At the Flyover Fintech 2024 conference, leading voices from the financial technology and financial services industry, including government officials, gathered to discuss the evolving fintech landscape.
The event was hosted by U.S. Rep. Mike Flood at Innovation Campus at the University of Nebraska-Lincoln, and underscored 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 panel on cybersecurity highlighted the importance of balancing technological advancements with effective regulations to combat emerging cyber threats like deepfakes. While generative artificial intelligence has introduced new opportunities, it has also created vulnerabilities that need to be managed carefully. A combined effort of technological solutions and regulatory measures was identified as crucial for building consumer trust. The discussion underscored the value of collaboration and education in tackling new threats.
2. Corporate Involvement in Startup Development
The panel on innovation in Nebraska stressed the need for corporate involvement to support the startup ecosystem. Corporations can provide not only financial investment, but also mentorship and opportunities to engage with cutting-edge innovations. Claire Devney from First National Bank of Omaha shared the impact of bridging the academic-industry divide by partnering with local universities, offering students hands-on opportunities. The consensus was corporate-startup partnerships are essential for driving growth and innovation.
3. Potential of Web3 and Blockchain Technology
Web3 and blockchain were discussed as transformative forces for industries such as media, insurance and content monetization. The technology’s ability to decentralize control and offer transparency was highlighted as a potential disruptor. Jay Stolkin from Multicoin Capital noted the regulatory challenges of Web3 and blockchain technology. He said “The environment is hostile and a bit anti-innovative.” Despite obstacles, Web3’s potential for reshaping industries was a central theme.
4. Restoring the American Dream through Innovation
U.S Rep. Andy Barr, from Kentucky, discussed revitalizing the American Dream through free-market principles and technological innovation. Barr emphasized that younger generations are losing faith in traditional economic mobility, calling for clearer regulations to boost private sector growth.
Barr also pushed for embracing innovation over fear, using past technological anxieties as examples of misplaced concerns. He sited people fearing electricity and the automobile, arguing that these new technologies were ultimately embraced and did not destroy existing industries as some had feared. Barr’s focus was on fostering entrepreneurship and technological progress to restore faith in the American Dream.
5. AI’s Role in Financial Decision-Making
The potential for AI to improve financial processes was another key topic, emphasizing the need for transparency to build consumer trust. Other discussions addressed how collaboration between regulators and the financial industry can ensure AI is used responsibly. AI was presented as a tool that could enhance efficiency, provided that guidelines and oversight are clearly established.
The Flyover Fintech 2024 conference underscored the need to balance innovation with regulation, foster new talent and encourage collaboration among corporations, academia and government. With its supportive environment and unique advantages, speakers said that Nebraska is poised to play a leading role in these developments.