1. Comment
November 4, 2019updated 31 Jan 2022 10:10am

Fintech trends: Artificial intelligence leads Twitter mentions in Q3 2019

By GlobalData Fintech

Verdict lists the top five terms tweeted in fintech in Q3 2019, based on data from GlobalData’s Influencer Platform.

The top tweeted terms are the trending industry discussions happening on Twitter by key individuals (influencers) as tracked by the platform.

1. Artificial Intelligence – 6,955 mentions

The application of artificial intelligence (AI) in various fields such as financial services, insurance, and mobility was widely discussed across Twitter during the quarter. AI is expected to help in the automation of various financial services products. These could include credit risk management, payments through facial recognition, claims processing, trading, digital payments, and so on. These were detailed in an image shared by Jay Palter, a digital media consultant.

A number of companies are already investing in AI-based technologies to stay in line with the trends in the industry. Q2, a cloud-based digital banking solution provider, has selected Socure’s AI-driven identity verification platform to carry out verification procedures. This was mentioned in an article shared by Alex Jiménez, Chief Strategy Officer at Extractable, a financial services consultancy. Another article shared by Spiros Margaris, a venture capitalist, details SoftBank’s $300m investment in Automation Anywhere, a robotic process automation (RPA) company. RPA is one of the biggest technologies in enterprise software that is rapidly growing and reached revenues of $846m in 2018.

2. Blockchain – 5,668 mentions

Blockchain and its uses in the financial services industry was one of the top topics discussed on fintech during the quarter. The processing of the first blockchain letter of credit by HSBC was highlighted by John C. Maxwell III, an investor, citing a news article. Financial institutions are investing in the digital ledger technology. However, most projects have been deployed in pilot cases although the development of a commercial model is in progress, the article adds.

Even after billions of dollars of investment, blockchain projects are yet to be implemented, according to an article shared by Anna Irrera, a fintech news writer. A review of 33 projects has revealed that they are yet to be launched and the feasibility of blockchain technology still needs to be proven. Regulatory hurdles are one of the key factors hindering the implementation of the projects, the article adds.

3. Crypto Currency – 4,614 mentions

The instability of crypto currencies and bitcoin was another popular discussion on Twitter. Christine Lagarde, the new president of the European Central Bank (ECB), warned that crypto currencies are highly risk-prone. The assets can lead to instability in the financial system, citing an article shared by John C. Maxwell III.

Another article shared by Evan Kirstel, a B2B influencer, highlights how the Japanese cryptocurrency exchange lost $32m in virtual money. This was due to a hack. Facebook announced its plans to launch the Libra crypto currency, detailed in another article shared by Evan Kirstel. The success of the currency was questioned as similar currency, Wala, launched in South Africa, failed, according to an article shared by Spiros Margaris.

4. Venture Capital – 3,649 mentions

The growing investment in AI and fintech start-ups by venture capital firms was one of the topics discussed around venture capital on Twitter. AI and fintech start-ups raised $8.3bn in the second quarter of 2019, which included more than 23 deals worth more than $100m, as detailed in an article shared by Xavier Gomez, a fintech influencer.

Venture capital firms from the US were leading in terms of number of investments made in AI and fintech start-ups, according to an article in Verdict Media shared by Spiros Margaris. China is the second biggest country to invest in AI and fintech start-ups. The US and China together accounted for 80% of the total investments made in 2018, according to the article.

5. Insurtech – 3,582 mentions

Insurance products based on digital technology that were launched by various companies were one of the widely discussed topics. This made Insurtech a popular term on Twitter during the quarter. Aon, a global professional services, and Oxfam, an anti-poverty organisation, along with insurtech start-up, Etherisc, launched a blockchain-based platform that provides agriculture insurance for farmers in Sri Lanka, as detailed in an article shared by Minh Q. Tran, a venture capitalist.

Another article shared by Minh Q. Tran, details a new flood insurance product launched by JBA Risk Management and FloodFlash. The new product uses sensors to collect data that can be used to perform parametric risk transfer transactions. How fintech start-ups are offering on-demand products that enable people to insure themselves for shorter durations, was detailed in another article shared by Florian Graillot.