Th-AI-nks for Nothing?
Having worked in fintech since 2011, I've seen a lot of technology races take place. Each race starts with a boom as the trend becomes increasingly hyped as the must-have technology for every firm across financial services. The race then slows, as companies and end users discover the limitations of the technology, and it finally fizzles when the regulators come in and set the rules around the new technology. In the end, the industry is generally left with limited, but effective implementation of the technology, and the hype disappears.
Some of the most notable examples include:
Depending on where you sit in the industry, I'm sure this list looks different. But there's no doubt that, for 2023 and 2024, GenAI is on this list and it is slightly different from the technologies above in that its applications span across financial services.
As the AI race plays out, however, I can only wonder what we will be left with after the boom is over and the regulators have had their input. It can be difficult to read past the marketing hype in cycles like these. However, GenAI likely won't face the same fate as the boom-and-bust technologies in the past, given the depth of the technology's possibilities.
I'm Julie Muhn, bringing you this week's newsletter, and hoping that when GenAI reaches the fizzle stage, the financial services industry will be transformed, and perhaps for the better.
Weekly Fintech News Roundup
London-based Fintech Farm raises $32 million for its neobank-in-a-box.
Challenges and Opportunities in Insurtech
Finovate's David Penn breaks down CB Insights ' Q1 2024 State of Insurtech report. The report looks at investor attitudes around insurtech companies and considers funding trends in the subsector, such as a lack of mega funding rounds, as well as quarterly funding dropping to the lowest level since 2018.
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Pause Button: Ode to the Nacho
The Pause Button section is generally meant to showcase a mix of art, culture, nature, and human interest topics. I'd argue that nachos are a mix of all four. From the artistry of layering flavors to the cultural significance of the dish's roots, nachos' ingredients connect us to nature's bounty of ingredients. And because they are meant to be shared, they invite community and spark conversation.
They're not just a meal; they're a symphony of flavors, a canvas of creativity, and a testament to the joy of simple pleasures. Next time you're chowing down on a plate of nachos, don't forget to raise a chip in celebration of the significance of your snack.
All Set for FinovateSpring
FinovateSpring is just days away. We're hosting a special evening for bank executives on the night of May 20, but the official conference kicks off at 9 am on May 21. The event will be hosted at the Marriott Marquis in San Francisco, California (tickets are still available).
To get a head start on event preparations, download the event app to check out the agenda, set your schedule, and begin networking.
While I'm looking forward to many of the sessions, here are the conversations I will be hosting:
I'm also excited to participate in a discussion on Sam Kilmer 's Fintech Hustle Podcast with BankTech Ventures Managing Director Carey Ransom and Bloom Credit CEO Christian Widhalm. We'll be offering up our unscripted takes on what we're hearing both on and off the FinovateSpring stage. I'll be sure to share a link to the episode once it airs!
Header Photo by Suvan Chowdhury
Insurtech Photo by Engin Akyurt
Nacho Photo by Herson Rodriguez on Unsplash