Fintech Trends Shaping Technology in 2023
February 13, 2023
The fintech industry is expected to see significant growth in the coming year, as more and more businesses turn to digital solutions to manage their financial operations. One key trend that is expected to shape the industry in 2023 is the increasing use of artificial intelligence (AI) and machine learning (ML).
These technologies will allow fintech companies to provide more personalized and efficient services to their customers, as well as to detect and prevent fraud.
This is important because as more consumers turn to their smartphones and other mobile devices to carry out transactions, providing personalised user experiences in the digital space is key in the fintech industry.
To address this, vendors will need to focus on developing more mobile-friendly solutions that meet the needs of their customers.
Pressure grows on compliance teams
This, in turn, puts additional pressure on compliance teams which will need to filter and scan a greater number of different types of transactions, while also ensuring that all interactions between employees and customers remain compliant with the applicable regulations.
Legacy systems will need to be reviewed for their suitability and adapted or replaced to meet these changes in user behaviour and data management.
The cost of replacing and re-engineering legacy systems will not be trivial. Organisations will therefore also be seeking more value from the solutions that they do deploy, which might include the capacity to accommodate multifunctional use cases, enhanced data realisation and flexible licensing models.
In addition, there will be more focus on security and data privacy. As the user base of fintech continues to grow, security measures will need to be improved to ensure that they adequately safeguard sensitive information from cyberattacks and data breaches.
These changes will mean a busy year for risk and compliance professionals across the fintech industry. However, with the right tools, these challenges can be overcome and even avoided.
Building ML and AI technologies into our solutions
Here at Verint we are paying particular attention to building ML and AI technologies into our solutions. Our strategic partnership with Intelligent Voice builds on this and helps our customers gain more from our advanced compliance recording and transcription capabilities.
The addition of an integrated, smart transcription engine offers Verint Financial Compliance not just highly accurate transcription across 30 languages, but also the identification and playback of core conversation sentiment and topics.
These pointers can highlight behaviour traits which can be monitored and measured by a downstream surveillance solution.
These identifiable behaviour traits can be used to help navigate the sort of suspicious behaviour often found during malpractice. As we’ll explore in future blogs, they can also help to pinpoint and reduce areas of stress or tension, sexism, racism, and bullying. As organisations look to improve the conduct and culture, extending how audio and transcription technology is used in this way can add real value.
This is just one way in which Verint is working to push back the boundaries of what our compliance solutions can do for business. By developing new and innovative capabilities, we continue to enhance the value we offer to compliance teams across the industry.