A report by payments technology firm Tribe Payments has found 67% of FinTechs believe AI is the technology that will have the biggest impact on the sector in the next five years.
The report – titled FinTech Five by Five – examines which five emerging technologies are currently having the biggest impact today, tomorrow and over the long-term – and what changes can be expected as a result. It was based on a survey of over 80 FinTech executives.
Other key findings from the report include the fact that 90% of FinTechs use APIs, with APIs being the most widely used emerging technology today – driven strongly by the success of open banking.
Elsewhere, 70% of FinTechs were found to be already using AI, despite it being seen as a ‘future’ technology. The report also found that 20% of FinTechs are not using blockchain technology, while low-code is being used by 16% of FinTech businesses as companies ‘seek to increase the pace of development’.
Up to 10% of FinTechs are also now using edge computing – a finding Tribe described as a ‘surprisingly high adoption’ given the lack of hype around the technology.
Tribe CCO Alex Reddish said, “FinTech may be seen by some as a revolution made possible by technology, but it’s just as much a shift of attitude—an ongoing change where openness to and understanding of new technology is vital. This report not only offers insight into the technologies from those closest to them, it suggests next steps for FinTechs who don’t want to be left behind.”
The report can be read in full here.
