Tribe Payments reports Artificial Intelligence to be significant in 5 years

By Joy Dumasia

Tribe Payments, a payment technology company, today reveals that 67% of FinTechs believe AI is the technology that will have the most significant impact on the sector over the next five years. The finding, part of the new “Fintech Five by Five” report, examines which five emerging technologies have the most significant impact today, tomorrow and in the long term future, and precisely what changes we can expect to see as a result.

The report is based on a survey of 80 FinTech executives and features contributions from leading technology providers, including Canonical, FintechOS, Microsoft, R3 and TrueLayer. 

Five emerging technologies:

• 90% of FinTechs use APIs, and they are the most widely used emerging technology today, primarily driven by the success of Open Banking. Remarkably, 

• 70% of FinTechs are already using AI despite it generally being perceived as a future technology. 

• 20% of FinTechs are using blockchain technology, demonstrating that it has moved beyond the hype and is now being implemented more widely.

• Low-code is being used by 16% of FinTechs, as firms seek to increase the pace of development and refocus developer time on high-value projects. 

• 10% of FinTechs use edge computing, a surprisingly high adoption rate given the technology is less hyped than the others. 

Alex Reddish, Chief Commercial Officer at Tribe Payments, said: “Fintech may be seen by some as a revolution made possible by technology, but it’s just as much a shift of attitude—an ongoing change where openness to and understanding of new technology is vital. This report not only offers insight into the technologies from those closest to them, it suggests next steps for fintechs who don’t want to be left behind.” 

Recently, IBS Intelligence reported that Tribe Payments, a payment technology provider, announced its partnership with ClearBank. Tribe’s FinTech customers have access to payment schemes using ClearBank’s agency banking and banking-as-service product sets.