FUTURE OF FINSERV

John Stephens The financial services space will continue to evolve . If we take a look at banks , they ’ ll continue to partner with non-bank fintech companies to expand their reach for offering traditional bank products and services , such as deposit accounts , payments and consumer lending .

A trending topic at the moment is the use of third-party risk management , as this will have significant potential benefits for fintech companies . In years to come , this will also introduce additional layers of risks to the banks , in terms of safety and soundness , as well as to consumers .

In the future , the financial services industry will continue to show considerable growing interest in a wide range of uses for data analytics and broader machine learning .

We ’ ll likely see banks using AI to strengthen safety and soundness while enhancing consumer protections and improving the effectiveness of compliance functions .

Banks could also use AI to enhance bank customer services and products in areas such as chatbots to aid in directing customer inquiries , assisting with online account openings and supporting more efficient credit underwriting .

We ’ re also beginning to see banks explore newly developed kinds of Gen AI that are trained on large data sets and can be used to generate text , images , videos or other outputs from a given prompt .

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