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Business trends

Artificial intelligence fosters financial inclusion in Asia

Fintech brings dramatic change as it empowers businesses and individuals

David Beardmore, second from left, discusses automation and financial services with other panelists at FIN/SUM 2018. (Photo by Hideki Yoshikawa)

This year has brought dramatic change to financial services, as fintech leads innovation that impacts traditional workflows. The number of ATMs is decreasing due to the widespread adoption of cashless payments, while regulatory issues, starting with the European Union's General Data Protection Regulation, continue to be a convoluted topic of discussion.

One of the greatest drivers is the global shift toward digitization and automation. From banks to insurance and wealth management platforms, competition to offer customer-friendly, scalable and detailed service is intensifying. These are eliminating the need for bank branches, with their often inconvenient locations, limited working hours and long queues.

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