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

Monday, 29/01/2024 | 17:53 GMT by Tareq Sikder
  • The panelists on “What’s Next for Fintech?” underscored a notable rise in the adoption of embedded finance.
  • They highlighted AI's potential to slash operating costs by a trillion dollars by the end of the decade.
FMLS 23: What's Next for Fintech
FMLS 23: What's Next for Fintech

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, the CEO & 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.

The panel comprised influential figures from diverse realms of fintech, including Karen Zhang, a Fintech Account Lead for UKI at Google Cloud; Kate Shcheglova-Goldfinch, a Consultant on Fintech Market for Digital Technologies and Regulatory Platforms Development at EBRD/NBU; Veronica M Glab, the Head of Partnerships & Investment Lead at Innovate Finance; John Woods, the Chief Revenue Officer at Zenus Bank; and Stefan Lucas, an Executive at FinTech Trends.

Trends, Innovations, and Strategies for 2024

With an audience eager to glean insights into the future of fintech, the moderator articulated the agenda to dissect current trends, identify obstacles to growth, and delve into the strategic priorities shaping the industry's trajectory.

Karen Zhang, Fintech Account Lead, UKI at Google Cloud

The discussion commenced with an exploration of key fintech trends expected to shape the landscape in 2024. Zhang underscored the burgeoning significance of generative AI within financial services, emphasizing its role in enhancing user experience and personalization.

"One of the trends that I see that the next piece is around embedded Finance. There is an increase in the use of embedded finance and with a lot of my customers, they're seeing this as a massive opportunity," Zhang commented.

Kate Shcheglova-Goldfinch, Consultant on Fintech Market, Digital Technologies at EBRD, NBU

Shcheglova-Goldfinch highlighted the pivot towards embracing new technologies from a regulatory standpoint, emphasizing the shift towards technological neutrality and fostering open dialogue between regulators and market players. She commented: "In the UK, 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."

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.

Veronica M Glab, Head of Partnerships & Investment Lead at Innovate Finance

"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 APAC. So, I think that's a trend that is going to continue as well," Glab commented.

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."

Addressing Obstacles and Embracing Collaboration

Woods delved into the paradigm shift catalyzed by open banking, citing its evolution as a global phenomenon with distinct regional implementations.

Stefan Lucas, Executive at FinTech Trends

Lucas echoed sentiments on AI adoption and highlighted the burgeoning market for embedded finance, emphasizing its transformative impact on consumer transactions and e-commerce.

John Woods, Chief Revenue Officer at Zenus Bank

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 North America, 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. Asia has its own approach to it as well."

The Role of Visionary Leadership

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.

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.

Participate in Our Fraud Survey: Your Opinion Matters!

We invite you to participate in our joint survey conducted by FXStreet and Finance Magnates Group, which explores prevalent online financial fraud types, platforms used for fraudulent activities, effectiveness of countermeasures, and challenges faced by companies in tackling such fraud. Your valuable insights will help inform future strategies and resource allocation in combating financial fraud.

LINK:Social Media Scams: Help Shape the Fight with Your 2024 Survey Participation

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, the CEO & 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.

The panel comprised influential figures from diverse realms of fintech, including Karen Zhang, a Fintech Account Lead for UKI at Google Cloud; Kate Shcheglova-Goldfinch, a Consultant on Fintech Market for Digital Technologies and Regulatory Platforms Development at EBRD/NBU; Veronica M Glab, the Head of Partnerships & Investment Lead at Innovate Finance; John Woods, the Chief Revenue Officer at Zenus Bank; and Stefan Lucas, an Executive at FinTech Trends.

Trends, Innovations, and Strategies for 2024

With an audience eager to glean insights into the future of fintech, the moderator articulated the agenda to dissect current trends, identify obstacles to growth, and delve into the strategic priorities shaping the industry's trajectory.

Karen Zhang, Fintech Account Lead, UKI at Google Cloud

The discussion commenced with an exploration of key fintech trends expected to shape the landscape in 2024. Zhang underscored the burgeoning significance of generative AI within financial services, emphasizing its role in enhancing user experience and personalization.

"One of the trends that I see that the next piece is around embedded Finance. There is an increase in the use of embedded finance and with a lot of my customers, they're seeing this as a massive opportunity," Zhang commented.

Kate Shcheglova-Goldfinch, Consultant on Fintech Market, Digital Technologies at EBRD, NBU

Shcheglova-Goldfinch highlighted the pivot towards embracing new technologies from a regulatory standpoint, emphasizing the shift towards technological neutrality and fostering open dialogue between regulators and market players. She commented: "In the UK, 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."

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.

Veronica M Glab, Head of Partnerships & Investment Lead at Innovate Finance

"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 APAC. So, I think that's a trend that is going to continue as well," Glab commented.

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."

Addressing Obstacles and Embracing Collaboration

Woods delved into the paradigm shift catalyzed by open banking, citing its evolution as a global phenomenon with distinct regional implementations.

Stefan Lucas, Executive at FinTech Trends

Lucas echoed sentiments on AI adoption and highlighted the burgeoning market for embedded finance, emphasizing its transformative impact on consumer transactions and e-commerce.

John Woods, Chief Revenue Officer at Zenus Bank

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 North America, 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. Asia has its own approach to it as well."

The Role of Visionary Leadership

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.

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.

Participate in Our Fraud Survey: Your Opinion Matters!

We invite you to participate in our joint survey conducted by FXStreet and Finance Magnates Group, which explores prevalent online financial fraud types, platforms used for fraudulent activities, effectiveness of countermeasures, and challenges faced by companies in tackling such fraud. Your valuable insights will help inform future strategies and resource allocation in combating financial fraud.

LINK:Social Media Scams: Help Shape the Fight with Your 2024 Survey Participation

About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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