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Technology Focus

Five Popular Myths about AI

By Christian Engel

July 19 — The concept of artificial intelligence has provided fodder for science fiction writers for decades. Today, narratives that we will soon see a malevolent super-intelligence like Skynet from “Terminator” have become commonplace. But a dark future with a fight against monsters like the Terminator seems a bit far-fetched. Yet if you’ve been reading up on artificial intelligence recently, you’ve come across plenty of myths almost as scary as the Terminator: All our jobs are going to disappear! Robots are going to take over our business activities! Every company has to purchase AI very soon in order to survive in the market!

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Banking’s New Ecosystem

The future requires a customer-first approach.

By Michael Scheibach, Contributing Editor

“For financial services organizations, success in the coming decade depends on how well they transform ‘business as usual’ with technology to create new value, becoming indispensible partners in increasingly interdependent networks and complex value chains that cross business and industry boundaries.”

Thus concludes Microsoft’s report, “The Future Banking Ecosystem: Evolution and Innovation in the Digital Era.” At the midway point in 2018 — now just 18 months away from the “Year of Banking Disruption” — the pressure for banks to transform themselves has never been more urgent. Banks must have in place, or have in the final planning phase, a roadmap for the new banking ecosystem.

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Disruption Is the Status Quo

Payments Summit highlights next-generation technology.

By Michael Scheibach

If you are not familiar with the acronym FIDO, it’s time to learn. FIDO — Fast IDentity Online — consists of open standards for simpler, stronger authentication. As explained by Brett McDowell, executive director of the FIDO Alliance (www.fidoalliance.org), “With FIDO protection, you are totally protected against hackers.” In contrast, OTP credentials (i.e., one-time six-digit codes) go over the internet and can be compromised; and PAN, or primary account number, credentials are vulnerable to data breaches. The goal of the FIDO Alliance, said McDowell, is to reduce the reliance on passwords and enhance the protection against such threats as phishing, man-in-the-middle and replay attacks using stolen passwords — an important step to counteract the growth in card-not-present fraud, estimated to hit $5.6 billion by 2019.

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Security, Storage and the Cloud

Now’s the time to explore the benefits of the cloud.

By Michael Scheibach

Two years ago, a survey conducted by Netwrix, a data security company, found that financial institutions were not able to keep up with regulatory requirements and often failed to establish IT auditing and reporting processes in a timely and efficient manner. More alarming, 75 percent of respondents had partial or no visibility into their cloud and hybrid IT environments.

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The 2018 Payments Technology Checklist – Five to Follow

March 2 — With a new year comes new resolutions, disruptors and trends. This will especially ring true in the payments space, which boasts one of the biggest growth markets in the world — fintech. Research estimates that global fintech solution usage is currently at 33 percent and is expected to increase to 52 percent in 2018. As the business world hangs up their calendars for 2018, Dave Yohe, VP of Marketing at BillingTree looks at five key technology developments shaking up some key markets in 2018.

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