Technology

Human beings are wary of machines, especially when entrusting them with the most important aspects of their lives, such as finances. But as machine-learning and artificial-intelligence technologies become more sophisticated, learning from human brains, they are proving that when programmed correctly, they offer a wide range of advantages, especially in banking. The more human beings use them, the more successful they become in achieving what they were created to accomplish.

Imagine a time when banks functioned without computers. It’s literally unimaginable. The computer has become the banker’s best friend. Today, banking is on the brink of another great leap in innovation that may re-create the industry as we know it: quantum computing. Based on quantum mechanics, this developing technology promises lightning-fast processing speeds that boggle the mind. But before vision becomes reality, much preparation work still needs to be completed.

Inspired by a wave of disruptive digital innovation, the last decade has witnessed perhaps the most rapid evolutionary change ever within the global banking system. Thanks mostly to a combination of greatly heightened expectations from banking customers and the sustained development of the financial-technology (fintech) sector,

When examining the success of the world’s biggest companies, it is astounding to chart just how quickly many of them have been able to create value for their users and, in doing so, attain their status of “apex predator”. More often than not, moreover, it has been their skills at exploiting network effects that have enabled them to achieve such dominance.

Digital ledger technologies and crypto-assets have evolved from obscurity to prominence in recent years, bringing with them opportunity and risk. Initially regulators focussed primarily on mitigating risks to consumers but as the applications of the technology have continued to evolve the principle of technological neutrality demands a more adaptive approach. The challenge now is to harness the benefits for EU citizens of scaling up business applications whilst continuing to effectively mitigate the risks. The EBA shows the way.

Discussions regarding the pros and cons of issuing central bank digital currency continue around the world, and discussions evolved into issuance of digital collector coin in, Lithuania. In July, the Bank of Lithuania released the LBCOIN, “the world’s first blockchain-based digital collector coin”. Now that its first-of-its-kind digital collector coin is out, the BoL is setting an example to other central banks in an experiment that is exciting but immersed in its share of yet-to-be-answered questions.

The investment-management industry is undergoing arguably its most disruptive period ever. Thanks to a new wave of disruptive technologies, the very concept of investing is being transformed from a practice that was relationship-driven

A sale isn’t a sale until the money actually changes hands, whether the payment occurs in a retail store or online. As consumers increasingly turn to cyber-space, it behooves CFOs to seal any cracks in their digital-payments systems. Central areas to consider include competitive advantage and business model innovation; optimization and streamlining costs; localization return on investment and new market growth strategies; and connected finance, cash flow and treasury management.

For many businesses, including banks, the office has moved into employees’ homes as a result of the COVID-19 lockdown, unleashing a slew of new, concerning security risks. How can banks, which need to safeguard their confidential documents perhaps more securely than any other firm, shore up their cyber-shields? An IT expert from a leading UK cloud-based challenger business bank provides several indispensable suggestions to stay safe while working from home.

Customers aren’t easy to please, as financial-services firms discover when they attempt to balance their clients’ needs for convenience and security. Are the two goals mutually exclusive? Fortunately, they are not in today’s age of digital solutions. Fraud prevention can work in tandem with customer-experience enhancement if a company’s teams work together. What actions can firms take to guarantee their delivery of products and services is both satisfying and safe?