Digital Transformation in Banking: Making Progress and Hitting Roadblocks

#Digital Transformation in #Banking: Progress and Roadblocks

 

#fintech #CIO #AI #IT #tech

  • One third of banking executives participating in a study said that marketing owns the end-to-end customer relationship, but only 14% feel that marketing should own their institution’s digital strategy.
  • As financial institutions look at how best to adapt their current practices to meet the needs of customers across an expanding array of digital channels, banking executives look for insights to inform their digital transformation strategies.
  • With 87% of the financial institution respondents saying that technology is intrinsic to digital transformation and must be considered in tandem with strategy, it’s a natural fit for CIOs to lead the way in vetting and implementing the technical platforms and solutions that will form the backbone of an organization’s digital strategy.
  • Still, a financial organization that can establish a culture free of silos – and carry out effective digital transformation quickly and successfully – will certainly earn itself an effective competitive advantage and be able to deliver a differentiated level of customer experience.
  • By incorporating advice from other industry leaders and fostering a company culture ready to embrace cooperation alongside new technology, financial institutions can best execute the digital transformations necessary to keep pace and potentially stand out in their industry.

Two out of every five financial institutions say they are only in the infancy of their digital transformation strategy.
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DeepMind’s health-care app has some concerned about patient privacy

Is DeepMind’s Health-Care App a Solution, or a Problem?  #ai

  • In return, DeepMind gets access to records belonging to over 1.6 million patients who are registered with one of the Royal Free NHS Trust’s three London hospitals.
  • It also points out that patient data is encrypted, and is used only by DeepMind, not the larger organization of Google.
  • Smart machines are beginning to speak to us and act on their own.
  • Machine learning will alert medics to early signs of illness, but some critics argue that too much data is being shared.
  • The project will provide medics across a number of London hospitals with alerts about patients via an app called Streams .

Machine learning will alert medics to early signs of illness, but some critics argue that too much data is being shared.
Continue reading “DeepMind’s health-care app has some concerned about patient privacy”