5 Ways Blockchain will Transform Financial Services

#artificialintelligence

Blockchain is being hailed as "the new internet" and is driving transformation for businesses across multiple sectors, particularly for the Financial Services. Let's start with a quick recap of what exactly blockchain is and it's benefits. "A blockchain is a shared digital ledger that allows transactions to be recorded and verified electronically over a network of computers without a central ledger. Cryptography is used to protect the data from fraud or hackers." So why is everyone, including us of course, so excited?


Banco do Brasil launches financial transactions via WhatsApp

ZDNet

Brazil's oldest bank has introduced a series of transactional services to consumers through WhatsApp. Banco do Brasil (BB), the country's largest bank by assets, is rolling out 11 types of transactions via the messaging tool, including access to balances of current and savings accounts, money transfers, mobile phone top-ups and generation of credit card statements. The phased rollout will see the introduction of the WhatsApp portfolio to 500,000 clients a week. The government-owned bank expects that the entire client will be able to use the services within the next few weeks. In order to use the service, clients have to save the bank's telephone number and start a conversation.


Banking Must Provide AI-Based Financial Wellness Tools

#artificialintelligence

Managing finances is one of the greatest areas of concern for most consumers. Yet, few financial organizations have found a way to provide insight that is comprehensive and easy to access. As a result, there is a significant opportunity for banks and credit unions to develop AI-based financial wellness tools for the masses. Subscribe to The Financial Brand via email for FREE!Despite all of the advancements made by the banking industry in providing access to savings, borrowing and investment options through physical and digital channels, the vast majority of consumers continue to feel insecure in their ability to adequately manage their finances. The need goes far beyond post-transaction alerts and pretty graphs.


Introduction to Blockchains & What It Means to Big Data

@machinelearnbot

When you talk about blockchain in the context of Bitcoin, the connection to Big Data seems a little tenuous. What if, instead of Bitcoin, the blockchain was a ledger for other financial transactions? The financial services industry is starting to take a serious look at block chain technology. Oliver Bussmann, CIO of UBS says that blockchain technology could "pare transaction processing time from days to minutes." The business imperative in financial services for blockchain is powerful.


Is it safer to use an app or a browser for banking?

The Guardian

Why should I use a banking app instead of logging into my bank accounts with the relevant passwords via Windows 10 and Edge? Which one would be more secure? Over the past five years or so, I feel the consensus has changed to using apps. However, it depends on the devices, banking software and browsers, what else is loaded on the device (either knowingly or not), and the communications network. Browsers are risky because there are trojans designed to collect banking information.