2019 Banking Industry Outlook 6 themes driving banking industry trends counting the Costs of a Data Breach

 

Banking And Technology

For 2019 and past, banks must contend with many issues engaged to regulations and legacy systems, upsetting models along with technologies, new challenge, and an impatient customer base while chasing new techniques for lasting growth. Our 2019 Banking Industry Outlook inspects the six macro themes from customer centricity to cyber risk facing all the industry’s five primary business portions in the coming twelve to eighteen months. Companies that can address these issues opportunities to effortlessly balance long-term goals with short-term performance pressures might be amply compensated.

There is considerable opportunity for banking institutions on the coming year, but lasting development will probably rely on navigating 6 dominant themes.

The banking industry comes in 2019 having a fresh air of careful confidence among clouds of policy doubt. Today, the clouds have cleared a little. For banking institutions around the globe, 2019 might a crucial year for accelerating the change into more strategically minded, digitally connected, and operationally agile organizations better equipped to maintain market leadership in an ecosystem that is rapidly evolving.

But this present year also promises multiple challenges, including complex and diverging regulations and legacy systems, troublesome models and also technologies, new competitors, and an often restive customer base with ever-higher anticipations. For banks’ 5 company lines retail banking and corporate banking, capital areas, payments, and wide range management 6 broad themes might be particularly critical for sustainable long-term development into the coming twelve to eighteen months:

Customer-centricity: True customer centricity is certainly a Holy Grail for banking institutions, which have made notable strides in moving away from sales-dominant countries. But clients objectives are evolving at a much faster speed, many thanks in particular to the superior experiences they enjoy with other industries. Being alert in experience delivery is as essential today as aiming at right areas as well as right consumer segments with all the ideal resolutions.

Financial Technology and Banking

Fintechs and techs are going to have a very strong impact on banking in the near future . Banking institutions can learn from fintech firms, which have set a benchmark that is new surpassing customer objectives in financial services. Fintechs have changed the direction of innovation in banking. However, incumbent institutions that are financial likely to keep their dominance offered their scale of operations, regulatory barriers to entry, and customers’ reluctance to change. That does not mean that banks should lean on their market laurels, but just the opposite. Rather, they are able to discover techniques to improve the customer experience. Banks could reproduce just what fintechs are doing, collaborate with them, or obtain them. Moreover, banks could take an expansive view of competitive benchmarking to consist of the most beneficial in class fintechs along with big tech companies.

Tech Administration

Technology administration. As much as banks may wish they might, discarding legacy systems just isn’t an option. Modernizing the main generally seems to be considered a concern on par with buying a profile of new technologies for example Blockchain as well as robotics and intellectual automation. There exists a lot to be done, as well as it is not going to be easy. Banks can aim to strike a balance between retaining competitively differentiating activities in-house as well as others that are externalizing. By 2020, technology units inside banks will possible start making changes by themselves from running platforms to arranging technology information flows across most of the stakeholders.

 

Checkout Unique Finance and get a bonus from me.

How Artificial Intelligence (AI) is Transforming Mobile Technology

The Future of Smartphones

Artificial Intelligence is making its way into almost all areas of modern life. From monitoring fraud to powering virtual assistants, autonomous cars, and airline autopilot, the impact of AI in everyday life is far-reaching than you might think. Now, the technology is fast becoming one of the highlight features of smartphones, making our handy devices smarter than ever.

In this post, we look at how artificial intelligence will drive transformation in smartphones. But before going on to discuss the fundamental changes AI will bring to mobile devices in more detail, we will, first of all, explore what artificial intelligence is and why it has become so important.

What is Artificial Intelligence?

Artificial Intelligence refers to the simulation of human intelligence processes by robots. It involves the development of programs that can process information, and respond in a way which is closer to human reasoning. These machines “think” like a human and behave in the way a person would.

The applications can perform a variety of tasks mostly observed through human intuition such as problem solving, knowledge gathering, and logical reasoning. As a result, businesses use AI to collect information that enables them to deliver more personalized, predictive experiences, and smarter customer engagement, which consumers expect. Smartphone manufacturers now deploy the technology in a bid to make their devices more “intelligent.”

Artificial Intelligence and Smartphone Camera

One of the areas AI will have the most impact on smartphones is camera. AI is used on smartphone cameras for scene recognition, facial recognition, as well as photo sorting. For instance, the A12 Bionic AI processor in the iPhone XS enables the smartphone to recognize the environment as quickly and accurately as possible. On its part, Huawei’s new Kirin 980 processor, which is featured on the Huawei Mate 20 (Pro), offers facial recognition, direct translation on the phone, as well as scene recognition capabilities. Another Huawei device, the Honor 10 features a program that can split pictures into many areas and then edit each section individually via the application.

AI and Phone Battery

Android and DeepMind have joined forces in a bid to improve phone battery life. The team developed an AI-packed feature called “Adaptive Battery,” which monitors your device’s battery consumption and automatically close apps running in the background that you rarely use.

AI and User Interface

AI will make it possible for you to have more convenient smartphone experiences. Already, the newer version of Android uses machine learning to suggest apps to you based on your habits so that you can proceed quicker and with much more efficiency. The system anticipates your next action based on the current action and suggests a shortcut to take you to an app quicker.

AI, Smart Display, App Slices, and Smart Reply in Notification

Google is leveraging AI to create a more robust experience for smartphone users. App Actions and Slices allow Android users to perform tasks outside of an app without necessarily opening it. The feature provides a smaller version of a preloaded app inside Google Search, providing specific app functions that let you execute tasks without having to open and operate the full application.

Similarly, the smart reply in notification feature allows you to type replies directly from the notification area without the need to open and operate the full application. Another feature that benefits from the integration of AI in smartphones is Adaptive Brightness. Android now uses AI to learn from your manual screen adjustments to automatically tailor screen brightness to levels that are best suited to you.

Checkout Unique Finance and get a bonus from me.

All You Need to Know About Artificial Intelligence (AI)

What is Artificial Intelligence?

Artificial Intelligence is one of the most hotly discussed topics in the tech world today. Hardly does any tech conversation take place nowadays without the mention of Artificial Intelligence. This raises the question, what exactly is artificial intelligence?

As the name implies, artificial intelligence refers to the ability of machines to perceive and comprehend complex information. In other words, Artificial Intelligence is a technology that is built to function in a way that imitates how humans operate.

Applications that utilize artificial intelligence attempt to make the user experience feel much like interacting with humans. Like humans, artificial intelligence also develops skills through learning. AI programs learn and adapt by taking in information, processing it, and saving such data for future reference.

By their very nature, AI systems exhibit certain behaviors that are associated with human intelligence, including, learning, planning, problem solving, reasoning, and motion. Others behaviors demonstrated by the programs include perception, knowledge representation, manipulation, among others. To deliver useful and accurate information, the AI system is trained on the data it is fed.

The advances being made with artificial intelligence in recent times is thanks to improvements in machine learning, which involves educating computers to perform tasks based on examples instead of depending on programming by a human.

What Are the Uses of Artificial Intelligence?

The journey has been long. Nevertheless, artificial intelligence is gradually evolving into something that’s useful to human society. The knowledge displayed by machines have many applications in our community today. Some of these include voice-based personal assistants such as Siri, Facebook bots, Google Voice, as well as Alexa.

Artificial intelligence also has application in suggestive searches, behavioral algorithms, as well as self-controlled and self-driven cars that feature sophisticated predictive functionalities. Robots are also being used as personal assistants by humans to help perform tasks such as ordering foods, clothes, or even booking movie or flight tickets.

AI is also used in smart cars such as those being built by Tesla and Google. Other areas where AI is applicable include customer experience, entertainment, buying prediction, etc.

Types of Artificial Intelligence

Typically, there are two types of artificial intelligence: narrow artificial intelligence and general artificial intelligence.

  • Narrow Artificial Intelligence: Narrow AI systems are those that have been taught how to perform specific tasks without being directly programmed to do so. Examples of this machine are those used in Siri and self-driving cars. These systems are so called because they can only be taught to perform specific tasks.
  • General Artificial Intelligence: General AI systems are those found in humans, which are adaptable and flexible. General intelligence can learn how to execute different functions such as haircutting, bathing, building spreadsheets, etc. This type of intelligence does not yet exist in a software form.

 

Checkout Unique Finance and get a bonus from me.