Fintechs Outpace Banks on AI
The narrative around artificial intelligence in financial services often pits 'innovators' against 'incumbents', but the reality is more subtle and consequential.
According to the co-founder and CEO of Pecan AI, fintechs have a different tech risk appetite compared to established banks, which slows down the risk culture and leaves legacy institutions trailing.
Decision-making is quicker
This difference in approach allows fintechs to leverage predictive AI more effectively, outpacing banks in the process.
Meanwhile, regulators have dropped actions against major banks such as Citi, BofA, and Wells Fargo, and the UK chancellor is racing to fill a £30bn gap in the country's finances.
Author's Summary
Fintechs are outpacing banks in AI adoption due to their experimental approach.
- Fintechs have a higher tech risk appetite
- Established banks are slowed down by their risk culture
- Predictive AI is being leveraged more effectively by fintechs
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