How New Technologies are Helping Banks Solve the Big Data Challenge
By Ryohei Fujimaki
Data science is a major area of investment for banks due to its proven impact on cybersecurity and fraud protection, risk mitigation, customer relationship management and more. When fully operationalized in production, data science enables banks to make data-driven decisions with unprecedented levels of speed, transparency and accountability, accelerating digital transformation initiatives and delivering better financial products and services that meet customers’ needs. Time-to-market to delivery data science impact is crucial to success, especially for traditional retail banks with physical branches and high overhead who must find innovative ways to compete with their online counterparts.
By Derek Meek
The concept of “doomsday preppers” always fascinates me, not only for the content itself, but for the internal debate it sparks. Are these people crazy, or the smartest people out there? Is a doomsday inevitable, and if so, will I wish I had paid more attention to how to filter water and can tomatoes?
Similarly, in the world of finance, it is easy to find an expert who is predicting financial doom in the near future, and usually with far less canned food and ammunition on the shelves in the background. Almost all experts agree that a downturn of some significance is coming at some point, however, no one knows for certain when it might happen and what might spark it. Here are some tips that are good to remember as the asteroid hurtles toward your own bunker:
According to a recent Assessment of Business Cyber Risk report, released by the U.D. Chamber of Commerce and FICO, the level of cyber risk to the U.S. business community held steady for the first quarter of 2019, with a national risk score of 687.
Financial institutions face many roadblocks, both external and internal, when it comes to automation adoption according to a recent Cognizant study. From security issues (91 percent of respondents identified this as a “high” or “medium” challenge) and development (91 percent), to servcie production line cooperation (84 percent) and ongoing maintenance (89 percent), it is no wonder that the study has found that 65 percent of automation efforts remain in the proof-of-concept stage.
Financial services firms seeking marketing leadership positions will need to explore M&A and partnership opportunities that create scale, leverage technology and create cost efficiencies, said Dan Avery and Jim Kearney, M&A and financial services leaders with Point B Inc., a management consulting, venture investment and real estate development firm based in Seattle, Wash.