A look at financial industry news from PR Newswire in September and October that you may have missed.
By Daniela Valles | Published on November 13, 2023
The end of the year is fast approaching and our team continues to monitor the evolving situation. finance related stories cross the wire to help identify the biggest trends of the past two months.
In September and October, PR Newswire distributed more than 7,300 Press Releases related to the financial sector. Key trends we’ve seen include an increase in AI in fintech, an increased need for financial education, and with October being Financial Planning Month, a continued focus on financial planning and retirement.
Before we take a closer look at these trends, here are some of the most viewed financial press releases over the past two months:
Financial News Trends
Let’s dive into the trends that marked the months of September and October.
AI in Financial Technology
Artificial intelligence continues to grow and revolutionize the world, and the fintech industry is no exception. AI is transforming the way financial institutions operate, helping them become more efficient and improve their fraud detection and risk management.
According to a report by Mordor IntelligenceThe AI market size in Fintech is expected to grow from $42.83 billion this year to $49.43 billion by 2028. We are seeing more and more financial institutions adopting AI solutions to transform and redefine the way they do business.
AI is here to stay. In September and October, 300+ Financial Technology Press Releases referred to as “AI” or “artificial intelligence”. Here are some examples:
- Bank of America recently made improvements to its CashPro Chata virtual service advisor within the CashPro banking platform, and since its launch, it has seen a 41% increase in chat volume while chats with live agents have seen a 16% decrease.
- LTX, a subsidiary of global fintech leader Broadridge Financial Solutions, has launched an enterprise version of its award-winning BondGPT app, ObligationGPT+which focuses on the needs of its “most sophisticated enterprise customers.”
- Deloitte has extended its SAP® enterprise technology platform to offer Generative AI Solutions to its customers.
- Jack Henry launched the Jack Henry Financial Crimes DefenderMTThis AI-based solution helps detect and prevent fraud in real time.
Financial Education and Literacy
With the start of the school year just around the corner, financial education has been a recurring topic over the past couple of months. Financial education leads to financial freedom, so it is imperative that it remains a priority. According to The National Report on Financial Literacy According to the American Public Education Foundation, a nonprofit organization, 34 states earned either an “A” or a “B” in 2023, compared to just 17 states in 2021. While there are notable changes this year, there is still plenty of room for improvement.
With more than 150 releases Among the articles published in September and October that mentioned “financial education” or “financial literacy,” here are a few that caught our attention:
Retirement/Savings
October was Financial Planning Month, so the focus was on retirement/savings and financial planning, a trend that has continued since October. Latest financial trends roundup. According to a recent investigation According to Bankrate, 56% of Americans feel behind on their retirement savings goals. Inflation remains a concern, making it harder to save and plan for the future.
Take a look at some of the stories that talked about financial planning and retirement and caught our attention in September and October:
Conclusion
The last few months have been very busy in terms of news in the financial sector, particularly due to the growing popularity of AI in FinTech. We look forward to continuing to follow this trend in the months to come, as well as any new trends as the year draws to a close.
About the author
Daniela Valles is a Client Content Specialist for PR Newswire in Albuquerque, New Mexico. She holds a Bachelor of Arts in Journalism and Mass Communication from the University of New Mexico. Outside of work, you can find her on the go with her two kids, reading a good book, or binge-watching all the shows.