Technological advancements have greatly impacted the business world this year, resulting in a shift in strategic decision-making. One of the most significant developments has been the introduction of generative AI, which has disrupted traditional ways of thinking and opened up new opportunities for innovation.
The financial services sector is leading the charge in implementing this technology on a large scale. While algorithms and machine learning tools have been utilized by banks and lenders for years, the potential of generative AI to disrupt financial markets when combined with other innovations like blockchain and digital assets is significant. This has led to increased experimentation and research into how this technology can be leveraged in investments and other business processes.
Despite recent declines in exchanges and investments in digital assets, also known as the “crypto-winter,” regulatory scrutiny is increasing. However, there is an opportunity for both traditional and emerging technological aspects of the industry to innovate and evolve as the Securities and Exchange Commission (SEC) starts to accommodate investors’ demand for certain digital asset products.
Fintech is now an integral part of strategic decision-making, with rapid technological advancements leading to the identification of both opportunities and threats in the industry. This has resulted in widespread experimentation and research into how generative AI can be leveraged in various areas such as finance, healthcare, and transportation.