It seems fintech has been replaced by generative artificial intelligence (GenAI) as the most-used term in banking IT this year.
Fintech, after all, is not a technology but a movement, which will undoubtedly see its next evolution through the use of AI, with GenAI the chosen conversation-starter for most.
Research from Accenture last year said GenAI would be central to enterprise over the next decade, and as a leader, the finance sector is on that journey.
For example, in this round-up of 2024, we feature how US bank Wells Fargo, which holds $1.9tn in assets, is using business automation software and artificial intelligence to help people manage the estates of relatives following a bereavement.
Meanwhile, as businesses increasingly use AI, reinsurance giant Munich Re expects more demand for AI insurance from organisations that are looking to manage the risks of AI. Re is trying to arm the industry with the good-old safety net of insurance.
A few years ago, the use cases made public for AI were few and far between, but this has changed rapidly as the understanding of the technology has improved among enterprises, with widespread use of different forms of AI.
In contrast, a technology that still leaves people scratching their heads is quantum computing. The technology promises to transform humanity, but try explaining how to the person on the street, or even in business.
The technology is theoretical at the moment, but banking industry trade association UK Finance has warned banks to get up to speed.
It may appear old hat these days with quantum computing and GenAI stealing the headlines, but banks still have lots to do to fully harness these technologies’ advantages. Read in this list how UK finance firms Admiral Insurance and Nationwide Building Society are doing just.
Here are Computer Weekly’s top 10 financial services stories of 2024.
Wells Fargo is winning customers after using business automation software and artificial intelligence to help people manage the estates of relatives following a bereavement.
Banks should be setting up a quantum computing task force, according to a report from banking industry group UK Finance.
Financiers have pulled support for a paytech system being rolled out in the Middle East after it became embroiled in Russian plans to evade sanctions.
Members of the House of Lords are pressing for amendments to the Data Protection and Digital Information Bill following concerns over government powers to monitor the bank accounts of people receiving benefits.
Not all banks cater to startup companies. Silicon Valley Bank specialised in the tech startup industry, but was not prepared for a bank run as companies started burning more cash.
Global reinsurance giant Munich Re expects more demand for AI insurance from organisations that are looking to manage the risks of AI as they experiment more with the technology.
Insurance company Admiral has made Google its strategic cloud partner, as it embarks on a push to boost the efficiency of its operations and improve the experience it offers to customers.
The insurer’s data chief discusses using data for better insights, building data capabilities through apprenticeships, and the value of diversity in data leadership.
Andrew Phillips has worked at financial technology company LMAX Group for 17 years, and is currently the company’s chief technology officer. His budget is measured in nanoseconds.
Nationwide Building Society’s digital transformation efforts are continuing apace, with the company enlisting the help of HPE GreenLake to meet its hybrid cloud goals.