The evolution of innovation in financial services
July 18, 2023
In this video, Tony Warren, EVP, Head of Strategy and Solutions Management, FIS, looks at the evolution of innovation and digitalization. Watch it now or read the transcript below.
The digital transformation of the industry is an evolutionary process. Five years ago, enterprise software dominated. Today, more than half of mission critical applications leverage cloud technologies to distribute globally.
We saw the same process with machine learning and artificial intelligence. Those technologies started being introduced into workflows only a few years ago. Now AI and data synthesization are perquisites to coping with large volumes of essential data.
What’s next? Blockchain technologies. They’re driving cryptocurrencies – including stablecoins – digitization of real-world assets and a decentralized finance approach. Whilst these technologies will require industry participation and regulatory clarity to move to the mainstream, the seeds of innovation have already been sown. So you need to be embracing these technologies now to avoid being left behind.
Explore The Global Innovation Report 2023 for more data and insights about the impact of innovation.