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FinovateEurope: AI Takes Centre Stage

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25 March 2024
Zilvinas Bareisis

Last month once again I had the pleasure of attending FinovateEurope in London. I already shared some of my early observations in a video recorded on location on the second day of the event, but I always meant to come back with a few more thoughts – better late than never!

As the event regulars know, the first day is usually dedicated to 7-minute demos by various fintech companies, while the second day follows a more traditional conference format with plenary and breakout sessions throughout the day. At the end of the first day, the audience votes for the best demos, the Best of Show, and this year’s winners proved to be very interesting companies indeed:

  • Corsound AI is a technology company with over 200 patents demoed two of its impressive voice intelligence solutions. The explosion of generative AI means that fraudsters can now easily generate a deepfake of anybody’s voice. The demo showed how Corsound AI technology outperforms standard voice recognition software by successfully detecting such voice deepfakes. Furthermore, the firm claims to be “the only company that correlates face and voice, demonstrating the capability to reconstruct a face image from a short audio sample without the need for a database.”
  • Tuum, a next generation core banking software provider, offers “a modular, cloud-native, API-first banking platform with a microservices architecture for high scalability and flexibility and lower maintenance costs.” The company already serves clients in 10 markets, including OP Financial Group in Finland, the newly announced winner of Celent’s Model Bank 2024 award for Core Transformation.
  • Zeed is a platform that enables public companies and asset managers to reach, educate and engage their retail investor base using AI and video content. It offers YouTube and TikTok-style video feeds, and can produce a “Spotify wrap”-type analysis of the investment portfolio.

I also enjoyed the demo of Torus, a SaaS data analytics platform that helps issuers and acquirers to increase their cards business profitability. Its clients can delve deeper into each transaction, analyse scheme fees, and if appropriate, optimize pricing for their customers. Finally, I was impressed by the number of companies that were seeking to help banks better manage their loans and mortgages, from origination to servicing, such as Realmonitor, Easylodge, and SkenarioLabs.

I am very grateful to the event organisers to be invited back on stage again this year, not once but twice! In the morning, I joined a fantastic panel on “Compliance as Leverage”, where we discussed the various ways the industry can fight the financial crime, from improved data sharing to new technologies. Big thanks to my insightful fellow panellists, Jason Boud and Tom Littlechild, and our skilful moderator, Maya Braine, for a great discussion. Then in the afternoon, I delivered a keynote presentation in the Future of Banking session titled, “The Future of Financial Services Isn’t What It Used To Be: How Can Incumbent Banks Compete?” Our research clients would have recognized some of the materials from our Previsory and other reports, as I discussed how banks innovate around customer engagement, product development, and open ecosystem.

Once again, thank you to FinovateEurope 2024 for having me. Thank you also to all who took the time to meet with me at the event, and to my colleagues, Trinity and Louise, for your support and for taking the pictures and the video. I am already looking forward to next year!