" class="no-js "lang="en-US"> 70% of fintechs already use artificial intelligence (AI)
Thursday, May 30, 2024

70% of fintechs already use artificial intelligence (AI) with wider adoption expected by 2025

Tribe Payments, a payment technology company, today reveals that 67% of fintechs believe AI is the technology that will have the biggest 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 are having the biggest impact today, tomorrow and the long term future, and exactly 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 CanonicalFintechOSMicrosoftR3 and TrueLayer.

Key findings from the report:

Emerging technology use today

  • 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 are using edge computing, a surprisingly high adoption given the technology is less hyped than the others.

Impact of emerging technologies tomorrow and in the next five years

Most impact in the next year Most impact in next five years
  1. APIs
  1. AI
  1. AI
  1. Blockchain
  1. Blockchain
  1. APIs
  1. Low-code
  1. Edge computing
  1. Edge computing
  1. Low-code


  • AI may still be seen by many as a “future technology”, forever several years away, but fintechs are implementing AI today, and the reputation as all hype and no substance is no longer deserved.
  • Blockchain will be used more and more in smart contracts, and for privacy and confidentiality. Its success doesn’t hinge on crypto.
  • APIs are already a mainstream technology, driven mostly by regulation in financial services. They will continue to be mainstream and will make integration of services simple.
  • Low-code is the dark horse of these technologies. To make the most of it, there will have to be an attitude shift in how fintechs approach development.
  • Edge computing is still to gain the buzz that it should, perhaps as it’s a little bit “inside baseball”—the implications are mainly understood by those closest to the technology.

“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,” said Alex Reddish, Chief Commercial Officer at Tribe Payments. “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.”

The report “Fintech Five by Five”: Five technologies and their impact over the next five years can be downloaded here

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