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Regtech rising: Automating regulation for financial institutions JD Supra

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Regulatory compliance is timeconsuming and expensive for both financial institutions and regulators. The volume of information that parties must monitor and evaluate is enormous. The rules are often complex and difficult to understand and apply. And much of the process remains highly labor-intensive, when even the most automated solutions are often incompatible with other systems and, even today, most still depend heavily on manual inputs. As a result, costs have risen significantly for financial institutions in recent years.


Fintech Firms Attacking All Facets of Banking

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A report from McKinsey argues that there are seven critical aspects of the new financial services environment that must be understood by traditional banking and fintech firms. For the past decade, new fintech providers have focused on providing an enhanced consumer experience around a rather narrow set of financial products and services. This has impacted traditional banking organizational planning, innovation and even investments in technology. As the banking and fintech industries begin to merge through consolidation and collaboration, the focus will move beyond simply providing better payment, lending, money transfer and digital engagement experiences, extending to the entire financial services ecosystem according to a report from McKinsey. These changes will be supported by new regulations, demands from increasingly digital consumers, and a new "patformification" perspective as introduced by Ron Shevlin.


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

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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.


Fintech Firms Attacking All Facets of Banking

#artificialintelligence

Here are seven critical aspects of the new environment in the financial industry that both traditional banking providers and fintech firms must understand. For the past decade, new fintech providers have focused on providing an enhanced consumer experience around a rather narrow set of financial products and services. This has impacted traditional banking organizational planning, innovation and even investments in technology. As the banking and fintech industries begin to merge through consolidation and collaboration, the focus will move beyond simply providing better payment, lending, money transfer and digital engagement experiences, extending to the entire financial services ecosystem according to a report from McKinsey. These changes will be supported by new regulations, demands from increasingly digital consumers, and a new "platformification" perspective as introduced by Ron Shevlin.


Great Expectations: Fintech and the Poor

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Each year, I find myself reflecting on the progress we have made on financial inclusion, but also on the challenges ahead and how we as CGAP can contribute towards tackling them. This question came into sharp focus for me in the closing months of 2018, when I attended two events focusing on fintech – the Singapore Fintech Festival and IFC's annual meeting of its fintech investees. There is an incredible amount of excitement around fintech. I met people working on insurtech, payments, reverse factoring platforms, blockchain-based identity solutions, digital micropensions, marketplace lending platforms, digital credit, e-commerce, regtech, suptech, artificial intelligence, machine learning…literally, everything under the sun. There is so much energy, creative thinking and money going into this space, it is breathtaking.