Making AI a reality in banking

Making AI a reality in banking
#AI #MachineLearning #Fintech #ML #Banking #tech

  • 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…
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Blockchain Adoption Faster Than Expected

#Blockchain Adoption Faster Than Expected

#fintech #Bitcoin #IoT #AI #IBMWatson

  • 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.
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