Should Banking Build an Internet of Things (IoT) Strategy?

#artificialintelligence

In developing my keynote presentation for a Next Money event in Hong Kong around the future of banking and contextual commerce, I analyzed if the banking industry is prepared to embrace the Internet of Things ecosystem. New technologies, digital devices and the pace of innovation are impacting the banking industry's operating models and influencing the banking ecosystem. The most prominent of these innovations include cloud computing, big data analytics, artificial intelligence and machine learning, robotic process automation, blockchain and the Internet of Things (IoT). Many of these technologies are interrelated. The world of IoT is a network of Internet-connected sensors that can be embedded into physical devices that collect data and share it across the web with people, applications and other devices.


Should Banking Build an Internet of Things (IoT) Strategy?

#artificialintelligence

Banking providers need to be prepared to respond to an increasing array of Internet of Things (IoT) opportunities, especially in the payments space. New technologies, digital devices and the pace of innovation are impacting the banking industry's operating models and influencing the banking ecosystem. The most prominent of these innovations include cloud computing, big data analytics, artificial intelligence and machine learning, robotic process automation, blockchain and the Internet of Things (IoT). Many of these technologies are interrelated. The world of IoT is a network of Internet-connected sensors that can be embedded into physical devices that collect data and share it across the web with people, applications and other devices.


Asia's Artificial Intelligence Agenda. MIT Technology Review

#artificialintelligence

The reality will lie between these two extremes. Based on research gathered from surveying Asian business leaders and human resources and AI professionals, this report argues that AI's future will cleave much more closely to the positive outcome. Moreover, this future appears to be approaching quickly: advances in deep learning and the rapid expansion of process automation in such diverse sectors as manufacturing, transportation, and financial services mean that AI's impact is growing exponentially with each passing year. Decision makers in all organizations must now begin to understand how AI will alter their own operational processes and those of suppliers, partners, and customers. Asia's business landscape is poised not only to benefit greatly from AI's rise, but also to define it.


5 Pivotal Technology Trends in Retail Banking

#artificialintelligence

Where once banks and credit unions routinely left technology to specialists, the subject now has become elevated to the highest-ranking issue impacting retail banking. Research by The Economist Intelligence Unit (EIU) for Temenos finds that coping with new technology is the top concern of retail bankers, ahead of changing consumer behavior, political and economic instability and dealing with bad loans, among other factors. No institution can afford to ignore the combination of new competition from fintechs and big technology companies, multiple new technologies, and soaring consumer expectations is bringing unprecedented change to retail banking that And few are ignoring it, as the EIU survey indicates. However, the how quickly and how extensively organizations respond varies sharply by institution and sometimes even by country. In a study of 161 publicly traded banking institutions around the world, Accenture found that just over half are "digital laggards," with no plans to go digital or just "half-hearted efforts."


How A.I. is exploding the financial services market: World Economic Forum SPECIAL REPORT

#artificialintelligence

As the World Economic Forum publishes the most extensive and in-depth report yet on artificial intelligence's transformation of the financial services sector, Internet of Business editor Chris Middleton presents a 3,500-word breakdown of the document's key findings and highlights. The financial services sector is in the vanguard of deploying artificial intelligence (AI) worldwide. However, the technology has the potential to be either a transformative and beneficial force, or a destabilising, even existential threat to the global financial system, according to the World Economic Forum. This risks of economic contagion spreading via the technology are real, it says. The WEF has published an in-depth report, The New Physics of Financial Services: Understanding how artificial intelligence is transforming the financial ecosystem, produced in collaboration with C-level executives, analysts, and technology specialists from across every part of the industry. The 166-page sector analysis finds that the bonds that have historically held financial institutions together are weakening as a result of new technologies. This is creating new threats, new opportunities, and new centres of gravity where emerging and established capabilities are being combined in unexpected ways.