REGIONAL REVIEW
coming year . This technology , capable of analysing extensive datasets and generating text , images , and sounds , is anticipated to advance significantly in complexity and specificity .
In the FinTech and financial services sector , which grapples with stringent regulatory and compliance guidelines , the potential of Generative AI is particularly promising . Tasks such as information security , compliance support , know your customer ( KYC ) onboarding , and transaction monitoring often rely on manual human processes , which are errorprone , time-intensive and challenging to automate using traditional methods . Generative AI applications look set to revolutionise problem-solving in these domains , offering a more efficient and accurate alternative .
All industries – not just in the FinTech world – are undoubtedly faced with challenges in today ’ s market . There will always be larger macroeconomic trends at play , whether that is changes in consumer behaviour , new regulations , or climbing interest rates and inflation . As we look ahead , 2024 beckons a promise of innovation , where the convergence of embedded finance and Generative AI is set to redraw maps of possibility . �
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