Enabling Technologies

Predicting the Near Future: Launching MEDICI's FinTech Foresights Report

MEDICIFounder and Chief Strategy & Innovation Officer

No, we are not talking about clairvoyance.

LTP is known for breaking new grounds in terms of technology coverage in financial services. We wrote some of the early papers/posts on blockchain use cases, FinTech APIs and things such as real-time payments. We are known for reporting the leading indicators in terms of industry trends and insights. Doing what we do the best, we have created a completely new format and we call it “FinTech Foresights.”

“FinTech Foresights” is LTP’s offering that helps you stay on the top of what’s happening and in many ways stay ahead of the curve. In this day and age, when every now and then there is a new technological innovation disrupting the world we live in, this is our attempt to provide pioneering insights and coverage on such groundbreaking financial technologies. In this report, we will analyze some very exciting areas of FinTech innovation, with a vision for the future. The objective of this report is to connect the dots by analyzing the market trends and predict the future. We do that based on the analytics of clicks and page views on LTP (millions of page views) and MEDICI (research inputs and global discussions).

In the inaugural edition of FinTech Foresights, we talk about two such exciting areas of technological innovation.

ABA Endorses Digital Lending Solution by Akouba

What can come to the rescue of banks when they are struggling to save their brand, improve their customer service and margins? Something that helps banks to make their interactions with customers smoother and simpler and will help them to find efficiencies, improve customer service and deepen their customer base. Open APIs!

Predicting the Near Future: Launching MEDICI's FinTech Foresights Report

APIs have been around for almost a decade, but now is the time they have started to pave way for new business models by allowing coopetition between BFSI & FinTech and creating a vibrant marketplace. Open APIs would allow third-party developers to create helpful services and tools that customers can utilize. Some banks have started this journey and we will discuss that in this report. As the Competition and Markets Authority (UK) stated, APIs “make life simpler for millions of us every day by enabling us to share information, for example, about our location. They are the hidden technological drivers behind digital applications such as Facebook, Google Maps and Uber.”

In this report, we look at a number of scenarios that demonstrate how open APIs will change the future of banking.

As we wrote in one of our recent articles, artificial intelligence is here to stay, and 2017 will be about the adoption of ML/AI by the FinTech community and beyond. With the global FinTech investment in AI crossing 1.2 billion in 2016, this truly is the time for banks and financial institutions to leverage the power of automation and machine learning.

In the quest of replicating human behavior through cognitive software, artificial intelligence has become a potential game changer for back end heavy industries such as banking, which is bogged down by the low productivity, largely attributed to the mundane, repetitive back-end processes. Robotic Process Automation or RPA is just the tip of the iceberg that is cognitive AI. Cost and FTE reduction is just a glimpse of what it has in store for us. Banks and other financial services players will need to capitalize on RPA’s potential to elevate the customer experience and improve competitive positioning. Banks and other financial institutions have already begun to adopt RPA across business functions. We will look at some of these key RPA success stories in this report.

Predicting the Near Future: Launching MEDICI's FinTech Foresights Report

As we explore the above two areas in the inaugural edition of FinTech Foresights, there are many such exciting areas of innovation that we will be bringing to you in the future editions subsequently releasing every two months. Through this offering, we aspire to be the harbingers of leading indicators in FinTech insights and trends.

The report can be downloaded here.

Note: This is a free introductory edition of the new FINTECH Foresights report from MEDICI. For subscription options, please contact us at sales@goMEDICI.com or +1.704.246.8090.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.

Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.

Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.