- Extensive automation of business processes in international banking using artificial intelligence, robotics and machine learning, which I’m going to collectively call robotic process automation (RPA), is set to transform the way banks and financial services – firms do business – particularly in areas such as trade finance and similar complex…
- The software robots will need to have access to the hundreds business – processing rules at the bank -the relevant common objects and components, in addition to the specific product-related objects and components.
- This will be required so that entire business processes, from the relevant portal system for the bank’s customers, – through the mid- and back-office systems inside the bank, further on to the relevant business parties via the relevant channels (SWIFT, clearing houses etc.) around the globe, can be end-to-end automated…
- To achieve this, banks need to scale back their reliance on legacy core banking systems and implement a modern IT platform built on international standards with all relevant business processing rules available.
- This should include information and related – business processing rules about the customers, the customer accounts, the customer agreements, the banks, the bank’s accounts, agreements with banks, agreement between involved banks, GL accounts, the products, the commissions, charges and fees, interest, – the pricing rules, the clearing houses and clearing…
Extensive automation of business processes in international banking using artificial intelligence, r…
Continue reading “Making AI a reality in banking”
- These new players are particularly suitable as partners for banks as they have potential as a delivery system for continued quality and innovation.
- We can use AI to identify patterns in consumer behavior, which will enable the financial industry to work faster and better.
- That being said, if banks want to remain relevant they need to—just like any other organisation in a competitive environment— listen and take notice of market demand.
- Ultimately banks are at the center of the financial services industry.
- Alongside these relationships, there is also value for banks in seeking cooperation with tech suppliers or transactionally driven organisations that are relevant for the consumer.
What does the future look like? Financial services centered around quality and collaboration where the client comes first.
Continue reading “Beyond banking”
- Over 65 percent of the banks surveyed expect to deploy blockchains at scale within the next three years.
- One area where blockchains are already seeing considerable use is in logistics, which is opening the way for blockchains to be used as a way to interact with and monitor Internet of Things devices.
- , this year’s All Things Open conference has responded to interest in blockchains by adding a separate Blockchain track which will run during both days of the event, scheduled for October 26-27 in Raleigh, North Carolina.
- Blockchains, the distributed database model behind cryptocurrency Bitcoin, continues to prove itself as the next big thing in the enterprise.
- “With blockchain now moving into the enterprise and there being a significant ‘open’ component to it, it should be extremely well received,” conference chairperson Todd Lewis told Windows IT Pro.
A study released last week by IBM indicates that blockchain adoption by financial institutions is on the rise and beating expectations. This is good news for IBM, which is betting big on the database technology that was brought to prominence by Bitcoin. Yesterday, Big Blue announced that it has made its Watson-powered blockchain service available to enterprise customers.
Continue reading “Blockchain Adoption Faster Than Expected”
- Mobile-Wallet Battle: Where and How Banks Are Placing Bets
- Banks need to apply these technologies sooner rather than later to meet millennials’ expectations.
- Banks need to prioritize the implementation of these technologies in their plans.
- It can deliver instant resolution to customers’ transactions and interactions with their banks.
- The Fintechs don’t have the regulatory permissions that the banks have to operate in different areas.
Read the full article, click here.
@Rosenchild: “#Fintech Has Forced Banks’ Hand on #Blockchain, #ArtificialIntelligence Adoption”
Banks need to embrace technology that can deliver the speed and personalization millennials have come to expect or risk losing this customer segment to fintech companies for good.
Fintech Has Forced Banks’ Hand on Blockchain, AI Adoption
- The bank has a debit card that is NFC-enabled and works on the same principle. “
- Take a selfie, open a bank account: Banks are not only using Aadhaar for transactions.
- YES bank has tied up with a Taiwan-based tech firm Taisys, to offer banking transactions on feature phones with no internet connectivity.
- Currently in pilot stage, banks have been eagerly waiting for full launch of the service.
- One of the winners, Tapits Technologies, at HDFC Bank’s start-up event is working on biometric payments at merchant outlets.
Read the full article, click here.
Digital Banking 2.0
#fintech #startup #BigData #AI #payments #biometrics”
Read more about Digital banking 2.0 on Business Standard. From using Aadhaar cards for withdrawals to mobile-only solutions, new offerings by banks are changing the way you transact
Digital banking 2.0