Is AI Taking Over Fintech Too Quickly?

What we’ll cover today:

🤖 AI is Eating Fintech!

⚙️ “We Are in a Highly Challenging Time.”- Huawei’s Fintech Frontier.

💳 Innovation in B2B Payments.

🔗 The Event Roundup.

AI is Eating Fintech!

AI is quietly taking over fintech.

It’s reshaping everything from credit approvals to fraud detection.

And it’s happening faster than most people realise.

Here’s the breakdown:

• Visa: Poured billions into AI tools, launching 500+ applications to streamline tasks and boost efficiency.

• JPMorgan: Created an AI suite that helps thousands of employees with daily tasks like drafting emails.

• Mastercard: Using AI to catch fraud faster than ever, reducing risk and boosting security.

The twist?

• Some fintech employees are bringing their own AI tools to work, pushing companies to scramble for new policies.

Yet, there’s one thing AI hasn’t replaced.

The irreplaceable human touch still keeps finance grounded—for now.

Here’s the whole article

1. “We Are in a Highly Challenging Time.”- Huawei’s Fintech Frontier

The article features an interview with Jason Cao, exploring Huawei’s strategy and innovations in fintech and digital transformation. 

Cao discusses Huawei’s focus on advancing financial technology solutions, including AI, cloud services, and digital ecosystems, to support financial institutions in enhancing customer experience and operational efficiency.

Here’s The Article

2. Innovation in B2B Payments.

At the Money20/20 USA 2024 conference in Las Vegas, FinTech Futures sat down with Joey Rault, Chief Revenue Officer at Codat, and Jesse Schwarz, Executive Director – Fintech Partnerships at JP Morgan Chase, to discuss how new innovations are helping to streamline processes in the B2B payments space.

Here’s The Advice.

1. Key steps for banks to implement digital transformation and improve customer engagement.

Traditional banking models are needed to stay competitive. Driven by the push towards digital innovation, financial institutions globally are rethinking their core operations.

Key initiatives, such as Open Platforms, encourage banks to embrace digital transformation, which will substantially change service delivery, operational efficiency, and customer engagement.

2. Argentina’s Ualá has reached a $2.75 billion valuation in new funding.

Argentine fintech company Ualá has raised $300 million from investors at a valuation of $2.75 billion, the latest funding haul for one of the most valuable startups in Latin America. 

The Series E round was led by Allianz X, the venture capital arm of Germany’s insurance giant Allianz SE, which hadn’t invested in Latin America previously.

3. UBS pilots new blockchain-based system for cross-border payments

Swiss bank UBS has successfully piloted a new system called UBS Digital Cash which, leveraging blockchain technology, is designed to simplify intraday-liquidity management for clients making cross-border payments.