The financial industry is undergoing a major transformation due to the increasing influence of technology. This year, the introduction of generative AI has played a significant role in shaping strategic decision-making processes.
Generative AI has had a profound impact on the financial services sector, causing a shift in the industry. Institutions are actively investing in this technology, and it is expected to be implemented on a large scale in the near and medium term. While algorithms and machine learning tools have been utilized 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.
The rapid advancements in fintech have led to widespread experimentation and research into how generative AI can be leveraged in investments and other business processes. As such, this technology has become an integral part of strategic decision-making in the industry.
Despite the recent decline in exchanges and investments in digital assets, also known as the “crypto-winter,” regulatory scrutiny is still ongoing. However, there is an opportunity for both traditional and emerging technological aspects of the industry to innovate and evolve as the Securities and Exchange Commission (SEC) starts to accommodate investors’ demand for certain digital asset products.