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Post: Can AI, Real-Time Payments, and Open Banking Redefine the Future of Finance?



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By Giedrė Blazgienė

Mano Bank’s team has recently participated in Money 20/20, Europe’s premier fintech event held in Amsterdam on June 4-6, 2024. This year’s conference brought together over 8,500 of the most influential decision-makers and thought leaders shaping the future of finance.

Summarizing the innovations presented, four main trends stand out: the increasing use of artificial intelligence (AI) in banking, user-friendly payment methods, open banking, and enhanced security.

Enhancing customer experience, financial literacy, and more through AI

Speakers emphasized how AI can transform customer interactions, enhance security measures, and broaden access to financial services. The AI in financial services market is projected to exceed $61 billion by 2031, with over 80% of banks recognizing its potential. The financial services industry invested an estimated $35 billion in AI, in 2023, with the banking sector accounting for approximately $21 billion of this investment.

AI can customize the user experience, including adapting banking app design based on individual behaviors and preferences. For instance, if a user frequently conducts international money transfers, the AI reorganizes the app’s dashboard to prioritize international banking features, ensuring ease of access.  

It is estimated that about 20% of retail and commercial banks have already rolled out generative AI (GenAI) solutions or are ready to launch them imminently.

AI increases the ability to proactively understand customers’ real expectations and behaviors. By applying AI thoughtfully, banks can enhance the overall customer experience, bolster risk management processes, and even contribute to a higher level of customers’ financial literacy through AI-powered gamification elements. However, AI requires very good data collection and processing capabilities, and that’s our main focus right now.

Transforming transactions: rise of real-time and cashless payments

Recent payment trends highlight significant technological advancements, such as real-time and P2P payments. Non-cash transactions are projected to grow by 16.6% annually, reaching $2.3 trillion by 2027. Instant payments and e-money are expected to rise from 17% of global non-cash transactions in 2022 to 28% by 2026.

It points out that customers prefer cashless transactions and online shopping, pushing businesses to integrate payments with marketing and social media. The rise of banking as a service (BaaS) provides financial services entirely online. While speed is often important, factors like certainty and status verification are sometimes prioritized, encouraging a focus on improving user interfaces.

Embedded finance, integrating services like banking, payments, lending, and insurance into non-financial apps, is rapidly transforming the financial landscape. Covered at the conference, this trend accounted for nearly 5% of US transactions in 2021, valued at $2.6 trillion, and is projected to exceed $7 trillion by 2026. Globally, the market is expected to grow from $66.8 billion in 2022 to $622.9 billion by 2032, with a CAGR of 25.4%.

The latest trends in payments indicate a continuous shift towards digital and automated solutions. Innovations such as real-time payments, digital wallets, and blockchain technology are transforming how transactions are conducted, increasing efficiency and reducing costs.

Mano Bank expanded its services with SEPA Instant transfers in May 2023. Currently, instant payments already account for 65.82% of all payments, according to the number of transactions. It highlights the strong adoption and preference for fast, efficient payment solutions among our customers.

Harnessing open banking

Open banking is transforming the financial industry, offering businesses opportunities to leverage data for revenue generation, cost reduction, and improved customer experiences. Real-world case studies at Money 20/20 showcased how companies use open banking data beyond payments, integrating it into diverse industries like healthcare and transportation. The shift towards “Open Everything” and the critical role of interoperability were key themes. Data protection and the requirements for business models centered on data movement were also central to the discussions.

With reports stating that open banking users in Europe will double by 2027, we see the need for Mano Bank to focus on strategic data utilization and security resilience as we expand our open banking capabilities. For Mano Bank, leveraging open banking data will not only enhance our customer experience but also open new avenues for revenue generation and cost reduction, driving significant growth and efficiency.

Securing payments and building trust in a digital age

Security in payments was a major concern for fraud experts, law enforcement, exhibitors, and attendees at the conference. The rise in data breaches and financial crimes has fostered a sense of distrust among users. Annually, an estimated 5% of corporate revenue is lost to fraud, totaling around $4.7 trillion globally, while one in four people falls victim to fraud, resulting in yearly losses of $1.026 trillion. Experts advised that when payment security is breached, organizations should focus on the three Cs: containing the issue, communicating with affected stakeholders, and coordinating with law enforcement and peer companies.

As new sectors emerge with new risks, alongside a growing demand for seamless cross-border transactions, compliance standards continue to evolve and become more stringent. Rather than viewing compliance and regulation as hurdles, it’s imperative to recognize them as fundamental safeguards within the financial ecosystem. They serve to uphold integrity, ensuring the security and trust of both businesses and consumers.

About the Author

Giedrė BlazgienėGiedrė Blazgienė is the CEO of Mano Bank, a financial institution dedicated to serving businesses with strong attention and personalized care. As the first bank in Lithuania to receive a specialized banking license in 2018, Mano Bank has been dedicated to providing business loans and payment services. By integrating digital technology with a cost-efficient approach, Mano Bank enables partners to save time and resources, allowing them to thrive in today’s business environment.

Lora Helmin

Lora Helmin

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