Businesses are transforming thanks to technology’s significant influence this year. Generative AI, a new technology, is causing a shift in the industry, with financial institutions actively planning to implement it on a large scale in the near and medium term. While algorithms and machine learning tools have been used 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.
Fintech has become an integral part of strategic decision-making due to rapid technological advancements. This has led to both opportunities and threats being identified in the industry, resulting in widespread experimentation and research into how generative AI can be leveraged in investments and other business processes.
Despite regulatory scrutiny, there is an ongoing decline in exchanges and investments in digital assets, known as the “crypto-winter.” However, the Securities and Exchange Commission (SEC) is starting to accommodate investors’ demand for certain digital asset products. This development provides an opportunity for both traditional and emerging technological aspects of the industry to innovate and evolve.