A growing number of countries are anticipated to enhance or implement their Open Banking frameworks
FinTech BizNews Service
Mumbai, December 22, 2023: Rajesh Mirjankar, CEO and MD of Kiya.ai, has delved deep with insights in the space of Generative AI, Embedded Finance, Central Bank Digital Currency (CBDC), Hyper Personalised Banking, Quantum Computing, Immersive Technologies and Open Banking Adoption.
Rajesh Mirjanka shares his insightful views as we approach 2024:
Generative AI:
In 2024, Generative AI is transforming finance with human-like content generation, captivating a broad audience. Financial institutions are set to integrate this technology, deploying advanced finance advisors for a revolutionary impact on services like creditworthiness assessment and robo-advisory.
This shift towards data-driven decision-making promises unparalleled user experiences. Generative AI's predictive capabilities will enhance fraud detection, secure transactions, and elevate customer service. As we enter 2024, financial institutions are not only customizing services but also shaping individualized user journeys, marking a significant leap in the ongoing evolution of financial technology.
Embedded Finance:
In the evolving landscape of global finance, Embedded Finance emerges as a transformative factor, with India leading the way. By seamlessly integrating financial services into non-financial applications, this paradigm shift empowers users worldwide with personalised tools, redefining the accessibility and delivery of financial services.
As the world embraces a digital-first approach, Embedded Finance is set to play a critical role in advancing financial inclusion across diverse sectors, providing resilience and security to users' core engagements. This innovative integration goes beyond traditional boundaries, integrating savings, insurance, retail, and wealth management directly into the workflows of independent contractors, farmers, and MSMEs globally.
Central Bank Digital Currency (CBDC):
Looking ahead, Central Bank Digital Currencies (CBDCs) are poised to revolutionize the global financial landscape, representing a digital evolution in currency and transaction infrastructure. Unlike traditional central bank money, CBDCs are designed for widespread adoption, catering to mainstream financial institutions, households, and enterprises. They offer a secure and efficient means for storing value and facilitating transactions in the digital economy.
As cash usage declines globally and digital banking continues to rise, CBDCs are anticipated to play a pivotal role in ensuring financial stability and accessibility. By eliminating the dependence on physical cash, CBDCs create opportunities for faster and more efficient digital transactions, positioning central banks strategically in the evolving financial system.
Quantum Computing:
In an era dominated by data, the indispensability of powerful computers for accurate probability calculations cannot be overstated. Recognising this need, several banks are turning to a cutting-edge generation of processors rooted in the principles of quantum physics, enabling them to process vast amounts of data with unparallelled speed.
Hyper Personalised Banking:
As we enter the year 2024, the focal trend in the financial sector is Hyper Personalized Banking. This innovative strategy revolves around customizing banking products and services according to the individual needs of each customer. It harnesses the power of advanced data analytics and employs machine learning algorithms to ensure a tailored and highly personalized banking experience.
Immersive Technologies:
Remaining competitive in the ever-changing tech environment is paramount for the banking sector. As we near 2024, a significant transformation is anticipated, compelling financial institutions to adopt immersive technologies. The Metaverse takes center stage as a prominent trend, providing secure and personalized virtual experiences to elevate customer satisfaction and foster loyalty.
Kiya.ai spearheads the initiative with Kiyaverse, an immersive Metaverse platform for global organizations, and Bharatmeta, a dedicated Metaverse for Indian organizations. Our goal is to create a ubiquitous digital environment seamlessly integrated into daily life, ensuring efficiency and inclusivity.
The Metaverse platform offers an immersive experience across various devices, making modern technology accessible to users on laptops, smartphones, kiosks, and extended reality (XR) headsets. As the transformative banking trend of 2024, the Metaverse positions itself to redefine the digital era, with Kiya.ai leading the way in providing innovative solutions for banks to thrive in this immersive landscape.
Open Banking Adoption:
As digital banking gains traction among customers, a growing number of countries are anticipated to enhance or implement their Open Banking frameworks. Regulatory bodies are poised to play a pivotal role in influencing the direction and speed of these advancements. They will continually refine and evolve Open Banking regulations to address emerging challenges, with a strong emphasis on ensuring the secure and ethical use of financial data. The ongoing priority will be to strike a delicate balance, fostering innovation while safeguarding consumer rights in this dynamic financial landscape.
Kiya.ai, digital solutions providers serving financial institutions and governments globally. Kiya.ai has 11 global offices and serves 500+ enterprises in 56 countries across South-East Asia, Africa, the Middle East, Europe, and North America.
