[ad_1]
When ChatGPT rapidly gained public attention in early 2023, financial services companies initially responded by banning their employees from using it.
A year later, many executives are touting generative AI as a game-changer for their businesses. It may be clear that a major theme for 2024 is AI. But what other trends will impact the industry this year?
Bob Diamond, former president of Barclays and CEO of Atlas Merchant Capital
“2024 will be decided by the U.S. presidential election, but probably not by economic issues. That said, the biggest unanswered question, especially for financial services, is how regulators will finalize Basel III. What will that mean for the future of US banks? Or do they want thousands of small and medium-sized banks specializing in different geographies and sectors, supporting them securely and efficiently?”
Stefan Hoopes, DWS CEO
“Digitalization will be one of the defining trends in the asset management industry. We remain cautious about the current dominance of cryptocurrencies in the digital asset space; We recognize that the asset class is gaining acceptance among retail and institutional investors, and the importance of cryptocurrencies in the tokenization of assets.
read Pension funds remain “silent” regarding cryptocurrencies
“Asset managers are bridging the gap between traditional and digital financial ecosystems by bringing traditional assets onto blockchain and allowing investors to leverage the vast potential of digital assets.” It will play an important role.”
Charles Adams, Clifford Chance Global Managing Partner
“Generative AI is probably top of mind for most people. Look at the progress that has been made since ChatGPT was launched. If this pace of progress continues, how generative AI will be regulated will change from country to country. The key will be to adopt globally accepted standards and norms.”
David Hunt, PGIM CEO
“A major theme playing out around the world is the changing role of private alternatives in portfolios. For much of the past 20 years, private equity has dominated, with private allocations increasing. After the financial crisis, banks withdrew funding from many developed market economies, leaving private credit funding to investors. There is a long way to go before this trend continues, and CIOs are looking to increase risk and diversification. We will increasingly find new asset classes in private credit attractive to investors.”
Claire Woodman, head of emea at Morgan Stanley
“We believe that generative AI is exciting and has the potential to change the way we live and work. Over time, we expect to see significant revenue and cost potential. , most of the successful deployments in financial services focused on driving efficiency gains.Early adopters had a wealth of information to interpret and synthesize, and moderately customized or creative content. We have focused on areas that are most likely to be a “fit”, where the activity involves mundane tasks. ”
Farmida Bi, Emea Chair, Norton Rose Fulbright
“In addition to the political environment that could impact deal pipelines as everyone awaits the election results, focus on energy transition and generation AI will also continue to be important trends.”
Ian Simm, CEO, Impax Asset Management
“We are particularly interested in the potential of AI to enable new and improved solutions to pressing environmental and social challenges, such as improving the energy efficiency of buildings and transportation, and combating climate change. These include more reliable predictions of physical impacts and dramatic improvements in health services and outcomes.”
Bee Martin, President of EMEA, UBS
“As we continue to see technology and digitization as key growth drivers for European capital markets, the development of AI and process automation, and the development and use of new digital infrastructures such as blockchain, tokenization and decentralization. , digitalization is likely to be the most important trend in finance, and positive developments to support enhanced cybersecurity. ”
Mr. Klaas Nott, Chairman of the Financial Stability Board
“Moves into the crypto market by ‘traditional’ banks and payment providers require close scrutiny. This has the potential to scale up quickly, including through collaboration with large existing customer networks.” This is especially true for providers.
read Cryptocurrency regulation in the US? It’s already too late
“Our global framework for regulating cryptoassets and stablecoins applies equally to traditional financial companies and other entities.”
Emmanuel Berry-Lucas, Head of BNP Paribas UK
“If there is one trend, it is decarbonisation.The need to build towards a sustainable economy is increasing and this will impact everything we do for our customers. We also need to race to understand and control the impact of AI, which is evolving faster than regulations and commercial strategies can accommodate it around the world.”
Richard Houston, Senior Partner and CEO, Deloitte UK
“The transition to renewable energy, driven by social, economic and political imperatives, is a major structural change on par with the shift from manufacturing to services in the 20th century. The goal is for all of the UK’s electricity to come from low-carbon sources. This will mean far-reaching changes to the structure of the economy, changes that have traditionally been associated with increased productivity. Energy transition and new technologies When combined with the vast potential of
Jose Manuel Campa, Chairman of the European Banking Authority
“Technological innovation will shape our future, and how we integrate that technology into the financial industry is key. Globally, the financial industry will continue to work together to ensure international cooperation in the regulation of innovative technologies.” We are witnessing significant efforts.”
Nicolas Breteau, TP ICAP CEO
“Interest rates will remain high for a long time and central banks are reducing their balance sheets, but we don’t know how this will play out. One thing is for sure: there will be ups and downs. Similarly, most major economies Reducing inflation from the start of the pandemic may prove to be considerably less straightforward than some observers think.
Patrice Mahle, Head of EMEA Investment Banking at Nomura
“Rising international tensions and full-scale conflicts continue to have a negative impact on the global economy and markets.”
Biddy Boma, Liberum CEO
“Falling inflation and expectations that interest rates will eventually start to fall will be the most important trends in 2024. The UK general election is also important, but the next government has options to fundamentally reform the economic landscape. would be lacking.”
Anna Anthony, EY, UK Financial Services Managing Partner
“Strengthening the UK’s competitiveness on the world stage will remain a key focus for the financial services industry in 2024. The UK remains the world’s leading financial services market, but we are not satisfied with the status quo. It is not possible.”
To contact the author of this article with feedback or news, email FN staff
[ad_2]
Source link
