Generative AI will completely transform FinTech and Banking over the next years (01/2024)
The financial technology industry is constantly evolving and throughout the years it has definitely changed the world and the way we interact with banks, consume, spend our money, and do business. 2023 and 2024 have undoubtedly been year like no others. They where the years of artificial intelligence and AI-powered innovation.
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Its clear that the implementation of artificial intelligence (AI) in the banking sector will only accelerate. Banks aim to enhance their digital capabilities, streamline work for employees, and provide personalized customer experiences. AI can help with all of that, especially if you account for all the latest developments in generative AI like the viral chatbot ChatGPT
Yet, so far, most artificial intelligence applications have been tailored around the systems that can generate artificial data, images, videos, speech, etc. However, given how rapidly technology evolves, its only a matter of time until every industry is transformed and the way financial institutions operate is revolutionized forever.
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In order not to get lost in translation, lets remember that generative AI refers to a category of artificial intelligence (AI) algorithms that generate new outputs based on the data they have been trained on. Also, major banks like JPMorgan , Bank of America, Citi, Goldman Sachs, and Wells Fargo recently banned using it for business purposes, as reported by Bloomberg.
Nevertheless, some of them have been actively implementing AI in their business. Go deeper and learn more here in case you missed it: as the industry figures out how to use generative AI safely and effectively, lets dive deeper into how the technology can transform banking and FinTech.
About ECEBiS
At ECEBiS you are going to understand what will change the trajectory of the financial industry. You will develop a transversal view on the forces that are shaping the future financial industry.
From payments and lending to investment and money management, tech providers are actively shaping the future of the financial landscape - even pushing the boundaries of currency itself. You might evaluate the impact of robo-advising on health management and examine portfolio recommendations from a diversified set of RAs and attempt to identify the factors behind proposed splits between asset classes.
ECEBiS is a platform in academic research on new business models and innovative products. We investigate in fast moving sectors that are reshaping the financial world of tomorrow and pioneering new ways of doing business. We want to attract outstanding ECEBiS students in finance with experiences and exposures, who intend to
Doctorate of Business Administration (DBA) in Finance (online, 3 years part-time)
develop knowledge on challenges that shape the future of financial industry
engage with a program that offers the convenience of online learning with the benefits of accreditation and global reach.
raise awareness on the importance of fintech and sustainability in finance
identify the best practices in the financial industry to spread positive changes
Go beyond the virtual classroom and network with other ambitious executives and entrepreneurs as you expand your credibility and expertise in the world’s most transformative fields.