incredible innovation. They’re enhancing customer experiences, streamlining operations, and bolstering security. As fintech evolves, leveraging AI and automation is crucial for staying competitive and meeting the digital demands of consumers. I feel this can only be seen as a positive in the UK fintech space the sector is set to be a key driver in boosting the UK economy over the next 5 years! I'd love to know others insights into what AI and automation trends are happening in fintech? 🔗 https://lnkd.in/e_C_H6M9 #fintech #AI #automation #innovation #digitaltransformation #UKbusiness #Brexit #COVID19 #cybersecurity #investment

🔥 Six Emerging Fintech Trends for 2024 ✅ 𝟙. #𝔸𝕀 𝕒𝕟𝕕 #𝕄𝕃 𝕚𝕟 #𝔽𝕚𝕟𝕥𝕖𝕔𝕙: 𝕋𝕙𝕖 ℕ𝕖𝕨 𝔼𝕣𝕒 The use of AI and ML in fintech is increasingly becoming widespread. Over half of fintech companies now leverage AI to deliver new products and services, differentiating themselves in the market. Integrating AI within digital products is expected to become easier and more cost-effective, enhancing user experience and setting new benchmarks in fintech offerings. ✅ 𝟚. 𝕊𝕥𝕒𝕓𝕝𝕖𝕔𝕠𝕚𝕟𝕤: 𝔾𝕒𝕚𝕟𝕚𝕟𝕘 𝔾𝕣𝕠𝕦𝕟𝕕 𝕚𝕟 #ℙ𝕒𝕪𝕞𝕖𝕟𝕥𝕤 Stablecoins, traditionally used as trading capital, are gaining broader acceptance in the business sector. Fintech companies are simplifying conversions to fiat currencies, leading to increased adoption in cross-border transfers and as a diverse payment method at checkouts. This shift signifies a more convenient and cost-effective use of digital currencies in financial transactions. ✅ 𝟛. #𝕊𝕦𝕤𝕥𝕒𝕚𝕟𝕒𝕓𝕝𝕖 𝔽𝕚𝕟𝕒𝕟𝕔𝕖: 𝕋𝕙𝕖 𝔾𝕣𝕖𝕖𝕟 𝕎𝕒𝕧𝕖 Responding to the growing demand for sustainable financial solutions, fintech companies and banks emphasise green banking. This includes promoting digital payments, which are more eco-friendly compared to traditional methods, and committing to carbon neutrality and waste reduction. ✅ 𝟜. #𝕊𝕒𝕒𝕊 𝕄𝕠𝕕𝕖𝕝𝕤: 𝕊𝕙𝕒𝕡𝕚𝕟𝕘 ℝ𝕖𝕧𝕖𝕟𝕦𝕖 𝕊𝕥𝕣𝕖𝕒𝕞𝕤 The shift towards Software as a Service (SaaS) models in fintech is gaining momentum. With the reduction of interchange fees, fintech companies are adopting SaaS for its predictability of revenue and scalability. ✅ 𝟝. 𝔸𝕀-𝕝𝕖𝕕 #ℂ𝕪𝕓𝕖𝕣𝕤𝕖𝕔𝕦𝕣𝕚𝕥𝕪 ℂ𝕙𝕒𝕝𝕝𝕖𝕟𝕘𝕖𝕤 The rise of AI-led fraud attacks, including deepfakes and voice clones, poses new challenges for cybersecurity in fintech. Cybercriminals increasingly use AI for sophisticated fraud and malware attacks, necessitating advanced countermeasures in the financial sector. ✅ 𝟞. 𝔼𝕞𝕓𝕖𝕕𝕕𝕖𝕕 #𝔽𝕚𝕟𝕒𝕟𝕔𝕖: 𝕀𝕟𝕥𝕖𝕘𝕣𝕒𝕥𝕚𝕠𝕟 𝕒𝕟𝕕 𝔾𝕣𝕠𝕨𝕥𝕙 Embedded finance is experiencing rapid growth, facilitated by the use of APIs. Non-financial companies are integrating financial solutions like insurance, investments, and financing into their platforms, particularly evident in B2B e-commerce. This trend reshapes payment acceptance through Banking-as-a-Service (BaaS) and Wallet-as-a-Service (WaaS), offering greater control and operational efficiency. ⏭️ Full report https://lnkd.in/dgUjQVTE Dapio via Enrico Molinari #ESG #finserv #marketing #GenerativeAI #govtech #insurtech #banking