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Originally Published on Digitalist Magazine With the advent of robo-advisors, artificial intelligence (AI), and virtual assistants, the next wave of the financial technology revolution could arrive sooner than anticipated. A report by EY, “Unleashing the Potential of Fintech in Banking,” highlights that collaborations with startups (and not competition) can provide fresh tech solutions for banks. Shared services and knowledge will improve product offerings through data analytics tools like predictive analytics, offering deeper engagements with customers. How are banks currently leveraging fintech? Albeit independently, banks are building in-house technology in response to the growing fintech challenge. In 2017, JPMorgan appointed a new team for the automation ofRead More →

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Faced with unprecedented challenges, banks have started racing to embrace AI to gain a competitive advantage. With the advent of chatbots, personal assistants, and robo-advisors, it may not be too hard to imagine that the next wave of technology could revolutionize the traditional style of banking. An Accenture report recently indicated that within the next three years, banks will deploy Artificial Intelligence (A.I.) as their primary method to interact with customers. In early 2016, Swedish-speaking Amelia became the first non-English deployment of IPsoft’s AI platform at SEB, one of Sweden’s largest bank. The bank adopted “digital employee” Amelia to integrate into its front-office. The cognitive agent solves problems just like humans “butRead More →

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Big Data tools not only simplify lengthy analytical procedures in any industry, but they also provide a competitive advantage to banks. With new regulations, banks are looking at ways to make compliance procedures more effective and accurate. Big data in banking is slowly gaining momentum and becoming an inevitable necessity across the banking industry. As traditional data management structures become obsolete, the community banks struggle to comply with external competitive and regulatory pressures. The need to execute analytics tools in the community banking system is gradually becoming more of a compulsion than an option. Gartner’s 2014 CIO survey shows that financial firms encourage investing inRead More →