The FinTech Outlook for 2018

Getting down to business with Artificial Intelligence (AI): several of the large banks like JPMorgan and UBS were doing interesting things with AI in 2017, but I think this will be a lot more pervasive and recognised across all banks in 2018. This is primarily for compliance and risk, as AI can develop and apply complex rules across all business processes in real-time, and when most banks have 1 in 3 staff checking compliance, it makes absolute sense to replace them with learning software. Rationalising and cleansing core data structures: many banks have built their core operations on fragmented systems aligned to products. This has distributed customer data across multiple platforms, and banks recognise that they cannot use AI effectively on data spread across the business. As a result, many will develop strategies for building an Enterprise Data Architecture in 2018 which rationalises and cleanses their fragmented data stores.