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Technology is ever advancing, and it’s critical for community bankers to stay ahead of it. According to Dharmesh Mistry of FinTech Futures, a media platform dedicated to global banking and the fintech industry, three of those trends are generative AI, faster payments and the cloud.
“2024 can continue to be a transformative year for community banks. Cloud is a way to pursue that to drive down some of the costs, create some more efficiencies,” Mistry says. “It’s not just about pure expense reduction and revenue growth but creating more efficient operations, and I think that's a very interesting and important trend that we should definitely all pay attention to in 2024.”
Mistry joins Charles Potts to look at the fintech trends of 2023 and what community banks need to pay attention to as we enter 2024.
This episode is sponsored by FIS.
The November issue of Independent Banker provides insight on the strides made in AI and other need-to-know technology.