TheFinTechConsultant

Last night I attended Pete Trainor’s talk on the Future of AI in FinTech and I thoroughly enjoyed it. The talk focussed on the use of AI as a tool within Financial applications to identify risks to the user’s mental health. In effect, indicators like credit card debt or unusual spending habits are identified and as a result help is offered to hopefully prevent any harm coming to the user, with a real emphasis being placed on reducing suicide rates. Firstly, I think the idea is absolutely brilliant and the use of technology to possibly save lives can only be applauded. I also think the tech involved is really cool! The ability of AI to learn what is and isn’t normal behaviour using the data created by the individual and then to tailor its response based upon this is a brilliant idea. In my last post I wrote about the use of Open Banking and “The FinTech Revolution”. This is a brilliant example of that revolution, the use of technology to bring Financial services into the

With it being a year since the Open Banking initiative was launched and 18 months since I immersed myself in the world of FinTech, I thought I’d give a few of my thoughts. It’s been a year of huge growth for FinTech Start-Ups utilising the Open Banking model. Being at the heart of this and partnering with a number of them has been brilliant. I think, technologically speaking, the traditional Banking industry has been in the Dark Ages for a long time and what Open Banking will create is a more customer focussed, technologically advanced approach from all. What is for certain is we are in the midst of a FinTech revolution, with 63% of FinTechs not even in existence 10 years ago. I think we will see an acceleration of this over the next 5 years, especially with the introduction of AI to Finance. I’ll be attending an Unthink tank talk on AI and the future of FinTech given by Pete Trainor (Chair of the AI Think Tank as part of the British Interactive Media Association) at the end