ChatGPT launched a year ago and the tech world will never be the same. The New York Times has an in-depth look at the impact of this revolutionary new product, focusing on big tech.
It is interesting to me that one of the greatest tech launches of the past decade came not from a big tech company but from an AI startup that was not even seven years old and was set up as a non-profit research lab.
Where were Google, Microsoft and Meta? To be fair Microsoft saw the potential of OpenAI and invested $1 billion in 2019.
Google has long been a proponent of cutting-edge AI but they were not first to the generative AI revolution. Of course, they are fully on board now as you see gen AI results at the top of most Google searches today.
What does this mean for fintech? While some believe this is a “big bang” for fintech, use cases are only just starting to roll out. We are already seeing it used in fraud detection and marketing but no killer app has been released yet.
But I am confident when I say fintech will be deeply impacted by the rise of generative AI and the next year will see much more development than the last one.
USA: Bitcoin Soars on Hopes of Investment Fund Approval The cryptocurrency has gained roughly 150 percent this year, as investors bet that regulators will soon approve the first spot exchange-traded fund that is designed to track the price of Bitcoin.
USA: Assumable mortgages are having a moment. Will it last? The number of government-backed home loans transferred from one borrower to another is up significantly this year as prospective buyers look for ways to avoid elevated interest rates. Some say this is the beginning of a larger movement, but others say regulatory hurdles will get in the way.
Global: Adyen to act as global acquiring bank for Klarna Buy now pay later giant Klarna has selected Adyen as it global acquiring partner, responsible for collecting card-based payments from customers and their banks, and then delivering them to retailers and merchants – both in-person and online.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.