In recent years, technology has transformed business in numerous ways, leading to a shift in strategic decision-making. One of the most significant developments in this area is the emergence of generative AI, which has had a dominant presence in the industry. This technology has caused a significant disruption in the financial services sector, with institutions actively involved in strategic planning to implement it on a large scale in the near and medium term.
The use of algorithms and machine learning tools by banks and lenders has been commonplace for years. However, the potential of generative AI to disrupt financial markets when combined with other innovations like blockchain and digital assets is enormous. Financial technology (fintech) is now an integral part of strategic decision-making, with rapid technological advancements leading to both opportunities and threats in the industry.
The recent decline in exchanges and investments in digital assets, also known as the “crypto-winter,” is still ongoing. Despite regulatory scrutiny increasing, there is an opportunity for both traditional and emerging technological aspects of the industry to innovate and evolve. The Securities and Exchange Commission (SEC) is starting to accommodate investors’ demand for certain digital asset products, providing a chance for innovation to take place.
Overall, market trends indicate that technology continues to play a significant role in shaping business decisions. As such, businesses must keep up with technological advancements to remain competitive and relevant.