This week’s roundup will feature titles on digital currency, investment in stocks and cash protection. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- ‘Chat GPT-4’ by OpenAI is deemed to be revolutionary to the fintech world. GPT-3’s high success rate has created a watchful eye over its newer form, which promises efficiency and productivity in financial services, operational transformation and better customer interactions. [source: Fintech Finance News]
AI tools are becoming increasingly prevalent in the world of business, and Chat GPT took us by storm with its generative text formulations. The advancements of OpenAI’s technology could have a great impact on business’ ability to understand their consumer behaviours and improve business-to-customer engagement through better understanding of data. GPT-4 promises to bring valuable insights from numerous sources, which if done accurately could truly revolutionise the way businesses make informed decisions. – Jovi
- NatWest bank is implementing new limits on cryptocurrency payments across the UK with a daily limit of £1,000, and 30-day limit of £5,000. The announcement comes in tandem with a shocking statistic that crypto scams cost UK consumers £329 million annually. [source: Bitcoin.com]
There is considerable turmoil taking place in the world of banking, with the collapse of banks, loss of revenue and high volumes of fraud causing loss of consumer trust in brands. Nevertheless, the thirst for alternative banks and currencies has not wavered, as seen in the popularity of CBDCs and cryptocurrencies. During the more formative years of an alternative currency being implemented into consumer life, the regulations and customer knowledge are scarce which leaves more room for fraudulent behaviour. During the cost-of-living crisis, the limits will limit the success of scammers until better regulations can be put in place. – Jovi
- A recent comprehensive study has shown that digital payments in the healthcare market are expected to reach 35.64 billion USD by 2030. [source: Global Newswire]
There’s huge amounts of strain on the healthcare systems internationally, and so the enhancement of digital payments will not only create ease of access for people requiring care, but also professionals who can now take advantage of technologies such as mobile payments. With concerns about data security, this statistic is less surprising because of the number of institutions that we see turning to digitalisation as a new form of standardisation. This revolution will increase security, enhance inclusivity, mitigate risk, offer convenience and cost efficiency. – Jovi
See you next week, back in the blog for your next weekly news roundup.