The IT spending in the finance sector is anticipated to recover and increase in the second half of next year, according to Finastra’s research. Additionally, financial services IT professionals are now discussing generative artificial intelligence (GenAI) as a major tech term in the sector. Finastra’s research reveals that 83% of global banks are interested in the potential benefits GenAI can bring to their businesses, particularly in enhancing the customer experience. However, the fintech revolution is not solely limited to GenAI, as other advancements in the sector are also progressing. This includes Visa’s acquisition of open banking pioneer Tink, which involves significant investments in the technology. Furthermore, a notable transformation has occurred within Zopa, a peer-to-peer lender established in 2005, as it has evolved into a digital bank. The previous 20 years have witnessed substantial changes in the finance sector, with the 2007/08 financial crisis serving as a turning point that prompted a greater focus on technology adoption and talent recruitment. For instance, Goldman Sachs’ chief data officer, Neema Raphael, attributes his breakthrough in finance tech to his involvement in creating a risk exposure database during the crisis. The UK’s Nationwide Building Society has also embraced digitalization, with its latest project involving the migration of its payment systems to a cloud-based software platform. Overall, the top financial services and fintech stories of 2023 include insights from Finastra’s survey, Tink’s expansion plans, Neema Raphael’s career journey, Zopa’s transition into a bank, and Nationwide’s generational tech transformation. Additional stories feature Zurich Insurance’s partnership with Xtype.io, TSB’s call for Meta to combat online fraud, Russ Thornton’s role in Shawbrook Bank’s digital transformation, Ron Kalifa’s report on the future of UK fintech, and Travelex’s recovery plan after experiencing losses due to the pandemic and a cyber attack.
Menu
