GLOBAL BANKING TECHNOLOGY Tech is trending


Neil Ainger investigates how banks are investing in the short-term on cloud computing and FinTech collaboration, and longer-term on blockchain and AI technologies, as part of a digitalisation drive


IBS Journal April 2017


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disruption,” says Dilan Rajasingham, Head of Emerging Technology at Commonwealth Bank of Australia (CBA), when discussing the key technology trends in banking, and the threats and opportunities from artificial intelligence (AI), augmented reality and so on.


“F


inancial services is ripe for


Rajasingham. “This can remove impediments to change, deliver a high level of efficiency, and dramatically increase responsiveness and velocity.”


Cloud computing is one short-term way to bring IT and the business closer together, if security, resiliency and legal data protection concerns can be overcome. According to Ambreesh Khanna, Group Vice President at Oracle Financial Services, “organisations have put aside $1.77 million for cloud spending this year [with them, in US –Ed.] to move processes off-site”.


“AI has the potential to reshape analytics,” he adds, “and offer more accurate risk-based pricing by improving default and delinquency predictions, boosting margins”, while blockchain could “create value and authenticate digital information” in end uses from “crowdfunding to supply chain auditing, to name just a few.”


Collaboration with FinTech startups that are willing to partner – rather than compete – is another way to meet enhanced consumer, corporate and institutional data- centric demands and expectations of a fast 24x7 service. Regulators too want intra-day reporting capabilities these days, so that’s another driver for more flexible IT architectures and data-centric systems.


“The most forward-thinking institutions are reorganising to meet the threat – and find the opportunities – by bringing business and IT closer together,” says


“The technology trends in themselves are not important,” says CBA’s Rajasingham, whether it’s AI, blockchain or whatever other technology you’re interested in. “What is important is the problems we apply tech to – and what new value we can deliver


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