LATEST INTELLIGENCE
Technological advances in finance have
gone into overdrive in recent years, with
many aspects of banking, payments and key
operations almost unrecognisable from 20
years ago.
With all this new technology comes new
opportunity, but also new challenges.
Adopting new technologies has never run
completely smoothly. Just look at the slow
uptake of contactless payments; now it is
commonplace and moving from card to
phone and even sunglasses with an NFC-
enabled chip by Visa (Business Insider). The
next big advances in finance will come from
machine learning and artificial intelligence
(AI). Banks are deploying AI for managing
risk, combatting fraud, devising investment
portfolios and placing trades (House of
Bots). We should soon see it mature into
a core function of many organisations,
helping to create significant strategic
advantages ranging through efficiency
breakthroughs to service differentiation
advantages and insights.
Protecting your reputation with the use
of machines is key to long-term growth.
UBS’s risk management platform requires
enormous computing power to run millions
of calculations daily on-demand. Cloudera
helped them move to Microsoft Azure cloud
which sped up calculations by 100% and
saved 40% in infrastructure costs. Head
of Technology Services, Paul McEwen,
commented: “Increasing the agility and
scalability of our technology infrastructure is
crucial to the bank’s strategy.” (Finextra). n
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