OFF THE BOOKS
We also want to show that we can do more than eCommerce . Our tech is completely applicable to cardpresent scenarios and we already have several solutions up and running in Europe . The next time you pay , you may be paying with Silverflow technology .
next time you pay , you may be paying with Silverflow technology .
With the rapid advancements in technology , what are the biggest challenges FinTech companies will face in the next five years , and how can they prepare for them ?
Billions of digital payments are made each day , and this is only increasing . More people are leaving cash behind and embracing payments using cards , e-wallets or super apps . That ’ s a great thing , but it ’ s going to put a lot of strain on the existing payments system . Every time you tap your debit card or pay online you are using systems that in some cases are thirty or forty years old . Clearly , they still work in almost every instance , but at what point are we going to say that they are no longer fit for purpose ?
Take data for example : a world run increasingly by machine learning needs a steady supply of high quality data , and legacy payments data weren ’ t created with this in mind . They were built for a world of expansive storage and RAM memory , slow processing chips and low bandwidth – the 120mbps connections that you can get on your phone were unimaginable at the time . We have the capacity for payments to carry far more data , giving every part of the payments ecosystem much greater insight .
What key pieces of advice would you give to aspiring entrepreneurs looking to enter the FinTech space ?
Solve a real problem . That doesn ’ t necessarily mean stopping climate change , it means knowing enough about a sector , like payments , that you can see the gaps where existing players are saying ‘ it ’ s not great , but we ’ re just going to have to accept that it will always work that way ’. Then , it means working out how you can do better .
We are no longer in a space where investors are thinking purely in terms of growth . Investors are starting to refocus on profit – you may not become an overnight sensation like WeWork , but you will still be a viable business in five years .
Which current technological advancements excite you the most , and how do you envision these technologies transforming the FinTech sector ?
I expect that a lot of people will answer ‘ AI ’ to this question , but honestly the jury is still out on whether the current wave of AI innovation happening in Large Language Models is applicable to finance and payments anywhere but in customer service .
My answer is related though , and it ’ s the profusion of data we can gather once we have modern payment systems . AI , or rather machine learning , will be a factor once we have that data , since it is able to sift through it and gather relevant insights , but the data has to come first . Currently legacy systems don ’ t have a source of highquality information on each and every transaction , but Silverflow does , and once we have it the payments industry can start making strides to address real problems like false declines , fraud and friction . � www . intelligentfin . tech
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