The financial sector is facing a dynamic landscape with the continuous evolution of technologies, catalysts for innovation and reinvention of the way people relate to money. Financial solutions businesses face challenges to operate effectively, anticipate the needs of their customers, and develop products that meet their expectations.
At Cobis Topaz we have explored the technological trends that will be key for 2024 and will shape the future of the industry, from the accelerated adoption of artificial intelligence, the expansion of open finance systems and cloud-based platforms that make the development of such models possible.
Generative Artificial Intelligence
Artificial intelligence refers to the creation of computer systems that can perform tasks that normally require human intelligence, such as the ability to learn, reason, solve problems, recognize patterns, understand natural language, and adapt to changing environments.
Generative AI, on the other hand, focuses on creating systems capable of generating new and original content. Instead of simply processing data or making decisions based on existing patterns, generative AI can create something new, such as images, text, music, and more.
This new content includes, for example, synthetic data, which is information generated from real data samples to train models. The algorithm is based on learning patterns and correlations, and once trained, it can generate identical data.
Download the whitepaper here to learn about the use cases, challenges, and strategies.
Open finance and digital payments
The growth of open finance, also known as open finance, represents a significant evolution in the global financial landscape, where connectivity and data sharing play a central role in transforming digital ecosystems. This concept goes beyond simply opening up data, opening the doors to broader collaboration between banks, fintech cooperatives, governments, and other market players.
The importance of open finance lies in its ability to drive innovation, improve user experience and foster competition, transforming the way financial information is accessed, shared and used. As regulations evolve and technology advances, open finance is emerging as a key catalyst in redefining the global financial industry.
The success of this approach depends to a large extent on the strong trust of customers, especially with regard to the sharing and reuse of data, including personal data. To develop it effectively, it is critical to protect individuals and businesses by mitigating the risks associated with accessing and using data, while addressing and reducing the potential problems of data use.
Download Download the whitepaper here to learn about the use cases, challenges, and strategies.
Cloud Financial Solutions
Cloud computing is not just a location, but rather an operating model that helps financial service provider companies innovate faster with on-demand provisioning, elastic scaling, and global reach. To address an ever-increasing range of technical requirements, new deployment models have emerged that include hybrid and multicloud scenarios.
| Single cloud | Hybrid Cloud | Multicloud |
| This model uses a single cloud service provider. Applications and workloads in a single cloud can be deployed directly, pre-hosted in another environment, and migrated later. | It combines public cloud deployment with a private cloud and/or on-premises infrastructure. On-premises infrastructure can be an internal data center or any other IT infrastructure that operates within a corporate network. | Combine and integrate different types of clouds, as long as they are of the same type. For example, it uses a public cloud as a database and another public cloud as client authentication. |
In response to increasing technical demands, along with cybersecurity challenges, novel deployment approaches must be leveraged, spanning different environments, from single cloud to multi-cloud.