LATEST INTELLIGENCE
Adopting new technologies has never run
completely smoothly. Just look at the slow
uptake of contactless payments; now it is
common place 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, combating 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,
said: “Increasing the agility and scalability of
our technology infrastructure is crucial to the
bank’s strategy” (Finextra).
Linking the machine to experiences also
comes to life with AI. Mizuho bank’s
robot, called Pepper, entertains customers
with multimedia, while providing product
information on request.
Mitsubishi’s Nao greets customers at
branches and answers questions about
the services they might need (Chatbots
Magazine). More sophisticated systems, will
have capabilities far beyond what’s currently
available, increasing their potential to
revolutionise the financial services sector.
Future computers will be able to perceive,
understand, plan and navigate in the real
world, helping them work autonomously in
a dynamic and complex environment such
as finance. n
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