Episode 2: Steven Moe – Technology Outlook 2024
We meet with Steven Moe, Head of Technology at Finastra, and consider the factors that will influence lending technology in 2024. Steven describes how financial institutions can gain competitive advantage and proposes that financial institutions should prioritize modernization and the careful adoption of AI in both their products and processes. He also highlights the power of partnerships as a means to improve the quality and efficiency of banks’ systems infrastructure.
Reflecting on 2023
AI: How 2023 changed everything
The launch of ChatGPT created an initial surge of adoption until firms began to get concerned about data confidentiality. However, with the appropriate controls in place, OpenAI’s GPT and GitHub Copilot have revolutionized the way we work and collaborate, in textual and creative domains, as well as technical and engineering fields. Steven discusses the challenges and opportunities of using AI in a secure and ethical way, and how Finastra is leveraging AI to modernize its products and services.
While many were quick to adopt and leverage AI, others will have taken a more cautious approach and may now face AI FOMO, or fear of missing out. Although incorporating AI into existing programs and infrastructures may create challenges – particularly in terms of culture – many are excited about putting AI at the heart and soul of their businesses to maximize the benefits of cost, risk and time reductions.
2023 saw a renewed focus on modernization, following the lifecycle of launch, upgrades as well as enhancements to user experience, architecture, deployment, and integration. AI will play an increasingly important role in accelerating modernization and the journey to cloud, as well as helping to deliver faster and better products to the market. Going forwards, implementing AI will represent a natural extension of ongoing modernization.
Looking forward to 2024
Partnerships – collaborating for impact
Steven highlights the benefits of partnering with big tech firms like Microsoft and IBM, which bring the brain power, scalability, and technology to accelerate modernization.
One key differentiator
The automation of processes and documents, especially in trade and syndicated lending, will create significant competitive advantages for those that invest. Steven notes he saw a lot of investment from banks in automation in 2023 and can only see this growing in 2024 as banks look to reduce costs and increase scale and efficiency.
At Finastra, we’re proactively updating our software to continuously improve our products and ensure our services remain safe and secure, while also reducing technical debt via cloud-deployed solutions to further reduce operating costs.
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