8/24/2023 0 Comments Vice horoscope today 2022![]() "Thirty percent of global IT professionals say employees at their organisation are already saving time with new AI and automation software/tools," the report added. About one-third of companies worldwide are now deploying AI applications such as natural language processing for fields such as marketing, sales and customer care. ![]() It can also address labour shortages as it helps to automate tasks. The financial services industry is also making more use of artificial intelligence (AI), according to the Global AI Adoption Index 2022 by IBM.ĪI is being used to detect fraud and cybercrime as well as to create hyper-personalised services for customers. He named Australia, New Zealand, Singapore and Hong Kong as examples of jurisdictions where banks are more ready to move to the cloud because the regulatory framework is very clear about what banks can and cannot do. The challenge for traditional banks seeking to move to the cloud is that they are part of a highly regulated industry and therefore not everything can be transformed at the same speed.įront-end technologies such as internet banking apps and APIs are better cloud candidates because they are not as heavily regulated as core banking and back-office operations.Ĭloud adoption also differs across countries, Mr Nallapan noted. The move to the cloud is also being hastened by competition from fintech, "which was born in the cloud", he added. "The only way to scale is through adoption of cloud. "A lot of banks realised, as the pandemic set in, that they were not quite prepared for the scale of remote working, the scale of customer access or online access," he pointed out. "I think that adopting the cloud by banking and financial services organisations is inevitable," said Mr Nallapan.Ĭloud services are also scalable as demand arises. Many are now embracing digital assets including cryptocurrency, non-fungible tokens (NFTs), or even various metaverse-linked applications, for example.Īnd as with many other organisations, more and more of what banks do will be done in the cloud, to take advantage of the speed and agility that is not possible with conventional data centre infrastructure. In any case, banks need to continually adapt to new technologies and trends to stay relevant. This is technically called an open application programming interface (API). Because consumers generally place high trust in banks, they are more likely to be receptive to third-party providers offering some services in conjunction with or on behalf of their banks. ![]() ![]() Open banking is a system that gives banks the ability to connect with third-party providers to offer a wider range of services. To reach out to current and potential customers, "banks want to be present everywhere and one way for them to do that is the adoption of open banking", said Kunaciilan Nallapan, vice-president for Asia Pacific, China and Japan of F5, an American technology company specialising in application security, multi-cloud management and online fraud prevention. Now it's time for banks to go after the customers, he said at Think 2022, a recent technology conference sponsored by IBM in Singapore. But as digitisation is becoming the norm, the bank is becoming more invisible and a service more like a utility. In the past, customers were the ones going to brick-and-mortar banks. It's not just lending and taking deposits, but customers expect them to be an adviser for what they're doing," says Bambang Moerwanto, regional vice-president of the Germany-based enterprise software corporation SAP. "The traditional business model of banking has changed because customers expect more from banks. It's a dramatic shift that is compelling banks to transform or risk being left behind. Customers emerging from Covid-19 are demanding new and better sets of services to meet their new consumption patterns, be it how they shop, eat, work or transfer money. The financial sector is on the cusp of yet another transformation.
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