What we heard: Generative AI and embedded finance dominated conversations at the Finovate Fall conference on Wednesday—proof that the two key payments trends are still top of mind for financial services executives.
Is genAI just a fad? It depends on who you ask.
What’s next? ChatGPT may have had gangbusters adoption, but it didn’t keep all those users. Worldwide traffic to the ChatGPT site has fallen for the last three months, according to Similarweb data cited by Axios.
Every speaker at Finovate Fall said genAI still faces many hurdles before it can achieve its potential.
To embed or not to embed? Fintechs are focused on embedded finance 2.0.
Looking forward: Embedded finance is expected to exceed $7 trillion worth of total US transactions in 2026, according to data from Marqeta. And people are ready for this shift: Almost 50% of consumers globally are open to accessing financial services from nonfinancial companies.
But going forward, providers need to be careful that they aren't embedding for the sake of embedding, Amir cautioned. She said it only makes sense to implement when the embedded service solves a customer problem that already exists.
Finovate Fall conclusions: The payments industry is at a turning point, and even the experts are unsure how the innovations of today will play out tomorrow.
Firms don’t want to risk falling behind while others claim first-mover advantages, but rushing headlong into new tech without a comprehensive strategy could lead to costly headaches down the road.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a three-times-weekly recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
First Published on Sep 15, 2023
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