IBS Journal December 2016
39
“AI, machine learning and robotics are clearly areas to watch in 2017 in terms of the rise of chatbots, fuelled by deeper levels of customer insight from data analytics and supported by high degrees of process automation. Having only just recently re-watched the latter stages of I, Robot, now there really is the potential for a revolution, not just in terms of how as a customer I might be interacting with my bank in a year or two’s time – are my current mobile banking apps going the same way as my music CD collection, for example? – but also on the internal operations and cost efficiencies of the banks, where the impacts could be seismic. The ramifications to us humans should
not be underestimated. Just ask Will Smith.” Simon Barrows, Architecture, Data and Transformation Consultant
“Three FinTech trends to watch in 2017: 1.) Machine learning and data analytics will grow into two of the financial sector’s strongest weapons against cybercrime. Security breaches can drain billions of dollars from bank accounts, and existing rules-based solutions are vastly ineffective in dealing with new and previously unknown attacks. As such, machine
learning and data analytics will become essential tools in combating increasingly complex fraud and hacking schemes. Data scientists and forensic teams will have to analyse how their systems behave in response to security threats, or risk missing vulnerabilities.
2. Due to increased regulation, innovation will become even more important. Financial regulation has been a hot topic in the last few years, and will continue to be as financial institutions and FinTech change faster than laws and government agencies can adapt. There is clearly a huge opportunity to improve legacy systems. While regulators tend to move slowly on policy changes, the ever-changing compliance landscape is becoming standard.
3.Online banking will reach new heights. A new generation of apps will make consumer banking even faster and less expensive, while reducing the hassle of going to the ATM or branch. However, the growth of online banking will also bring a rise in threats and vulnerabilities. Therefore, financial institutions would be wise to invest in the appropriate security solutions in the coming year.” Mark Gazit, CEO, ThetaRay
“MANY BANKS ARE STILL PAYING OUT FOR PAST HAVOC WREAKED UPON CUSTOMERS. SO, I SEE 2017 AS A YEAR OF CONSOLIDATION,
WITH HOPEFULLY NO NEW SINS REVEALED”
www.ibsintelligence.com
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