AI is All Set to Transform the World of Finance - CryptoNewsZ

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The world of technology has evolved at a breakneck pace over the course of the last half a decade or so, and some of the technologies that have evolved have the potential of upending entire industries. One of those new technologies is artificial intelligence or AI, and over the past couple of years, it has been successfully used across a wide range of industries. The finance industry has always been quick to adopt the latest technologies, and it has paid rich dividends throughout the industry's history. In the same vein, the finance industry has also embraced AI. At the end of the day, all the firms in the industry are looking for that edge that can give them a distinct advantage and hence, it is not a surprise that AI is now such an integral part of the industry.


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.


How robotics is pushing banking towards a new self-service era

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A few years ago, robotics, a branch of artificial intelligence (AI), was seen as an upcoming trend that figured all too often in predictions made by business leaders and was presented as a revolutionary technology that would invade all aspects of our society. By 2016, not only have these predictions come true for many aspects of our personal lives, but robotics and automation have also entered the business world. Banks, in particular, are starting to use robotics and automation tools to address new challenges created by their move into the digital age. Customer service management will be one of the most impacted areas of banking due to the evolution of robotics. Roy Morgan revealed recently that the average customer satisfaction ratings for the Big Four banks have dipped to the lowest level since mid-2013, after peaking in mid-2015.


Banks and Fintechs: Adversaries or Partners? - Knowledge@Wharton

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The fast-moving world of financial technology, better known as fintech, is settling into a global pattern. Disruptive fintech startups not long ago were thought to threaten important revenue streams of even the biggest financial institutions. But they are now pursuing business models based on collaboration with banks or even being acquired by them. And banks increasingly see ways they could improve customer service by working cooperatively with the nimble entrants, which are unconstrained by layers of bureaucracy, regulation and conservative corporate cultures unused to rapid change. But don't expect total harmony, say experts. Some fintechs will aggressively go it alone and challenge the legacy banks in their most lucrative markets. And recent rule changes in Europe, which force banks to transfer closely guarded customer information to fintechs upon customer request, will add new momentum to the upstarts.


Banks and Fintechs: Adversaries or Partners? - Knowledge@Wharton

#artificialintelligence

The fast-moving world of financial technology, better known as fintech, is settling into a global pattern. Disruptive fintech startups not long ago were thought to threaten important revenue streams of even the biggest financial institutions. But they are now pursuing business models based on collaboration with banks or even being acquired by them. And banks increasingly see ways they could improve customer service by working cooperatively with the nimble entrants, which are unconstrained by layers of bureaucracy, regulation and conservative corporate cultures unused to rapid change. But don't expect total harmony, say experts. Some fintechs will aggressively go it alone and challenge the legacy banks in their most lucrative markets. And recent rule changes in Europe, which force banks to transfer closely guarded customer information to fintechs upon customer request, will add new momentum to the upstarts.