At Finovate Fall 2024 in New York City, the buzz we saw and heard was all about the digital revolution that continues to transform the financial world. This fall’s event was a whirlwind three days of cutting-edge tech, spotlighting how innovators are reshaping customer interactions and streamlining operations, but above all focusing on how to scale the human element of financial services. As a first-time presenter, we showcased our Lynx product from the stage and were proud to share it with other technology solutions built to help FIs and their clients.
From AI-driven chatbots offering personal (and tailored) financial advice to everything AI-data, the demos demonstrated how digital advancements are and will continue to reinvent our relationship with financial institutions. The audience was particularly wowed by a few demos that showed biometrics for ultra-secure logins and blockchain for efficient transactions.
Four key trends that captured our attention at Finovate:
- AI took center stage - One of the most prominent themes at Finovate Fall 2024 was the widespread adoption of AI tech across all aspects of financial services. From lending and finance apps to front-office client interactions and back-office operations like fraud mitigation, AI was shown increasing efficiency across a wide variety of use cases. Of particular focus was how to use AI not just for automation but also for deriving actionable insights that inform strategic decision-making.
- Highlight on fraud prevention and identity verification - Fraud prevention using machine learning models was featured widely in demos, leveraging predictive analytics to identify suspicious activity. Evolved identity verification methods, including real-time voice authentication and biometrics (e.g. just using your face to quickly identify yourself in every transaction with your FI).showed how FIs can go beyond traditional verification techniques to enhance security on every client interaction, while making it easier for the client.
- Credit unions growing - We saw a notable increase in attendance and focus on credit unions. More topics and discussions were tailored to their specific needs, reflecting the growing importance of this segment within the financial services industry. This trend also suggests that we can expect to see even more attention and innovation directed towards this segment. As credit unions continue to expand their services, they are poised to play a larger role in shaping the future of financial services.
- Regulatory landscape and future AI scrutiny - Regulatory compliance, particularly in light of CFPB changes and emerging regulations, was a recurring theme. We heard many people discussing the challenges and opportunities presented by the evolving regulatory landscape. Also, as AI becomes more integrated into financial decision-making processes, many expect regulatory scrutiny to increase. With this in mind, FIs will need to prepare for new regulations (that will evolve over time, of course) related to algorithmic transparency and fairness.
Along with the challenges of deploying AI in any capacity (as many FIs have disparate and unstructured data which is not AI-ready), many presenters spoke about AI's future potential and acknowledged that we are just scratching the surface of its capabilities. And as AI is being adopted more widely, FIs must approach AI adoption with a focus on fairness, transparency and ethical considerations.
Watch Our Finovate Fall 2024 Demo Video
At Finovate Fall 2024, we had the exciting opportunity to showcase our cutting-edge innovations alongside top industry leaders. Watch our demo video to discover how Rapid Finance is reshaping the financial landscape with the power of our advanced Lynx platform.