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Innovation – Finance – Technology

Month: October 2016

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Open banking: An introduction

The landscape for financial services is changing, and the jury is still out on how the endgame is going to play out. One of the concepts shaping this future is open banking. This development emerge out of the payment area where a perfect storm of shifting customer behavior, regulatory changes, the threat from digital ecosystems such as Google, Apple, Facebook and Amazon, and the quest for new business models are driving banks toward the open banking paradigm.

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Will the rise of Robo-advice change wealth management for good?

The concept of robo-advice – the use of automation, investment algorithms and an online interface to build and manage portfolios of exchange-traded funds (ETFs) and other instruments for investors – has gained significant attention within the wealth management industry. Is this pure hype or is there a chance robo-advisers will profoundly alter the existing business models by changing the way investors seek exposure and even how portfolio managers manage their funds and discretionary mandates? Will robo-advise do the same for production as mobile did for distribution in wealth management?

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How AI will reshape everyday banking

The greatest fear for banks in the changing landscape of financial services is to lose grasp of the customer relationship and become utility commodity providers, or “dumb pipes”. This fear is strengthen by changes in consumer behavior and expectations, regulatory changes such as PSD2, new business models and new technology. Artificial intelligence is one of the technological paradigms that is set to transform financial services in the years to come.

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The potential benefits of artificial intelligence in the compliance function

Artificial intelligence is one of the technological paradigms that is set to transform financial services in the years to come. This includes every aspect of the bank, ranging from customer interaction through chatbots, process automation and risk and credit assessment just to name a few. However, the compliance function is one of the areas where AI will have a profound impact on banking.

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We have reached the second half of the chessboard

We should expect to see technology having a huge impact on every aspect of society in the years to come from everything to artificial intelligence, widespread adoption of blockchain technology, gene editing and human augmentations just to name a few areas. This will shape customer behavior, business models and required skill sets and leadership in a new business environment where speed and agility are the primary competitive advantages.

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