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Robotics and AI Will Quickly Transform Financial Technology

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Advances in robotics and artificial intelligence are poised to disrupt several areas of financial services and capital markets, predicts PwC in its recent report, "Financial Services Technology 2020 and Beyond: Embracing Disruption." "We are already seeing alliances between leading incumbent financial services and technology companies, using robotics and AI to address key pressure points, reduce costs and mitigate risks," the report states. Cognition and interaction capabilities, in particular, continue rapid advancement in robotics, opening up their potential to eventually perform a greater number of tasks, and more complex ones. Where ATMs today represent a very simple, purpose-built robot, PwC predicts that it won't be long before robotic process automation will make serious inroads in financial services digital operations. As labor costs in traditional offshoring destinations rise, PwC also predicts that robotics and AI capabilities could also become legitimate substitutes for many human workers. That development could "spur re-shoring, as more tasks can now be performed at a competitive cost on-shore. Even functions that seem dependent on human input, such as product design, fraud prevention and underwriting, will be affected."



Swiss Financial Technology

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This is a group for professionals thriving to change the financial technologies. We started this group to gather banks, brokers, asset managers, family office, software developers, freelance, investors, incubators and any professional involved with financial technologies. Our goal is to build a powerful fin tech eco system in Switzerland.


FinTech: financial technology explained – impact, technologies, evolutions

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Banks are going through significant changes. In consumer/retail banking, customers want multiple interaction and banking possibilities with a clear focus on digital and mobile banking services.


How AI will impact the Financial Industry of the Future

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The future of finance will be derived from Artificial Intelligence (AI), so much so, that AI in finance is already taking the industry by storm. Be it faster speeds, personalized response, reduced errors and identifying opportunities, AI technology is already at the epicentre of the biggest financial revolution to happen since the last fifty or more decades. Be it consumer electronics, transportation, retail, healthcare or marketing, Artificial Intelligence companies are ready to ride the machine learning wave of the future. Thanks to the strong technological push towards an Internet of Things (IoT) based world, even the banks are putting their money (and resources) where their mouth is. One of the biggest advantages of machine learning is that it can be designed and trained to deliver a smarter way of assisting customers.