Nissan to lay off thousands of workers as sales drop    Trump picks Susan Wiles as White House chief of staff    Three charged in connection with Liam Payne's death    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    Uproar in Ghana after president unveils his own statue    BD and INS partner to elevate standards of infusion care in MENAT    Qassim emir launches 52 health projects costing a total of SR456 million    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Emerging technology clusters driving evolution in financial services: WEF
Published in The Saudi Gazette on 10 - 09 - 2020

Emerging technologies such as artificial intelligence (AI), 5G, distributed ledger technologies and quantum are increasingly being used by financial services firms and forming clusters that are driving innovation throughout the sector.
These advances can offer new services and savings to both consumers and financial institutions. While financial executives largely recognize the promise of emerging technologies, many financial services firms are struggling to develop comprehensive innovation strategies given the sheer number of technologies maturing in the industry.
Forging New Pathways: The next evolution of innovation in financial services offers a framework for understanding how AI is combining with other emerging technologies and shaping the financial services industry.
"It is not sufficient to look at individual technology implementations," said Drew Propson, head of technology and innovation in financial services, World Economic Forum.
"Financial services firms must consider the benefits derived from the coordinated deployment of emerging technologies to unlock the full potential of these technologies."
Customers will also see changes as new technologies lead to new financial services and products. These could include:
"Just-in-Time" lending: Tailored small to mid-sized (SME) business lending products and personalized advice provided proactively or in the moment that unexpected needs arise
Outcomes-based investment products: Customers are offered the opportunity to purchase investment products that guarantee specific life experiences (outcomes) structured as tokens that can also be traded on a secondary market.
Data-linked green bonds: These bonds could be issued to fund sustainable projects and linked to trusted sources of data that help measure and monitor sustainable outcomes.
As new technologies continue to be used together in financial services, a range of use cases, including those highlighted above, can become a reality. However, these uses will also require certain conditions that will need to be met for the use cases to be deployed at scale.
Financial institutions will need to be fundamentally different in order to take full advantage of the opportunity technologies offer.
"Access to the next wave of transformative capabilities will be increasingly controlled by services providers who sit outside the traditional boundaries of the industry.
"As industry lines blur, institutions will need to consider the new strategic importance of the partnership function, develop modern, cross-industry security and liability frameworks, and focus on adopting flexible connectivity and data processing architecture" said Rob Galaski, vice-chair and managing partner, financial services, Deloitte Canada.
"Far from being a nice-to-have, a well-defined ecosystem mindset has become a strategic priority for financial institutions."
The report highlights four innovation pathways that financial institutions can explore as they seek to build emerging technology capabilities into core strategies. These pathways will require establishing ecosystems beyond finance, integrating physical and digital processes, reorienting transaction flows, and reimagining core functions.
These are just a few of the new opportunities as technology continues to expand innovation in the financial services sector. These changes will also shift current competitive dynamics and market trends. Strong organizational fluency across each of the technologies and a deep understanding of the impact of their combined capabilities will be a key differentiator of winning organizations.
The report is the result of more than 200 interviews and nine international workshops over the past year as part of the Forum's AI in Financial Services project.
Harnessing the power of technology is also one of the key pillars at the World Economic Forum's upcoming 2020 Sustainable Development Impact Summit. The summit focuses on innovation, sustainability and entrepreneurship. — SG


Clic here to read the story from its source.