Boston Fintech Week 2023, held October 10-14, was a fantastic celebration of the fintech industry in Boston. At SFS, Anne Millington, Christian Clay, Kathleen McCue and Peter Millington were fortunate to attend some interesting panels, workshops, and networking opportunities.
Some of our key takeaways from the event:
- Boston is a global leader in fintech. The city is home to a thriving fintech ecosystem, with over 500 startups and established companies operating in the space. Boston is also a major hub for fintech investment, with over $1 billion invested in Boston-based fintech companies in 2022.
- AI is the hottest topic in fintech. AI is being used to power a wide range of fintech applications, from fraud detection to risk assessment to investment management.
- At the CFA Society Boston’s event “AI in Asset Management,” panelists Josh Bennett, CFA, Lisa Huang, Asha Mehta, CFA and Dan Fasciano, CFA, CAIA discussed how AI is transforming the way we work in profound ways, and that over time every role or job may have its own unique virtual assistant. In order to address privacy concerns, firms are developing their own local Generative AI capabilities instead of using ChatGPT.
- Collaboration is key to innovation. Fintech companies are increasingly collaborating with established financial institutions to bring new products and services to market. Speakers at Boston Fintech Week discussed the benefits of collaboration and how fintech companies and financial institutions can work together to create a more innovative and inclusive financial system.
- Cryptocurrency and blockchain technology are still in their early stages of adoption, but they have the potential to revolutionize the financial services industry.
- Cybersecurity is a major concern for fintech companies, and they need to invest in robust security measures to protect their customers’ data.
- The fintech industry is becoming increasingly diverse, with more women and minorities entering the field.
A big thank you to Sarah Biller of Fintech Sandbox, David Jegen of F-Prime Capital, Kristen Craft of Fidelity Investments and all others who pulled together to host an exciting and informative week.