Fintech Analyst Report - Issue 316

Sarah Mason

15 May 2024

This week we highlight several reports focused on AI including its uptake within financial services generally, the value it can add for wealth managers, and also the threats it can create in boosting the activity of cybercriminals. In addition, we look at how CIOs can go beyond compliance to help drive value from open banking. Lastly, we examine the importance of creating engaging banking experiences, including the potential value to be gained through digital receipts and in helping consumers better manage their shared finances 

Omdia: AI in financial services  
This report examines the current adoption of AI and emerging trends in the financial services industry, alongside a forecast of AI software spending until 2028. 

Celent: How AI-powered CRM systems are revolutionising wealth management  
AI-driven CRM can transform wealth management, offering deep insights into client data for personalised interactions. By leveraging AI algorithms, wealth managers are tailoring investment strategies, strengthening client relationships and delivering relevant advice. 

Javelin: Exposing the threat of AI
Advanced AI creations, including auditory and visual deepfakes, threaten financial institutions and individuals as cybercriminals exploit them to bypass security measures, commit fraud, and damage reputations. 

Gartner: Driving value beyond compliance in Open Banking  
Open banking regulations are spreading globally, but compliance-focused APIs may not generate significant business value. Bank CIOs should lead the development of differentiated API products, leveraging standards like BIAN and FDX. 

Celent: The value of engaging banking services   
Retail banks are realising the importance of engaging and delighting customers to deliver value. Tailored interactions reinforce the bank's value. Examples include proactive services like financial wellness, security measures, and eco-friendly initiatives. 

Datos Insights: The untapped potential of digital receipts  
Delivering digital receipts to consumers through digital banking systems can provide additional value, including new opportunities for engagement between consumers and FIs.  

Forrester: Growing shared finance
UK traditional financial institutions still push outdated joint accounts despite better options offered by fintech and nonfinancial tech firms. This report discusses how business leaders should explore new ways to assist people with shared finances.

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