By Kimberly Nevala
August 13 — The forecast regarding AI’s impact on jobs is foggy, at best. In Cognizant’s 2015 paper, The Robot and I, one out of five companies surveyed reported up to a 25 percent reduction in employees in core administrative functions including supply chain, HR and finance.
The industry vertical predicted to have the highest level of staff reduction long-term? You guessed it: banking.
August 7 — Ohio became a supporter of blockchain-based businesses on Aug. 3, when Governor John Kasich signed legislation enabling new uses for this cutting-edge technology.
Ohio is one of the first states to adopt legislation recognizing the use of blockchain technology to transmit and store electronic records in a broad range of industries, from financial services to supply chain management, real estate and healthcare. The state believes blockchain’s benefits include greater security of information, reduced costs and faster transactions. Cryptocurrencies such as bitcoin are just one way that blockchain technology can be used.
Data analytics are essential for picking the best locations for new business.
By Anne High and Andy Grinstead
Reports of the death of the branch have been greatly exaggerated. While consumers are increasingly turning to non-branch channels for day-to-day interactions, branches still play an essential role in primary financial institution selection, and many financial institutions continue to look at expanding market footprint to fuel growth.
July 31 — The Office of the Comptroller of the Currency announced it will begin accepting applications for national bank charters from nondepository financial technology (fintech) companies engaged in the business of banking.
July 31 — Following $12.2 billion in investments across 371 deals during the second half of 2017, fintech investments reached $14.2 billion across 427 deals in the first half of this year. Investors are particularly interested in funding startups for emerging segments such as regtech and blockchain, as well as late-stage companies.