“The report, Ecosystm Predicts: The Top 5 Fintech Trends for 2020, identifies five key trends that will shape the Fintech market during the next 12 months. It highlights the areas of digital banking, digital payments and Insuretech as the domains where exponential growth will take place.
“Financial organizations need to address three key imperatives – how to leverage data and AI for their operations, how to build and maintain trust among their customers, and how to tap on partnerships to drive innovation to stay ahead of the game,” Connie Leung, senior director of financial services business at Microsoft Asia said.
there is one simple solution to all this: getting the company’s senior management involved in the AI implementation process.”
“The U.S. used to be the scientific centre of the world, he says, but it’s very clear China is going to take over that leadership role. Things take a long time to happen in North America, he said, because grant systems here are so bureaucratic.
“There’s one aspect that makes it fundamentally different and why they’re going to pull into the lead and build an enormous lead that will be very difficult to overcome, and that is nimbleness,” he said.
“They have lots of money and they’re not afraid to spend it.”
To respond to China’s rocketing AI expertise, Shaeffer warns we must be prepared to make targeted investments and do our best to cope with the superpower’s fiscal flexibility.
“That nimbleness means the U.S. will be eclipsed, Canada is eclipsed,” he said.
‘That gap between China and the rest of the world will grow very quickly.'”