Top 6 Technologies Impacting Banking And Finance
PSFK identifies six critical tech advancements in finance—including blockchain and AI—for our Digital Banking Playbook in partnership with Microsoft
Technology has always created opportunities for financial institutions to excel and explore new grounds of efficiency, and contemporary technological updates and advancements demonstrate this idea more than ever. For PSFK’s Digital Banking Playbook in partnership with Microsoft, we identified six technologies influencing the financial world and defined how they benefit operations and customer experiences.
Artificial intelligence enables financial institutions to drive a new era of agility and innovation, with built-in intelligence based on deep learning technology and solutions that see, hear, speak and understand customer needs and emotions using natural methods of communication.
Sophisticated algorithms are capable of analyzing vast troves of data to make novel connections and extract insights, which can be leveraged to make unbiased decisions on a customer’s creditworthiness, develop new financial products and respond to and even predict changes in the marketplace.
The identity, analytic, compute, database, mobile, networking, storage and web services provided in the cloud create a unique platform of technologies that allow organizations to focus on the swift creation of customer value. A cloud services model negates the need for a large capital expense for infrastructure, and minimizes operational overhead and ongoing costs.
Blockchain provides a rapid, low-cost platform to enable financial institutions to collaborate with new business processes. It offers an open, transparent and publicly verifiable system that will fundamentally change the way financial institutions think about exchanging value and assets, enforcing contracts, and sharing data across industries.
The API Economy
Application programming interfaces (APIs) allow organizations to deliver more connected experiences to customers, enabling faster product and service innovation with low cost and low risk. Financial institutions can quickly extend processes, services, content and data to partners, mobile experiences and third-party developers in a reliable and highly secure way.
Responsive Security Systems
As financial institutions move their operations to the cloud, systems become more vulnerable to security breaches. To protect consumer and institutional data, investing in flexible and agile security solutions is a must in order to respond rapidly to security threats.
The Digital Banking Playbook, presented in partnership with Microsoft, highlights how digital tools can augment a financial institution’s ability to optimize operations and reinvigorate the client experience. Download the free report here.
Lead Image: Analyzing data via Shutterstock
Before you start filling up your calendars with conferences to spark your business innovation and personal growth this year, add CXI 2018 conference to your wish list! For its 12th year running, PSFK is hosting an intimate conference where emerging pioneers and established experts will take the stage to discuss all things innovation around the new consumer experience.
Yael Maguire is an engineering director for the Facebook Connectivity Lab and a visiting scientist at Harvard. He is the co-founder of Plum Labs, an early stage mobile innovation lab, and co-founder and former CTO of ThingMagic, Inc., a leader in bringing long-range RFID readers to the global market. At Facebook, Yael is directly responsible for identifying and developing ways to provide affordable internet in underserved communities around the world. He is leading Facebook and Internet.org’s efforts to develop lasers, high altitude long endurance planes and satellites to help provide the necessary infrastructure for connectivity to these areas. He has been recognized as a Young Global Leader by the World Economic Forum 2009-2013, a MassHighTech All-Star in 2007, and one of Technology Review's "Top 35 innovators in the world under 35" in 2005.
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