Fireside Chat, Interview, Other
Big Ideas 2024: The Rise of the Developer as a Buyer in Financial Services with Angela Strange
- By 2024, developers are expected to become the primary buyers in financial services, driving a significant shift toward "as a service" models and composable banking infrastructure.
- Fintechs are prioritizing developer sandboxes, open-sourcing solutions, and creating open-source cores to reduce maintenance costs and enable lower-balance accounts for underserved populations.
- Engineers are becoming influential in purchasing decisions due to their ability to automate repetitive tasks, build seamless product experiences, and leverage well-tested open-source libraries.
- Generative AI is accelerating a platform shift with productivity gains of 30% to 100%, challenging the permanence of legacy systems where 40% of bank code remains in COBOL.
- CEO strategies at top financial services and insurance companies are being rethought to leverage AI for rewriting legacy infrastructure and enabling workflows that reduce staffing requirements by a factor of ten.
- Open banking trends are expected to foster broader open-source products and standards rather than individual bank API development, improving global product quality through hardening against edge cases.
- By 2030, AI-driven "verse games" are predicted to be endless, while voice apps are anticipated to reach a significant market moment.
- A new era of maritime exploration leveraging AI and computer vision is anticipated, alongside a compilation of over 40 big ideas for builder-oriented pursuits in 2024.