The banking industry is undergoing a massive digital disruption, with online deposits, mobile apps, and e-bill payments becoming the norm. Increased consumer demand for digital banking services has given rise to numerous technological advancements in financial institutions, with AI at the core of these digital transformations.
Among the many trends in the industry, regtech, a niche segment within the fintech ecosystem, has gained significance. By using AI technologies to deal with the increasing cost and complexity of compliance, regtech holds a lot of promise in the face of ever-increasing intricate regulations. regtech as a service (RaaS) encourages financial institutions to see regtech as a way to improve working processes for efficiency as well as regulatory compliance.
Moving forward, the AI in fintech market is expected to register a CAGR of 25.3 percent by 2027, which further accentuates the role of AI in shaping the future of fintech industry.
To put spotlight on such key developments in the industry, Banking CIO Outlook illustrates how fintech solution providers are bringing in path-breaking innovations. This edition also includes articles from Laura Merling, Chief Transformation and Operations Office at Arvest Bank; Jimmy Stead, Chief Consumer Banking and Technology Officer at Frost; and Kurt Nichols, Managing Director and Portfolio Manager at CIBC Innovation Banking, who share their intriguing insights on banking sector trends reshaping the fintech industry, facilitation of innovation in fintech, and modern financing alternatives used by fintech startups.
In this edition of Banking CIO Outlook, we also bring to you the story of some of the most promising fintech solution providers that are accelerating their digital transformation efforts to keep up with the ever-changing needs of both consumers and business customers. In the list, BankProv has made a name for it self as a future-ready commercial bank that offers adaptive and technology-first banking solutions to businesses across emerging markets like digital assets, fintech, and renewable energy. It partners with leading fntech companies to offer innovative banking-as-a-service solutions that deliver next-level customer experiences to businesses and consumers across the U.S.
Equally commendable is Alloy Labs, the only consortium that drives exponential growth for banks by leveraging powerful networks effects through its executive programs that instill a lasting culture of innovation and growth in every organization.
Through the following pages, we aim to shine a light on how emerging trends like AI is making its way to the future of fintech. We would like to know your thoughts.
