Top 10 Emerging Technologies of 2024 by the World Economic Forum!
Today, the World Economic Forum released its much-anticipated Top 10 Emerging Technologies of 2024 report, spotlighting innovations set to revolutionize industries and societies over the next few years.
But what does this mean for financial services? Let's dive in!
🔍 𝗪𝗵𝗮𝘁 𝗠𝗮𝘁𝘁𝗲𝗿𝘀 𝗠𝗼𝘀𝘁 𝘁𝗼 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀:
1. 𝐀𝐈 𝐟𝐨𝐫 𝐒𝐜𝐢𝐞𝐧𝐭𝐢𝐟𝐢𝐜 𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫𝐲: AI is not just for tech giants anymore. Financial institutions can leverage AI to enhance data analysis, risk management, and customer service, driving efficiency and INNOVATION. A few banks have already set up their AI factory to leverage this GPT beyond just efficiencies. This is how AI-native businesses will be born.
2. 𝐏𝐫𝐢𝐯𝐚𝐜𝐲-𝐄𝐧𝐡𝐚𝐧𝐜𝐢𝐧𝐠 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬: With data breaches on the rise, privacy-enhancing technologies are crucial for safeguarding sensitive financial data, ensuring compliance, and building customer trust.
3. 𝐑𝐞𝐜𝐨𝐧𝐟𝐢𝐠𝐮𝐫𝐚𝐛𝐥𝐞 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐭 𝐒𝐮𝐫𝐟𝐚𝐜𝐞𝐬 (𝐑𝐈𝐒): These can optimize wireless communication, improve user experience, crucial for financial services that rely on real-time data transmission and secure transactions. Think mobile money and beyond.
4. 𝐇𝐢𝐠𝐡-𝐀𝐥𝐭𝐢𝐭𝐮𝐝𝐞 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦 𝐒𝐭𝐚𝐭𝐢𝐨𝐧𝐬: Enhancing connectivity in remote areas can open new markets and customer bases for financial services, promoting financial inclusion. Think of increased access but also Agritech and Climatech that are tied to Fintech.
5. 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐒𝐞𝐧𝐬𝐢𝐧𝐠 𝐚𝐧𝐝 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧 (𝐈𝐒𝐀𝐂): This technology can streamline operations, reduce costs, and improve the accuracy of financial transactions and monitoring systems. It has direct applications in enhancing security, operational efficiency, and data-driven decision-making.
The other 5 Technologies are also connected and impact Financial services but I see them as having a second-order effect for the next 3-5yrs.
These 5 Emerging Technologies will impact mostly Emerging and Developing Countries rather than Developed Countries.
#innovation #technology #WEF #fintech #financialservices
Link to the report in the comments
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#Wiley book I have co-authored with the faculty of The Fast Future Executive, which is focused on Interconnections between advanced Technologies, socioeconomic and environmental trends:
𝐓𝐡𝐞 𝐅𝐚𝐬𝐭 𝐅𝐮𝐭𝐮𝐫𝐞 𝐁𝐥𝐮𝐫: 𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐯𝐞 𝐈𝐧𝐭𝐞𝐫𝐜𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝐒𝐡𝐚𝐩𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞
(link in the comments)
Full Stack Senior Engineer
9moWell done!!