Novel technologies give room for innovations and allow companies to solve problems seamlessly. These technologies have been used to create and deliver new products and services, enhance planning, execution, reporting, and control. Andreas Polycarpou reveals that Artificial Intelligence, Blockchain, Big data, and Ubiquitous Infrastructure are the essential technologies that will impact in the finance sector in 2019 and beyond.
Artificial Intelligence: what essential role will this play in finance over 2019 and beyond?
Andreas Polycarpou says, “AI tools and approaches have been utilized in the industry to detect, adjust, and rectify several anomalies. From theft, fraud, and intrusion detection to personal finance and wealth management. Artificial Intelligence is an integral approach in Expert Systems and Machine Learning, and they are useful in algorithmic trading, customer services, portfolio management, message, and document parsing, among several other things. With the adoption of Machine Learning, an AI approach, lenders, and insurance companies will be able to improve productivity in 2019 and beyond as a result of the reduction in errors, costs, and manual effort.”
Automation: how will it impact financial services?
Andreas Polycarpou says, “Automation has been a trend since the 1970s, and everything in fintech that should have been automated is yet to be automated. The need for increased automation in financial services cannot be overemphasized. Automation is significant to enhance quality assurance of data, cost control, reporting, compliance, security, resilience, and customer satisfaction.”
“In 2019, the financial service has seen a better increase in automation. Nonetheless, the sector needs more processes to be fully automated to avoid more lapses as a result of manual actions. It is noteworthy that AI, Blockchain, Cloud, Big Data, and some powerful array of data management tools are the technologies that will enhance automation in the nearest future.” Continues Andreas Polycarpou.
Data Management: what are the chronic data issues in financial services?
Andreas Polycarpou says, “Only about 1% of the world’s data that were created in the past one or two years are effectively utilized. Moreover, financial services are faced with two chronic data issues, which include data reconciliation and effective data usage. And these two challenges can easily be corrected through data management when Artificial Intelligence is fully employed.”