Building Block 3 – Automation
PROGRESS ALONG THE NEW ROAD
- AI jumps to top of investment league table in 2019.
- Fintechs struggling to keep up with pace of technological change as much as banks.
- Technology investment is wasted without the infrastructure to support it.
A circular financial services ecosystem requires the right culture. It also needs the right tools. Coupled with the technical architecture that can adapt as processing power grows and patterns of demand change.
But with reduced ability to predict the future with any degree of certainty – how can providers zero-knowledge proof their business for a world where today’s opportunities can quickly become tomorrow’s obstacles?
“There’s a risk that someone can offer consumers a service they’ve never had before that could replace you almost overnight. Your offering will seem archaic, and you simply can’t plan ahead for that” says Mr Fredericks at IndieFin.
Sprinting backwards – In the survey half the top six predicted investment areas for 2019 haven’t featured meaningfully in previous editions. And until very recently any talk of AI was kept to science fiction thrillers.
Rapid technological change is not exclusive to financial services. All industries are now at its mercy to some degree. The specific problem – for fintechs as much as banks – is that backbone services like finance now cross paths with other industries in increasingly sophisticated ways. To the point that providers are becoming invisible.