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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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When Starbucks (SBUX) announced the closure of all of its 379 Teavana stores by the spring of 2018, it came as a warning signal to many analysts. But for long-term investors, Starbucks future growth prospects could look more promising. Acquired in 2012 for $620 million, Teavana stores are set to close due to declining foot traffic in malls. As a result of this retrenchment, Starbucks incurred asset impairment and goodwill charges of roughly $100 million during the third quarter. Following the news, Starbucks shares fell 1.2% to $58.80 in after-hours trading. For the 3rd fiscal year 2017, the Seattle-based company reported earnings of $691.6 million, downRead More →

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Apple Inc.’s next breakthrough may be powered by Augmented Reality (AR). A recent report by Bloomberg outlines Apple’s ‘big step’ towards the AR space through talented hires and acquisitions in the related field. According to the report, with the goal of making smart glasses, in the short term, Apple’s AR features may first show up on the iPhone. Bloomberg’s report comes after its November story published last year, which highlighted Apple’s wearable expansion into ‘digital glasses’. The AR industry is gaining momentum and could be a huge global market worth $90 million by 2020. For Apple, an AR adoption could mean a new dimension to its existing products, possibly resulting inRead 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 →

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Nigeria is a business-oriented economy, with an estimated 37 million micro, small and medium-sized companies (MSMEs). The entrepreneurial economy contributes roughly 48 percent of the country’s gross domestic product and employs over 60 million people, making Nigeria the largest economy in the sub-Saharan region. Although these numbers look promising, few businesses are successful in obtaining loans from financial institutions. According to The Credit Crunch, a joint report by the Central Bank of Nigeria (CBN) and the International Finance Corporation (IFC), of the 840 MSMEs surveyed in Nigeria, only 31 percent successfully obtained a loan from a bank or microfinance institution. MSMEs are often burdened by aRead More →

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Alibaba is a Chinese multinational tech, e-commerce and artificial intelligence conglomerate that was founded in 1999 and has since become one of the ten largest companies in the world. Alibaba’s plan to end poverty in China stems from corporate social responsibility as an integral part of its business model. In 2008, an earthquake in Sichuan province in China prompted huge individual donations to charities, which accounted for 54 percent of total giving. The earthquake was the second highest in absolute numbers in history, and led to a huge death toll and significant economic losses and brought many corporations closer to philanthropy. Alibaba is one such firm. Over the courseRead More →

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The dystopian future showcases our desire to stay connected to technology which eventually disconnects us from the ‘real’ world. TV shows often attempt to capture the imaginary depictions of the futuristic world. But while many have failed to completely showcase the tech addiction, a few may have ‘just about’ succeeded in capturing the chilling resemblance to our current world. When Black Mirror‘s third season aired on Netflix last year, its chilling resemblance to our digital lives immediately connected with the audience. The series did not shy away from outlining the disturbing future in a ‘social media‘ driven world and brilliantly magnified our frenzied obsession with technology.Read More →