The digital revolution is changing everything. Accenture Digital is driving these exciting changes and bringing them to life across 40 industries in more than 120 countries. Join us and become an integral part of our experienced digital team with the credibility, expertise, and insight clients depend on. Accenture Digital is powered by three practices – Mobility, Interactive, and Analytics. As part of our Analytics practice, you'll deliver analytically-informed, issue-based solutions that help clients make faster, smarter decisions.
China surpassed the U.S. in financial technology (fintech) investment for the first time in 2016, according to Accenture's analysis of data from CB Insights, the authoriative global venture-finance data and analytics firm. Fintech financing in Asia-Pacific doubled to $11.2 billion from $5.2 billion in 2015 while fintech investment in the U.S. was $9.2 billion and in Europe it was $2.4 billion. Global investment in fintech was $23.2 billion. The growth in total value of fintech investments was due mainly to a few very large investments in China and Hong Kong, where just 3 percent of the deals accounted for nearly 43 percent of total fintech investment globally. The two accounted for 91 percent of all the fintech deals in Asia-Pacific.
The pace of change in digital technology is accelerating exponentially, particularly in the field of artificial intelligence (AI). All major technology companies are reorganizing around this red-hot sector, and it dominated discussions and presentations at the recent World Economic Forum 2017 in Davos. In this series, I will try to provide an overview of what constitutes AI, how it is already being applied to banking, insurance and capital markets today, and how organizations can craft a value-driven AI strategy.
Although most financial services firms have long had a Chief Data Officer (CDO), it's only recently that these individuals have begun to focus on more than policies, standards and governance the philosophical side of data in other words. They often didn't have enough power, budget, or control over the anatomy and technology of the bank that is now changing. What are the drivers for this new, more central CDO role? On the desperation front, many banks, looking at issues in the finance, risk, regulatory and financial crime spaces, are finding it's just too costly to use traditional approaches. Hiring hundreds or thousands of extra compliance, control and reporting staff is prohibitively expensive.