You probably didn't know this but today, April 10th, 2019 banking execs are being grilled by Congress. As capitalism is blooming in 2019, where FANG stocks alone have gained $600 Billion since December, 2018 (5 months). The Banks are doing well too. It's timely then to mention that a report by IHS Markit predicts the global business value of artificial intelligence in finance will be $300 billion by 2030. Whether it's detecting fraud or helping automate processes, there's no denying AI has become more commercially viable in banking.

At home, it helps power personalized shopping apps, suggests personalized entertainment experiences, manages and monitors self-driving cars, supports virtual assistants, and improves navigation. At the office, it helps businesses develop the next best offer, recruit top-notch candidates, detect fraud, automate supply chains, and boost data center efficiency. Yet, corporate finance leaders are asking deeper questions which require more advanced analytics systems. "Why can you ask your mobile phone for directions to find the nearest restaurant but you can't ask your system how revenues are trending in Italy?" Oracle Vice President of Product Strategy for Big Data Analytics, Rich Clayton said during a recent Financial Executives International (FEI) webcast. "Why is that your systems don't understand your processes? Why do you spend so much time explaining simple variances when much can be automated?"

WEF names robotics as one of the areas of technology that could revolutionise finance in the next few decades. Biometrics, cloud computing, cognitive computing, blockchain technology, machine learning, quantum computing, and robotics are set to transform financial services over the next few decades, according to the World Economic Forum (WEF). WEF made the prediction in its "Future of Financial Infrastructure" report looking at blockchain technology, which was published on Friday. The influential non-profit rates the transformative potential of these new technologies alongside past innovations such as the personal computer, the internet, and smartphones. WEF's report focuses on blockchain technology -- referred to as distributed ledger technology in the above graphic -- so it does not actually give any concrete examples of how technologies other than blockchain might be applied to finance.