Must-Know Finance Trends of 2024

Hi this is ZipLaw! Today we bring you the Must-Know Finance trends of 2024 so you can stand out in law firm applications and interviews and develop your Commercial Awareness.

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Here’s what we’re serving:

• 🤖 AI Regulation drives big changes
• 💸 Markets are changing big time
• 🌱 ESG is a top priority, here's why

AI in the house

In Short: 2024 ushers in pivotal financial trends in AI regulation, with the EU's strict AI Act, the UK's innovation approach, and the US's decentralised strategy.

What to Expect:

1. EU's AI Act Drives Compliance Costs: The rollout of the EU's AI Act will significantly impact financial institutions, demanding rigorous AI system assessments. This new regulatory landscape will likely increase compliance costs and require strategic adjustments in technology use.
2. UK Fosters FinTech Innovation: The UK's less stringent principles-based approach to AI regulation focused on safety, transparency, fairness, and accountability could make it an attractive destination for FinTech firms. This could prompt a surge in AI-driven financial products and services, balancing regulatory compliance with technological advancement.
3. US Embraces Flexible AI Use in Finance: The US's decentralised approach to AI regulation, emphasizing safety and responsible innovation, suggests a more flexible regulatory environment. This could lead to diversified and innovative AI applications in the US financial sector, potentially influencing global financial markets.

⚖️ How does this impact Law Firms?