Fintech.ca’s Post

A few weeks ago, our founders, Heath Stanley and Brandon Gettert, attended Fintech in Vegas…here’s a rundown of their takeaways:        1) Overall FinTech’s and FI’s are optimistic about the current status of the ‘industry’ despite being in the news so much lately for regulatory issues. We think they’d rather be in regulatory hot water than not be in the discussion at all. This is evident by the number of FinTech’s receiving first round of VC funding….but are really put to the test when the second round of funding comes into to play. FinTech’s better be moving towards profit or cash flow positivity for any more funding. 2) Retail banks are still looking into FinTech’s, as NIM and fees are continuously being squeezed. The commoditization of banking is requiring banks to look for other revenue sources and value added services. Hence, the rise of interest in FinTechs. 3) In our community banking world at the state and regional level, 1033 is viewed as evil incarnate. FinTech’s are looking at 1033 as an opportunity share data and provide a service to FI’s.  4) AI advertising was everywhere you looked. AI specific regulation or guidance from regulators is nowhere to be found. They keep pointing to current risk and vendor management guidance. But these current models aren’t enough to assess AI companies and tools. Curated is working on AI specific assessments but will be very ad hoc based on the usage of the AI tools. 5) We loved the idea of certifying AI tools for things such as financial advice licensing. Right now, 100 percent of financial advice comes from certified professionals, but what if AI tools were to receive certified professional licenses/certifications!?!?!? How would those certifications work, and should we trust them? 6) There is a large part of FinTech’s that welcome regulatory oversight. That is encouraging, so they can know what to implement! However, regulators are sticking to the company line of “the risk lies with the FI”. Can you blame them though?! Who wants to assess thousands of more companies when they can’t keep up with the current workload? And yes…we partied! 😂

AI-powered financial advisor apps are not just tools, they are game-changers for smarter investing and streamlined financial decisions. So, if you are interested in optimizing your investments or building one of these apps for your business, this is a must-read. Check out our latest blog now to embrace the future of finance!   https://lnkd.in/g_V5UTDa #AIinFintech #FinancialAdvisorApps #SmartInvesting #FintechInnovation #FintechAI

🌟 The Future of Finance is Personal 🌟 Gone are the days of one-size-fits-all banking. Hyperpersonalization is revolutionizing financial services, offering tailored solutions powered by AI, machine learning, and big data. From personalized financial dashboards to custom investment opportunities, this game-changing approach puts YOU at the center of your financial journey. 📊🤖 Explore how hyperpersonalization is transforming the way we save, spend, and invest. 🚀 🔗 https://lnkd.in/eye3pHBG #FinancialInnovation #Hyperpersonalization #FintechRevolution #AIinFinance #CustomerExperience #FinTech #FutureOfBanking

🌟 The Future of Finance is Personal 🌟 Gone are the days of one-size-fits-all banking. Hyperpersonalization is revolutionizing financial services, offering tailored solutions powered by AI, machine learning, and big data. From personalized financial dashboards to custom investment opportunities, this game-changing approach puts YOU at the center of your financial journey. 📊🤖 Explore how hyperpersonalization is transforming the way we save, spend, and invest. 🚀 🔗 https://lnkd.in/ex8TbMXk #FinancialInnovation #Hyperpersonalization #FintechRevolution #AIinFinance #CustomerExperience #FinTech #FutureOfBanking

THE rapid rise of real-time payments, artificial intelligence (AI) and embedded finance is revolutionizing global finance and transforming how consumers and businesses interact with financial services. Touted as the Philippines’ No. 1 digital bank,...

Artificial intelligence key to unlocking financial inclusion 🤖 💹 The article from The Fintech Times about Lune's role in leveraging artificial intelligence to enhance financial inclusion is a profound reflection on the current and potential impact of AI in the financial sector. Helal Lootah, co-founder and co-CEO of Lune Technologies, emphasizes that true financial inclusion goes beyond mere access to financial products; it requires financial literacy, enabling individuals to make informed decisions and actively participate in the financial ecosystem. Lune's approach, focusing on the MENA region, highlights the importance of financial literacy as a foundation for improved decision-making in budgeting, spending behavior, and financial planning. The article points out that financial illiteracy can lead to missed opportunities and substantial costs due to unsustainable spending habits and lack of planning. AI-powered financial technologies are seen as a key to bridging this gap by providing personalized insights and recommendations based on an individual's financial capabilities and goals. The rise in digital transactions, while convenient, has introduced new challenges in managing personal finances due to the intangible nature of digital payments. Lune's AI-driven solutions aim to address these challenges by offering data analytics that transform into actionable insights, thus enhancing decision-making and promoting financial well-being. In summary, the article underscores the transformative potential of AI in achieving true financial inclusion. By empowering individuals with the knowledge and tools to make better financial decisions, AI can play a crucial role in shaping a more inclusive and thriving economic landscape. Lune's initiatives in the MENA region serve as a promising example of how AI can be harnessed to foster financial literacy and inclusion, setting a precedent for the global financial industry. Source: https://lnkd.in/ePeeUjvx #FinancialInclusion #AILiteracy #FintechInnovation #DigitalEconomy #PersonalFinance

AI integration in personal financial management would significantly increase user experience and financial well-being. Expanding on that, I've conceptualized a host of innovative features that would be part of an AI-powered personal finance app: Offline Features: Duplicate Purchase Detection: Sends alerts when one is about to purchase items they already have to avoid wasteful spending. Prepurchase Financial Health Check: The technology reviews your balance and upcoming bills in advance of a purchase, letting you know if it may put you into a position of negative balance. Smart Spending Alerts: Receive notification of bills or subscriptions scheduled, helping with budgeting accordingly. Personalized budgeting suggestions: It analyzes spending habits to recommend budget adjustments and highlight potential savings. Categorization and Analysis: Automatically categorizes expenses; visually provides insight into spending patterns. Emergency Fund Recommendations: Gives relevant emergency fund targets from your income and expenses. Investment Insights: Offers personalized investment suggestions, risk assessments, and portfolio tracking, if desired. Financial Education Resources: Provides access to articles, videos, and courses tailored to your financial situation and goals. Online Features: Subscription Management: Tracks active subscriptions, alerts you to upcoming renewals, and suggests cancellations for underused services. Savings Goals: Provides the ability to set saving goals and shows progress toward those #FinancialGoals, as well as motivational quotes to keep the user on track. Financial Institution Integration: Integrations with many banks and various financial platforms give views of #SmartSpending. Alerts and Notifications: One can tailor alerts and reminders to their liking by making the app more relevant through customization. Community and Support: Connects you with a community or support network for shared experiences in financial advice and other sharing, creating a collaborative learning atmosphere. The application should ensure your financial information remains secure through robust encryption and compliance with data protection regulations while offering a user-friendly interface that simplifies complex financial data for users of all financial literacy levels. This kind of application may affect online retailers by encouraging more mindful spending. However, as a middle-class person, I highly value tools that help control finances. By preventing unnecessary purchases, especially when funds are low, this app can help users avoid debt and achieve their savings goals. I look forward to hearing from you about this idea and discussing how to bring it into reality. You can always reach me at MAIL : lperam@syr.eu Best regards, Lakshmi Peram JPMorganChase Wells Fargo Bank of America Citi Capital One U.S. Bank Goldman Sachs Blackstone #PersonalFinance #FinancialLiteracy #FinancialPlanning #Budgeting

Chris Skinner’s new book will have its U.S. release party at Fin+AI 2024 Conference. October 2-4, 2024 at Le Meridien in Dania Beach Florida. Register today to secure your seat. Today Chris Skinner, a world-renowned strategist specialising in the future of business, technology and finance and author of more than twenty best-selling titles announces the launch of his book, “Intelligent Money.” “Intelligent Money” centres around how money will soon be embedded, intelligent, invisible and everywhere and addresses questions such as WHO cares about the money of the future? WHY should I care about the money of the future? Mr Skinner conveys through the book that, as money becomes digital, it will revolutionise everything. By 2030, digital money will make money personal, individualised, secure and enable it to grow automatically to meet users personal goals, manage risk automatically and make life simpler and easier for all. The most critical aspect of “Intelligent Money” is how money will become intelligent, both digitally and artificially. Published by Marshall Cavendish, “Intelligent Money” is immediately available in Singapore and will be available to purchase in the UK by summer 2024, with a RPP: 21.99 GBP.

April Fintech Newsletter: Financial Services x Gen AI, a real estate industry shake up, and more: If you'd like more commentary and analysis about news and trends from the a16z Fintech team, you can subscribe here. Gauging Generative AI x Financial ...

https://lnkd.in/gmwiR2ZK "Accessibility and Analytics Through Digital Platforms: The emergence of online platforms and mobile apps has given investors unprecedented access to their financial information and advisors. Few investors now passively hand off their portfolios only to check in occasionally. This ease of access thus means more frequent and flexible interactions between advisors and clients. Investors can now receive up-to-the-minute information on their investments, helping to provide more informed and timelier discussions with their advisors. AI and Machine Learning: Besides the work of robo-advising and algorithmic and high-frequency trading, AI’s use for financial advising is still somewhat prospective. These technologies can analyze vast amounts of data to identify trends, predict market movements, and provide tailored advice. They also improve risk assessment and portfolio management, allowing advisors to use more responsive strategies for individual clients. More comprehensive automated investing systems may soon automatically adjust portfolios based on market changes or life events, ensuring that investment strategies stay in line with the needs of each client."