AI New Revenue Streams - Issue #450 January 11th, 2024

OpenAI is set to launch a groundbreaking marketplace for chatbots this week, enabling paying subscribers to share and sell custom-made ChatGPTs. Announced last November at their first developer conference, this move will open a new online store where customers can exhibit their unique GPT creations. In a recent email, OpenAI confirmed the imminent launch of the store and issued guidelines for usage, emphasizing the importance of adhering to brand guidelines and encouraging users to make their GPTs public.

Join your data & analytics peers serving the Financial Services industries as you discover the latest trends and challenges facing your role.

The 17th Asian Financial Forum returns in Hong Kong on 24 to 25, January 2024 to bring together global business communities, corporate leaders, policymakers and regulators for discussions and exchange of insights on the global economy from an Asian perspective. Early bird discounts are available until 30 November 2023 with the code S-AM14-ML (Standard Pass) | F- AM14-ML (Full Pass). Visit the official AFF website for more information and registration details: https://www.asianfinancialforum.com.

FinTech World Forum 2024 is based in London UK Europe as one of leading fintech events 2023 for global financial services, finance and banking technology industry. Its focuses on Mobile Payments, Lending, Insurance, Blockchain, Bitcoin, Investment, Money, Crypto, Cryptocurrency, Digital, Innovation, Wallet, Pensions, Funds, Payment, Tech, Financial Services, Technology, Bank, Wealth Management, Insurtech, Regtech and Wealthtech. For more info visit: https://fintechconferences.com/

Impact Investing Conference 2024 in London is the Impact Investing World Forum (IIWF) 2024 as one of leading social impact investment events for ESG Funds, UN SDGs, Investor and sustainable investing in UK Europe Oxford University. The event brings together hedge funds, wealth management, private equity, venture capital, foundations, endowments, bonds and ESG investing professionals. More info: https://impactinvestingconferences.

Yvonne Ng, Regional Director APAC at Elliptic, emphasizes the critical need for collaboration between traditional financial institutions and crypto-native players at the Singapore FinTech Festival (SFF). Organized by the Monetary Authority of Singapore (MAS), Elevandi, and Constellar, in partnership with The Association of Banks in Singapore (ABS), SFF serves as a key platform for global FinTech communities to interact and tackle challenges at the intersection of financial services, public policy, and technology.

As a Senior Backend Software Engineer, you’ll build best-in-class digital payment and business tools unlike anything else on the market. Together with our team of top-notch engineers, you’ll create financial products that help thousands of merchants grow their businesses.

Our Senior Product Manager > Payments and Checkout owns the market vision and drives the roadmap for our purchase experience, shopping/checkout tools for product sellers, and the payment systems that our marketplace relies on.

Our Backend Engineers design, develop and maintain the backbone of BytePitch’s and its clients' software applications and systems.

Researchers Georg Wenzel and Adam Jatowt from the University of Innsbruck, Austria, have advanced the field of AI with their method for assessing an AI system's understanding of 'temporal validity.' This breakthrough is particularly significant for the fintech sector's use of generative AI products like ChatGPT. Temporal validity is the concept of how relevant one statement is to another over time, crucial for predicting time-sensitive information. Their research, detailed in the pre-print paper 'Temporal Validity Change Prediction,' showcases an AI's ability to determine the time-based relevance of statements, using examples like a person reading a book on a bus. This innovation emphasizes AI's evolving role in accurately processing and predicting time-related data.

The FinTech industry is facing a surge in fraud and financial crime, driven by advanced technologies like mobile banking and digital payments. Criminals are using sophisticated techniques, including artificial intelligence, to hack into systems and steal sensitive information. To combat this, FinTechs are developing innovative anti-fraud solutions, employing AI, Machine Learning, and data analytics to enhance the detection and prevention of financial crimes.

Recent regulatory guidelines from the Reserve Bank of India (RBI) are significantly impacting the Indian financial services sector, initiating transformative changes within the ecosystem. Established banks with diversified portfolios and adaptive infrastructures are well-prepared to handle these regulatory shifts. However, Non-Banking Financial Companies (NBFCs) and fintech innovators are facing profound effects, prompting a fundamental change in their operational strategies.

The fintech technologies market is poised for remarkable growth, with a projected CAGR of 24.79% through 2032, expanding from USD 136.73 billion to an impressive USD 1,252.16 billion. This surge is primarily driven by the accelerated adoption of advanced technologies by banks and insurance companies, replacing outdated systems. A significant factor contributing to this growth is the increasing number of collaborations between financial institutions and national authorities, signaling a robust shift towards embracing innovative financial solutions. The industry's active exploration of Decentralized Finance (DeFi) platforms further underscores this transformative phase in the fintech sector.

SMEs, forming the backbone of many global economies through significant contributions to employment and economic growth, are now at the forefront of adopting sustainable practices in response to environmental challenges. However, SMEs traditionally face hurdles in accessing green financial services necessary for funding eco-friendly initiatives. Fintechs are emerging as a vital solution in this regard, enhancing SMEs' access to these essential financial services. This role is increasingly crucial in ensuring sustainable development and addressing climate change. Fintech, or financial technology, encompasses technologies aimed at making financial services more efficient and effective. Fintech companies use technology to offer solutions that improve various financial industry aspects, including banking, investing, payments, insurance, and lending, thereby playing a pivotal role in the green transformation of SMEs.

In a recent PYMNTS survey, industry executives emphasized the growing influence of Artificial Intelligence (AI) in the 2023 FinTech sector, with Mangopay CEO Romain Mazeries highlighting AI's crucial role in 2024. AI is set to enhance financial decision-making, risk management, and operational efficiency, with applications in credit assessment and robo-advisory services. Additionally, the trend of embedding financial solutions into non-financial products is on the rise, especially in eCommerce, driven by Banking-as-a-Service and Wallet-as-a-Service models. Moreover, the FinTech industry is increasingly focusing on sustainability, with initiatives for eco-friendly digital payment solutions and commitments to reduce environmental impacts.