Advancing the fintech revolution
Over the past two centuries, capitalism has fuelled the industrial, technological and green revolutions, and shaped the global economic landscape. It has lifted millions of people out of poverty, significantly increased standards of living, and resulted in innovations that have radically improved human well-being.
As we journey through the Fourth Industrial Revolution, reinventing capitalism with a focus on ‘true value’ will lead to a world where more companies innovate in ways that contribute to society, and capital markets properly value and reward inclusive, sustainable business practices.
Economies that work better for everyone recognize value beyond sticker price. The largest wealth transfer in history is estimated to move $70 trillion from North American baby boomers to younger generations. Industries, companies and wealth managers are incorporating new metrics of money-making and prosperity. A fintech hotbed of deal-flow models is rapidly emerging to monetize, capitalize and confront new societal and cyber-realities.
Banking outside the bounds
Innovations in fintech are allowing financial institutions to serve customers in novel and unexpected ways. The financial industry is experimenting with predictive analytics, new delivery platforms, artificial intelligence, digital-only banking, blockchain and more. These changes are helping institutions provide higher quality services at lower price points.
Fintech’s emphasis is on creating more robust digital processes that consumers can personalize, creating more positive customer experiences. Banks and wealth managers use AI-driven predictive analytics to design tailored financial packages for individual customers, and AI in fintech helps improve customer retention, speed-up approvals and prevent financial fraud.
Blockchain and beyond
While the viability of cryptocurrency is a hotly debated topic, there appears to be a consensus that blockchain, crypto’s underlying technology, can benefit consumers and the fintech industry. Many of the world’s largest financial institutions are in the process of harnessing blockchain technology to provide various financial services. The success of these technologies can bring down the cost of financial services for consumers.
Augmented reality is helping financial service providers enhance and enrich offerings for customers. Most consumers can access AR technology through their mobile phones making it more convenient than VR. Financial institutions are endeavouring to create interactive AR experiences that strengthen relationships and build loyalty with customers.
Financial institutions are adopting quantum computing for backend computations. Quantum computing is attractive for its ability to increase the speed of financial transactions. Institutions are using the added power for trading, asset pricing, risk analysis and more.
Hear from the innovators and thought leaders who are reinventing the systems and processes that underpin the global financial services industry as part of the Redefining Capitalism knowledge track at Inventures 2022.