AI News, China technology trends: From blockchain to AI and fintech artificial intelligence

Report: Fintech Solutions to be Increasingly Adopted by Banks and Governments in 2020

In order to encourage the development of innovative solutions while supporting financial inclusion, banks and world governments are expected to increasingly adopt Fintech-based solutions next year.

As well as improving the experience for existing customers, it will also drive the induction of many currently unbanked people into the mainstream economy.” As mentioned in the report, the top five Fintech trends will be: The steady increase in Fintech-related investments will play a key role in enabling greater financial inclusion, particularly in developing nations.

This (expected) substantial Fintech ecosystem growth, and an increasing ability for financial institutions and other organizations to penetrate previously unexplored markets, will encourage  greater capital inflow from “high impact” investors who are interested in making profits and providing beneficial solutions to society.

Banks and other traditional financial institutions have been formulating various strategies for adopting leading technologies such as artificial intelligence (AI), cybersecurity, and robotic process automation (RPA).

Regtech, or regulatory technology, will experience strong growth and adoption next year as businesses begin to understand how it can help them in implementing compliance procedures more effectively and efficiently.

Making strategic decisions on Fintech adoption now will ensure financial services firms are well placed to benefit from the massive growth ahead.” A  copy of the report is available here.

China throws its weight behind A.I. and blockchain as it aims to be the world's tech leader

because within the platform, users are able to get other products from micro-loans to wealth management products.

"For many banks around the world, when they want to see what is the disruption coming ahead, what can really disrupt their business, they don't look at Silicon Valley now, but they rather look at China and Asia."

The 7 Biggest Technology Trends To Disrupt Banking Financial Services In 2020

Even though banking and financial services have been slower than other industries to adopt the latest technology into their operations, financial organizations are trying to catch up by incorporating artificial intelligence, blockchain, and other technology to benefit their customers, remain competitive and improve business results.

Financial Services In 2020 Artificial Intelligence (AI) Although banking and financial services tend to be slower to adopt new technologies, a PricewaterhouseCooper study confirms the majority of financial services decision-makers are investing in artificial intelligence (AI)—52 percent of executives confirmed they are making “substantial” investments in AI while 72 percent believe it will be a business advantage.

The technology helps financial institutions with risk management and lending decisions and is foundational in making other technology such as big data analytics, robotic process automation, and voice interfaces work.

Financial institutions can use big data to learn more about customers and be able to make business decisions in real-time including learning about a customer's spending habits, sales management such as segmenting customers to optimize marketing as well as product cross-selling, fraud management, risk assessment, and reporting, and customer feedback analysis.

Robotic Process Automation (RPA) Since robotic process automation can save labor, operational costs, and minimize errors, many financial institutions are starting to leverage this technology to create the best possible user experience for customers and to remain competitive.

RPA, through customer service chatbots helps banks deal with the low-priority queries from customers such as account and payment questions to free up human customer agents to deal with the high-priority concerns.

It would be a good idea for financial institutions to assume there will be a security breach and plan for how to minimize the damage, because preventing all cyberattacks is nearly impossible due to the diverse ways consumers interact with their money and the numerous vulnerabilities that exist regardless of how much time and energy is put forth to prevent cyberattacks.

They must share knowledge and best practices with each other, work with governments to ensure cybersecurity is prioritized, be proactive about educating employees regarding their cybersecurity responsibilities and the importance of following protocols, and reaching out to the public to help them understand the situation and their role in keeping their personal data safe.

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