Steve Suarez®’s Post

🚨 Not to be missed! Where are banks investing in Fintech? What are market trends telling us about the future of AI? 👇 #IBMPartner Brilliant discussion with Kirsty Rutter, Fintech Investment Director (Corporate Venture Capital) at Lloyds Banking Group and Vera Kukic, Partner UKI Head of Strategy Financial Services at IBM Consulting. We packed a lot into this short clip - debating issues such as: 🤔  What happens when generative AI meets open finance? Spoiler alert: your relationship with your bank might possibly become a relationship between your ‘bot’ and theirs. (Special mention to David Birch and the article he and Kirsty co-wrote on this topic last year). 💰 Where are banks investing in Fintechs? What does strategic value look like today.. and in the future? 💡 Market trends and moving innovation from exploration into production. ✍️ The need to redesign processes rather than replicate manual operations. [Please turn on captions for video subtitles] Catch more from IBM at BR10 on the Balcony, for a series of roundtables and demos. Check the out the conference agenda for keynotes. Thanks Ana Paula De Jesus Assis, Shanker Ramamurthy, John Duigenan, Tony Davis, J.D. (John David) Penner, CTP (CD), D. Matthew Stremel, Paul Béjard, Jean-Philippe Desbiolles, Pankaj Kumar, Ismael Casado, Fregison Suliva, Simon W., Prakash Pattni, Mary Ellen Higgins, Robert Mercorella, Kamini Belday, Anthony Terrafirma, Carson Masterson, Nicole Park, Marc Minguella, Eveline de Buyzer, Gregor Hastings, Gaëlle DUSSUTOUR-TAN, Tineke Mertens, Paolo Sironi, Miguel Gimenez de Castro, Brandi Boatner, Alexandra Edwards Money20/20Europe #IBM #Money2020 #Money2020Europe #fintech #AI #business #bankingindustry #banks #financialservices #technology #watsonx #GenerativeAI

🚀 𝐓𝐡𝐞 𝐦𝐚𝐢𝐧 𝐭𝐡𝐞𝐦𝐞𝐬 𝐨𝐟 𝐅𝐞𝐛𝐫𝐚𝐛𝐚𝐧 𝐓𝐞𝐜𝐡 𝟐𝟎𝟐𝟒 🚀 In all, 𝟗 𝐭𝐨𝐩𝐢𝐜𝐬 guided the event. Each week we'll highlight one of them. 𝐋𝐞𝐭'𝐬 𝐠𝐨! 🤖 𝐀𝐫𝐭𝐢𝐟𝐢𝐜𝐢𝐚𝐥 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞, 𝐭𝐡𝐞 𝐩𝐫𝐨𝐭𝐚𝐠𝐨𝐧𝐢𝐬𝐭 In the opening panel, the presidents of the 𝐜𝐨𝐮𝐧𝐭𝐫𝐲'𝐬 𝐥𝐚𝐫𝐠𝐞𝐬𝐭 𝐛𝐚𝐧𝐤𝐬 came together to comment on the advances in 𝐀𝐈, the central theme of the event. 📈 It was clear that traditional banks have made significant investments in 𝐀𝐈 to 𝐨𝐩𝐭𝐢𝐦𝐢𝐳𝐞 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬, 𝐫𝐞𝐝𝐮𝐜𝐞 𝐜𝐨𝐬𝐭𝐬 and 𝐢𝐦𝐩𝐫𝐨𝐯𝐞 𝐭𝐡𝐞 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐞𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞. 💰 To illustrate the practical impact of 𝐀𝐈 in the financial sector, Carlos Vieira, 𝐩𝐫𝐞𝐬𝐢𝐝𝐞𝐧𝐭 𝐨𝐟 𝐂𝐚𝐢𝐱𝐚 𝐄𝐜𝐨𝐧ô𝐦𝐢𝐜𝐚 𝐅𝐞𝐝𝐞𝐫𝐚𝐥, mentioned that the technology had made it possible to reduce the time taken to 𝐚𝐧𝐚𝐥𝐲𝐳𝐞 𝐫𝐞𝐚𝐥 𝐞𝐬𝐭𝐚𝐭𝐞 𝐜𝐫𝐞𝐝𝐢𝐭 from three days to three hours, generating savings of more than 𝐑$𝟏 𝐦𝐢𝐥𝐥𝐢𝐨𝐧! 💡 The possibility of financial institutions using 𝐀𝐈 to make 𝐩𝐫𝐞𝐯𝐞𝐧𝐭𝐢𝐯𝐞 rather than 𝐫𝐞𝐚𝐜𝐭𝐢𝐯𝐞 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬 was also highlighted. According to Milton Maluhy Filho, 𝐂𝐄𝐎 𝐨𝐟 𝐈𝐭𝐚ú 𝐔𝐧𝐢𝐛𝐚𝐧𝐜𝐨, this means making decisions before the event happens. 📢 This is a warning to 𝐛𝐚𝐧𝐤𝐬, 𝐟𝐢𝐧𝐭𝐞𝐜𝐡𝐬 and 𝐧𝐞𝐨𝐛𝐚𝐧𝐤𝐬 that have not yet started to advance in 𝐀𝐈: the risk of being left behind in terms of competitiveness is high. 👉 At 𝐄𝐥𝐮𝐦𝐢𝐧𝐢, we have an exclusive 𝐀𝐈 division focused on developing solutions using this technology. 𝐆𝐞𝐭 𝐢𝐧 𝐭𝐨𝐮𝐜𝐡 𝐚𝐧𝐝 𝐟𝐢𝐧𝐝 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞! #FebrabanTech2024 #AI #ArtificialIntelligence #FinancialSector #JoinElumini #greatplacetowork #ITJobs

Data is more than just a commodity - it’s a force for positive change!    This is the real value of data; rather than selling it for a mere sum, one can bring tons of changes to society through this digital resource.    The 2023 Mastercard Impact Data Summit, Vilas Dhar, President of the Patrick J. McGovern Foundation, has urged us to unite and enhance data capacity for broader digital access.     Together, let’s harness the power of data and AI to revolutionise our world for the better. Have a look at Mr. Dhar's opinion on Data & how it can be used to bring social change. #artificialintelligence #datascience #datasharing #fintech #softwaredevelopment #dataforgood   Video Credit: Mastercard Center for Inclusive Growth

🌍 Financial institutions worldwide are embracing sustainability! 🌱 Fueled by the push for net-zero emissions and strict #ESG regulations, #banks are turning to #AI and #analytics to drive eco-friendly practices—according to this article on #Forbes: https://lnkd.in/g5n_n4Nm Financial institutions are using AI to offer green loans and bonds as well as to enhance risk management while integrating ESG considerations into business strategies. 🔍 Challenges exist, like the lack of a uniform sustainability framework, but the financial sector is navigating them with AI and data analytics. 🌐💡 Exciting times lie ahead for more sustainable and accountable banking! #MECBot, our award-winning data excellence product for just-in-time decision-making, helps #bankers attain their business goals and sustainability milestones in the shortest time, with minimal investment, and with the least data engineering effort. Explore our banking use case here: https://lnkd.in/gRR4Y7dX 🌈🚀 #AIinBanking #AIinFinance #ESG #FutureofFinance #Sustainability

Wayne Mincey, CEO of Datos Insights, looks at the year ahead with optimism, as he sees financial services at the centre of global change and opportunity in 2024. 💡 "As is often the case, opportunities are rooted in uncertainty. International conflicts, political uncertainty, climate change, economic disparity and technological innovation continue to influence how leaders define priorities and strategies. When we are able to anticipate forces shaping the year ahead, we can respond faster and in smarter ways." Read the editorial in the January issue of Banking and Payments Bulletin 👉 https://lnkd.in/epFnJFZy #AI #banking #payments #fintech #innovation

#DigitalBanking: A Path to Success or a Recipe for Failure? In the fast-paced world of #FinTech, digital banks are emerging at the forefront. But are we setting them up for success, or are they headed towards a potential downfall? Let's dive in: [A] Beyond Buzzwords: - Chasing Trends: Terms like #DigitalTransformation and Automated Lending are more than just buzzwords; they're signposts on the road to innovation. But are we understanding their core or just skimming the surface?   - The #Lending Game: Lending is not just about algorithms and #creditscore . It's about understanding risk, responsibility, and realism in financial behaviors. [B] The Pitfalls of Digital Banks: - Lack of Ecosystem: Without a supporting ecosystem, digital banks risk becoming isolated islands of technology without real-world impact. - Data Illusions: The reliance on #datascience and #AI can be a double-edged sword. Misinterpreted data or algorithms lacking accountability can lead to skewed financial decisions. - Replication without Adaptation: Copying models from developed markets without adjusting to local realities can lead to strategic misfires. [C] Key Considerations for Success: - Building the Right Ecosystem: It’s not just about technology; it's about creating an environment where digital banks can truly thrive. - Regulatory Compliance and Implications: Introducing meaningful regulations can foster a sense of responsibility and prudent financial behavior. - Partnerships Over Solo Journeys: Collaborating with existing financial institutions, tech partners and #startups can provide a more stable foundation. [D] The Future Awaits: As we watch the first wave of digital banks unfold, it will be exciting to see how they will: - adapt and overcome these challenges? - apply learning from the past or let their machines do all the learning? - take essential steps to ensure they don't just survive but thrive in this new financial landscape? What's your take on the future of digital banks?   #ecosystem #smes #machinelearning #riskmanagement

#digitalbanking #datascience #riskmanagement #opportunity Very good analysis from risk expert , with detailing on risks and opportunities in #digitalbanking now and onwards. While digital banking is taking lion share of our daily discussion, we need to be equally learned about potential risks associated with this new vertices of banking [not new in developed markets]. Risks have both up and downside perspectives. Though we often focus more on downside risks, upside is naturally ignored. The upside factor of digital banking is quite elaborate and inspiring for a country like Bangladesh with 170 M people and strong demographic dividend( 70% is young, mobile access is 98%, average age is 27-28 yrs, one of the largest consumer markets). Digital banking is not just a requirement in Bangladesh, it has become a necessity because of on-going cocnerns/gaps in our economy e.g. huge unbanked population ratio, inequitable distribution of wealth, missing opportunities, gaps in capitalising rural economy etc. However, since this wing of banking is heavily dependent on data and technology and we are not that equipped in managing risks out of information leakage, data misappropriation, cyber fraud , we need to spend and invest good quality time here before we step in. However, once we can build an infrastructure and eco-system for digital banking, that we did in MFS, MFI industry, we can surely make stronger over the time.

Lately, I've found myself immersed in thoughts about the exciting transformations that are reshaping the financial landscape. It's more than just a passing trend; it's a fundamental shift from traditional banking models to embedded finance—a necessary evolution to remain relevant in today's dynamic environment. Financial institutions have faced mounting pressure in the last two decades, with return on average equity (ROAE) dropping globally. The recent easing of this pressure shouldn't be seen as a reprieve but rather as a call for transformation. The rise of neobanks, digital-first institutions, and platform-based banking services is reshaping the competitive landscape, making it imperative for traditional banks to evolve. As CEOs navigate the delicate balance between long-term viability and short-term profitability, focusing on cost-to-income ratios (CIR) remains critical. The traditional banking paradigm has limitations, hindering sustained profitability and market capitalization growth. This is where embedded finance comes into play. Embedded finance allows banks to enhance performance by rapidly expanding transaction volumes, attracting new customers, and creating additional revenue streams. By engaging clients on the digital platforms they already use, banks can integrate seamlessly through secure APIs, tapping into the fast-growing open ecosystem. To thrive, financial institutions must adopt technology and reassess business processes in the era of generative AI. Transforming business architecture is crucial for adapting to new consumption models and fostering innovation. In meeting the demand for hyper-personalized experiences, leveraging AI insights is key. Financial institutions, by shifting from transactions to symbiotic relationships, position ecosystems at the core of a successful business model. As someone deeply immersed in the ever-evolving landscape of finance, this report is a must-read. The collaboration between the IBM Institute for Business Value, BIAN, and Red Hat has yielded insights from a comprehensive survey and interviews with international financial executives. These insights illuminate the pivotal role that embedded finance plays in shaping the future of banking: https://lnkd.in/e-A29kT5 Would love to hear your thoughts on these insights. #womenintech2023 #fintech #bankingtechnology #embeddedfinance

100% of investment banks are investing in new software this year, but where are they deploying this new tech?💡 We surveyed 600+ IT and transformation leaders in banks around the world to answer just that. Here’s what we found: 📖 CRMs are a high priority as global banks seek industry-specific customer relationship management solutions 🤖 Generative AI is attracting less attention as banks fear for regulatory and data compliance 📃 Document management and automation form the top investment category for global banks as they aim to boost efficiency on their front lines For more insights on how leading investment banks are future-proofing their tech stacks, sign up for our upcoming webinar with innovation and tech leaders from Lazard and Nomura. 👉https://okt.to/AJGI7l #Finance #Innovation #InvestmentBanking #SaaS