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Banks need to strike the right balance for digital transformation

MIT Technology Review

Every financial institution is looking to digital transformation to meet rising customer expectations for speed and convenience, lower its operating cost, and fend off competition, including from tech companies moving into financial services. Some are spending over 10% of yearly revenue on technology investments, according to Bloomberg. "This is a huge investment and most financial institutions cannot support this for the long term," says Michael Fei, SME banking CEO at OneConnect Financial Technology, an associate of Ping An Insurance. The covid-19 pandemic has revealed how even financial institutions that considered themselves digitally advanced are, in reality, still wedded to analog processes along the chain of processing. "For many financial institutions, this has been a wake-up call," says Fei. "In the past, many had thought that if they have an online portal and a mobile application then that's enough. But now they've realized it's not. Some banks have online portals and mobile apps where you can apply for loans, but they still need to send items to the customer and carry out on-site inspection before they can process the loans, which hasn't been possible during covid. Banks have had to reshape and redesign the whole process of their lending products."


The 5 best Amazon deals you can get this Monday

USATODAY - Tech Top Stories

Purchases you make through our links may earn us a commission. If you ask us, Mondays are always a bit of a slog. If you're in the mood for a little distraction (or just feel like giving your debit card a little well-deserved exercise), you can head over to Amazon. The e-commerce giant is always slashing prices on all kinds of highly rated product gems, and today is no exception. Get expert shopping advice delivered to your phone.


The Business Rules the Trump Administration Is Racing to Finish

NYT > Economy

Mr. Trump signed an executive order on Tuesday banning transactions with eight Chinese software applications, including Alipay. It was the latest escalation of the president's economic war with China. Details and the start of the ban will fall to Mr. Biden, who could decide not to follow through on the idea. Separately, the Trump administration has also banned the import of some cotton from the Xinjiang region, where China has detained vast numbers of people who are members of ethnic minorities and forced them to work in fields and factories. In another move, the administration prohibited several Chinese companies, including the chip maker SMIC and the drone maker DJI, from buying American products.


Japan Post and Rakuten to forge digital tie-up aimed at boosting efficiency

The Japan Times

Japan Post Co. and major online shopping mall operator Rakuten Inc. have reached a basic agreement on a tie-up aimed at streamlining logistics with the use of digital technologies. The two companies will try to tackle delivery staff shortages and other logistics-related challenges by sharing Japan Post's massive trove of data on postal items and Rakuten's forecast information regarding online shopping demand, they said on Thursday. The mail delivery arm of Japan Post Holdings Co. and Rakuten will also consider cooperation in other fields such as cashless payment and mobile phone services. They aim to sign a final agreement in around March next year. "We see tie-up possibilities in a variety of fields, even outside the financial and mobile sectors," Japan Post Holdings President Hiroya Masuda told a news conference, showing the group's strong interest in enhancing business ties with Rakuten.


Live Stream: AI and Blockchain - Status and Outlook

#artificialintelligence

Referring with my screen, I'm gonna I'm going to finish the presentation first so last night uh as a as a simply next step um oh, yeah. So I think this is good. This confirms what I have uh in my in my slide coming from our consultation. Christians came 30%, I would say this is very uh interesting promising uh and uh perhaps setting the stage for the discussion on how we should we should achieve this. Come out uh next year early next year with the revised plan and with uh a proposed regulatory framework uh that will apply to Europe uh but of course we're interested in uh discussing and exchanging ideas with other countries and in particular with UA and I look forward to this.


The Changing World of Work - 10 New Digital Transformation Jobs

#artificialintelligence

Digital Transformation affects not only companies but also employees. This change is continuous and already reveals that digital skills are essential in the job. Above all, the demands on the employees are subject to this change, because classic processing will no longer count as a job guarantee in the near future. Instead, innovative IT-based professions are currently enjoying a real boom. In a digital world, processes are particularly relevant.


E-commerce innovation in 2021 will look like what was projected for 2025

ZDNet

In 2020, adoption of digital commerce has accelerated by multiple years in only a few months. Social commerce, evolution of omni-channel commerce, instore transformation, and headless services are e-commerce trends that will shape the 2021 innovation roadmap.


Digital transformation is difficult. Which technologies to bet on?

#artificialintelligence

The general view is that the 2020-21 pandemic has been already accelerating the adoption of automation, and moves towards digital business. There is strong evidence for this, and for the trend to continue across the 2021–2025 period. And indeed the case for these technologies has been well made by our 2020 experiences. It provided alternative ways of working in a crisis. It allowed a high degree of virtuality, and all the upsides to that, in a world rendered physically semi-paralysed, albeit temporarily.


Cartesi - Connecting Linux & Blockchain Technology for DApps

#artificialintelligence

With the power of Cartesi's decentralized verification, applications will be able to outsource and distribute verifiable work. This opens new possibilities for trustless marketplaces and autonomous systems involving humans and machines, propelling loT, data science and Al through new business models.


Machine Learning for Fraud Prevention

#artificialintelligence

Machine Learning aids e-commerce to foil attempts at payment fraud, as they happen. Long before the pandemic led to an avalanche of online shopping, e-commerce had become a way of life for many Americans, especially Millennials and Gen Zers. In fact, 60% of Millennials bought online in 2019, while 24% Gen Zers strongly prefer to purchase online and 13% through mobile. This has led to variety of online shopping choices, including e-shops, online banking, online insurance and other online services. As Hil Davis, Co-founder of the online men's retailer, said, "E-commerce and mobile commerce have dramatically changed the way brands reach customers, making it faster and easier for consumers to make purchases on the fly while avoiding the hassles of going to the store."