DataAnalytics and AI set to drive fintech, says white paper titled “The Future of Fintech: Smart, Scalable, Collaborative” was released during FintechSurge in GITEXGLOBAL 2022 ~ ~ Mastercard
Data analytics and artificial intelligence are the top technologies of the Fourth Industrial Revolution that are powering fintech solutions, found a Mastercard study on the state of fintech in the Middle East and Turkey markets.
Announced during a panel discussion, the white paper findings were discussed by industry leaders who highlighted how young, technologically savvy, and informed consumers are driving the trend for fintech products and services across the Middle East and Turkey. The metaverse, AI, 5G, and data analytics are making hyper-personalised experiences possible for consumers, which, in turn, fuel the demand for a 24/7 digital experience.
The study highlighted that fintech are disruptors of the status quo in the pursuit of a better tomorrow. They are agile and able to identify opportunities – often during times of upheaval such as the 2008 financial crisis and Covid-19 pandemic, when the need for innovation is heightened. A major reason for this growth, the study found, is the collaborative approach that can lift all boats in the fintech sector of the Middle East and Turkey. The paper goes to say that fintech solutions in these markets work to resolve pain points of consumers and merchants in a very localised framework. For the fintech sector and companies to expand, they need to start operating across borders.
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