We are still fretting about AI and Regulation in Fintech: WePay's Week in Payments
It seems like there are two constant themes that come up again and again and again in FinTech. One is regulation, which makes sense since globally there is pretty much always some news about regulatory changes somewhere. These announcements get scrutinized for any kind of hints about how regulation might change elsewhere and to see if anyone has managed to find a good balance between necessary regulation and encouragement to the nascent industry.
The other constant topic derives from a couple of underlying drivers for FinTech – AI and machine learning – both of which are enablers in the same way they are for many other disruptive sectors. One of the goals for FinTech has always been simplifying and automating a more intelligent approach to handling any kind of financial transaction. That in turn means FinTech is a great consumer of AI and machine learning. Note that while we think the following pieces are interesting and worthwhile reads their inclusion does not mean any endorsement by WePay of the opinions expressed.
The Financial Brand has a lengthy piece about current trends in AI, machine learning and data usage in banking that looks at the uptake and adoption of AI in the industry. Meanwhile, Let’s Talk Payments has a thoughtful opinion piece on the short term impacts of AI and the belief that AI is going to rapidly push change in the financial industry.
On the regulatory side there are some new announcements in Britain and Canada that are intended to open up the FinTech industry in both countries. PYMNTS.com reports on this regulatory belt-loosening. Meanwhile Pascal Bouvier at FiniCulture has a very lengthy analysis of President Trump’s executive order on regulating the US Financial System.
The rise of branded mobile payment apps continues with NFC World reporting that Gulf is the latest to launch its own payments app. And mobile payment growth continues apace globally as eMarketer reports on the rapid change taking place in Japan around mobile payments.
PYMNTS.com also released the latest of its platform payments trackers focussing on social media fatigue and crowdfunding.
Finally this week, Finextra takes a look at three ways that payment providers can optimize e-commerce revenue. They cover fraud, risk and integration, all areas we here at WePay see as significant.