The future of finance: innovations supported by Future Finance
Future Finance – Supporting Innovation in the Financial Services Sector
Future Finance is a research project focused on supporting mid-level organizations and small and medium-sized enterprises (SMEs) operating in the financial services sector in the United Kingdom. Its main objective is to adopt innovative processes and products that enhance the availability of financial services in the market.
Partnership between “FinTech Wales” and Future Finance
FinTech Wales, an independent association promoting innovation in the fintech sector and financial services in Wales, has announced a new partnership with the Future Finance project. This partnership was unveiled during FinTech Wales’ weekly networking breakfast, organized by Atamis.
Actions Taken within the Partnership
The events organized as part of the partnership aim to highlight the actions carried out by Future Finance in three key focus areas: advisory, loans, and insurance. Financial institutions and small businesses interested in the research project will have the opportunity to engage, while technology providers will have the chance to collaborate with organizations providing financial services and seeking new technological solutions.
Report “Financial Advice and Wealth Management” – Key Technologies
A report prepared by Future Finance titled “Financial Advice and Wealth Management” identifies three key technologies: generative AI, analytical AI, and blockchain technology. These innovative solutions have the potential to address the most complex problems currently faced by small and medium-sized enterprises.
The Future of the Financial Services Sector
According to a study conducted by PwC in 2019, by 2030, artificial intelligence (AI) could significantly contribute to the growth of the UK economy, adding up to £232 billion to the GDP. The financial services sector has the potential to be one of the primary beneficiaries of these changes. Furthermore, blockchain technology could bring financial institutions savings ranging from £11 to £14 billion annually by improving operational efficiency and reducing fraud.
