Finance News Trends: AI in FinTech, Retirement/Savings and Financial Education

A look at the finance industry news from PR Newswire in September and October that you might have missed.

By Daniela Valles | Published Nov. 13, 2023

The end of the year is rapidly approaching and our team has continued to monitor the finance-related stories crossing the wire to help identify the bigger trends of the past two months.

In September and October, PR Newswire distributed over 7,300 press releases related to the finance industry. The major trends we noticed included an increase in AI in financial technology, a bigger 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 a few of the most viewed finance press releases of the last two months:

• Realty Income to Acquire Spirit Realty Capital in $9.3 Billion Transaction
• Fortune Reveals the 100 Most Powerful Women in Business
• Hello Bello Makes Strategic Move to Position the Company for Long-term Success
• Workday and ADP Expand Partnership to Deliver Enhanced Global Payroll, Compliance, and HR for Joint Customers
• Dow Jones and Cision Unveil Exclusive Global Content Partnership for the PR and Corporate Communications Market

Finance News Trends

Let’s dive into the trends that stood out for the months of September and October.

AI in Financial Technology

AI continues to grow and revolutionize the world, and the financial tech industry is no exception. AI is reshaping the way financial institutions operate by helping them become more efficient and improve their fraud detection and risk management.  

According to a report by Mordor Intelligence, the AI In Fintech market size is expected to grow from $42.83 billion this year to $49.43 billion by 2028. We’re seeing more and more financial institutions adopt AI solutions to transform and redefine the way they do business.

AI is here to stay. In September and October, more than 300 financial technology press releases mentioned “AI” or “artificial intelligence.” Here are a few examples:

• Bank of America recently made enhancements to its CashPro Chat, a virtual service advisor within the CashPro banking platform, and since it launched, it's seen an increase in chat volume of 41% while live agent chats saw a decrease of 16%.
• LTX, a subsidiary of global Fintech leader Broadridge Financial Solutions, launched an enterprise version of its award-winning BondGPT app, BondGPT+, that focuses on the needs of its “most sophisticated enterprise clients.”
• Deloitte expanded its SAP® Business Technology Platform to deliver Generative AI solutions to its clients.
• Jack Henry launched the Jack Henry Financial Crimes Defender^TM. This AI-powered solution provides real time detection and prevention of fraud.

Financial Education/Literacy

With back-to-school season kicking off, financial education/literacy was a recurring topic these past two months. Financial education leads to financial freedom, so it’s imperative that it remains a priority. According to The Nation’s Report Card on Financial Literacy by the non-profit American Public Education Foundation, 34 states earned either an “A” or a “B” in 2023, compared to a low 17 states in 2021. While there are notable changes this year, there is still plenty of room for improvement.

With over 150 releases distributed in September and October that mentioned “financial education” or “financial literacy,” here are a few that caught our eye:

• CCMR3, a leading provider of accounts receivable and collections services, launched a new financial literacy initiative to educate students on the importance of financial education.
• An Edward Jones Survey found that access to financial education is key for their clients from diverse backgrounds.
• Operation HOPE partnered with Robinhood Markets Inc. to expand the 1865 Project, an initiative that supports their mission to expand economic opportunity in underserved communities through financial education.
• Acorns launched a new Premium Tier focused on the family. This includes complimentary access to GoHenry by Acorns, a leader in financial education for 6-18 year olds.
• The Washington Trust Company partnered with 20 public middle and high schools in Rhode Island to offer free financial education software and classroom materials for the 2023-2024 school year.

Retirement/Savings

October was Financial Planning Month, so there was a focus on retirement/savings and financial planning, a trend that's continued from the last roundup of finance trends. According to a recent survey by Bankrate, 56% of Americans feel behind on their retirement savings goals. Inflation continues to be 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 that caught our attention during September and October:

• Two studies from Northwestern Mutual found that (1) women feel less financially secure than men when it comes to retirement and (2) millionaires aren't completely confident in their own financial plans.
• A new survey by the Nationwide Retirement Institute® finds that even seasoned employees are experiencing significant financial pressures due to the resumption of student loan payments.
  
• A new research from Empower shows over half of Americans may consider post-retirement employment to seek personal fulfillment.

Conclusion

It was a busy couple of months in finance industry news, especially with AI gaining popularity in financial technology. We are excited to keep following this trend in the upcoming months along with any new trends as the year comes to an end.

About the Author

Daniela Valles is a Customer Content Specialist for PR Newswire from Albuquerque, NM. She has a bachelor’s degree in Journalism and Mass Communication from the University of New Mexico. Outside of work, you can find her always on the go with her two kids, reading a good book, or binge-watching all of the shows.