The financial services industry has experienced significant changes this year, thanks to advancements in technology. One of the most game-changing developments is the introduction of generative AI, which has prompted institutions to plan for wider adoption. This technology has the potential to disrupt traditional financial markets when combined with other innovations such as blockchain and digital assets.
Fintech companies are also playing a crucial role in strategic decision-making, with rapid technological advancements leading to opportunities and threats that require attention. Many organizations are conducting research and development to explore how generative AI can be used in investments and other business processes.
Despite the ongoing “crypto-winter” in digital assets, there are positive signs of progress. The Securities and Exchange Commission (SEC) is starting to accommodate investors’ demand for certain digital asset products, providing an opportunity for both traditional and technologically emergent sides of the industry to innovate and develop.