Last week in Orlando, the FIS Emerald 2023 Conference brought together global leaders, industry experts, and visionaries in financial services. For three days, the conference offered innovative ideas, collaborative discussions, and insightful presentations. Focused on emerging technologies, disruptive trends, and transformative strategies, the conference aimed to shape the future of financial services.
As a strategic partner of FIS and participant in FIS’ Impact Ventures group, Informed was delighted to be included in the conference which included keynotes by Lawrence Summers and Peyton Manning. This year featured the inaugural Asset and Auto Finance track at the conference which brought in key decision makers from the automotive industry. Over the course of the few days, we participated in numerous sessions. Our own Jessica Gonzalez, served on an “innovation” panel with Ted Brown, FIS Auto Finance Product Owner, and Keith Berg, Upland Software, to highlight some recent developments in auto finance and the broader industry.
Highlights and Key Takeaways
Embracing Digital Transformation:
The central theme of this year’s conference was the necessity for financial institutions to embrace digital transformation. Due in part to rapidly evolving technologies and changing customer expectations, the industry must adapt to stay relevant. Attendees emphasized the importance of adopting innovative solutions such as artificial intelligence and cloud computing to enhance operational efficiency, optimize customer experiences, and drive growth.
Enhanced Cybersecurity Measures:
As the financial industry becomes increasingly digitized, cybersecurity remains a top concern. The conference addressed the urgent need for robust security measures to safeguard sensitive customer information and protect against cyber threats. Experts emphasized the significance of adopting advanced authentication methods, implementing real-time fraud detection systems, and enhancing data encryption practices to mitigate risks and ensure trust in the digital landscape.
Ethical Use of AI:
Artificial intelligence (AI) and machine learning (ML) were hot topics at the conference, with a strong emphasis on responsible and ethical AI practices, especially with the recent headlines around ChatGPT. Industry leaders stressed the importance of transparency, fairness, and accountability when developing AI-powered solutions. Ensuring unbiased algorithms, avoiding discriminatory practices, and maintaining human oversight were highlighted as crucial factors to build trust in AI-driven financial services.
RegTech and Compliance:
Conference speakers acknowledged the growing significance of regulatory technology (RegTech) and its role in facilitating compliance for financial institutions. As regulations become increasingly complex, RegTech solutions offer automated processes, data analytics, and AI-driven insights to streamline compliance operations. Experts emphasized the need for financial institutions to embrace RegTech tools and collaborate with regulators to effectively navigate the evolving regulatory landscape.
Overall, the FIS Emerald 2023 Conference provided an engaging platform for financial services executives across the globe and a great opportunity to get together and learn about the changing FinTech ecosystem. Concluded with a night hosted by FIS at Epcot in Disney World, the Informed team was excited to participate and are looking forward to a fruitful relationship with FIS.
With 3+ years in FinTech partnerships and a stint at J.P. Morgan, Mac is committed to bridging the gap between the technology ecosystem and financial institutions. He leads strategic partnerships at Informed.IQ.