Fintech's Falling to AI Scams
Hi there!👋 We’re switching gears a little. Trio is doubling down on fintech. The benefits of a tighter niche mean deeper insights and content that brings you true value.
Keeping with this quality over quantity approach, we may dial back the frequency of our newsletter so each edition gives you as much as possible.
This week, we’re looking at how AI is being used in fintech: from the useful tools to the new issues. We’ll cover how outsourcing can help you keep up and stay safe in this rapidly changing market.
If you want to explore the role of fintech in the financial services industry, make sure to check out this article.
Deepfakes have been an emerging issue since the boom of AI. Being able to use a couple of seconds of voice recordings or a video of some sort to create a believable replica of another person is causing massive upset in the finance community.
As early as 2023, important figures have been impersonated in video calls, so if you haven’t started to put security measures in place, you are already behind!
Identity verification and fraud prevention are some of the most critical parts of the fintech industry. If you don’t have the resources to implement the latest features yourself, consider outsourcing your security infrastructure.
A reputable company with fintech experience, like Trio, can help you implement the latest industry standards and safeguard your customers’ money and personal information.
Agentic payments, powered by AI, play a significant role in personalization and automation. Major companies like Visa, Mastercard, PayPal, Stripe, and a variety of others are using these tools to improve their user experience.
So what’s that got to do with your fintech company? User expectations are shifting. Personalization is no longer a nice-to-have but an expectation. You need to comply!
It’s not as simple as just adding in some AI, though. Automation developers need to have a good understanding of regulations regarding the use of AI and data handling. These might be very different from region to region.
Getting a specialist on your team is critical to ensure you are able to provide what users want, without facing hefty fines later.
Other Stories Worth Noting
Some other things have happened in the fintech industry recently:
📜The UK has new crypto legislation. The hope is that this change will allow more room for innovation, while at the same time cracking down on ‘bad actors.’
🛡️A RegTech company has achieved ISO 42001 certification! Its AI governance is an excellent example of how you could approach scaling and AI use responsibly, with a focus on transparency and trust.
Final Thoughts
Fintech is changing quickly, and AI is playing a massive role, whether it’s changes in user expectations or government regulations. You need to stay informed so that you can continue to adapt.
If you have found this newsletter informative, share it with a friend or colleague who may benefit too. Anything to add, or something you think we’ve missed? Hit reply. We would love to hear from you.
Until next time - keep adapting.
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