At the Flyover Fintech 2024 Conference, leading voices from the fintech and financial services industry, including government representatives, came together to discuss the evolving fintech landscape.
The event was hosted by U.S. Representative Mike Flood at the University of Nebraska-Lincoln Innovation Campus and highlighted the importance of collaboration between industry, academia and government to navigate the future of financial technology.
Here are five takeaways from the event:
1. Balancing technology and regulation to address cyber threats
The cybersecurity panel highlighted the importance of balancing technological advancements with effective regulations to combat emerging cyber threats such as deepfakes. While generative artificial intelligence has introduced new opportunities, it has also created vulnerabilities that must be managed with caution. A combined effort of technological solutions and regulatory measures has been identified as crucial to boosting consumer confidence. The discussion highlighted the value of collaboration and education in confronting new threats.
2. Involvement of companies in the development of startups
The Nebraska Innovation panel highlighted the need for business involvement to support the startup ecosystem. Businesses can provide not only financial investment, but also mentoring and opportunities to engage in cutting-edge innovations. Claire Devney of First National Bank of Omaha shared the impact of bridging the gap between academia and industry by partnering with local universities, providing students with hands-on opportunities. The consensus was that business-startup partnerships are essential to drive growth and innovation.
3. Potential of Web3 and Blockchain technology
Web3 and blockchain have been seen as transformative forces for industries such as media, insurance and content monetization. The technology’s ability to decentralize control and provide transparency has been highlighted as a potential disruptor. Jay Stolkin of Multicoin Capital highlighted the regulatory challenges of Web3 and blockchain technology. He said: “The environment is hostile and a bit anti-innovative.” Despite the obstacles, Web3’s potential to reshape industries was a central theme.
4. Restoring the American Dream Through Innovation
U.S. Rep. Andy Barr of Kentucky discussed revitalizing the American dream through free market principles and technological innovation. Barr highlighted that younger generations are losing faith in traditional economic mobility, calling for clearer regulations to spur private sector growth.
Barr also pushed to embrace innovation over fear, using past technological anxieties as examples of misplaced worries. He cited people who feared electricity and automobiles, arguing that these new technologies were ultimately adopted and did not destroy existing industries as some had feared. Barr’s goal was to foster entrepreneurship and technological advancement to restore faith in the American dream.
5. The role of AI in financial decision-making
The potential of AI to improve financial processes was another key topic, highlighting the need for transparency to build consumer trust. Other discussions focused on how collaboration between regulators and the financial sector can ensure that AI is used responsibly. AI has been touted as a tool that could improve efficiency, provided that guidelines and oversight are clearly established.
THE Flyover Fintech Conference 2024 highlighted the need to balance innovation and regulation, nurture new talent and encourage collaboration between business, academia and government. With its supportive environment and unique advantages, speakers said Nebraska is poised to play a leading role in these developments.