Top 5 Fintech and Banking Trends : Cognitive Banking enables AI to create solutions based on BigData

In conversation with Marika Lulay we discuss top 5 trends in Fintech and Banking Industry

1.Industry 4.0 — I strongly believe that there is a paradigm shift in the way IT systems will be built and run in the future. And this paradigm shift is true for all sectors. In the new world of „digital business“, the only way our clients can keep up with the required speed is to adjust their business by using digital platforms. Knowledge is the new ‘gold’, and as such companies should not only bring the knowledge back in house they should also look to engage new partners with software development knowledge as they will need more than simple solution customization. This is one of the main reasons why I see a great window of opportunity to enter the industrial sector by using this paradigm shift.

2. Artificial Intelligence can be seen as one of the hottest topics for financial services these days. It’s been gradually evolving from a potential disruptive technology to a concept that is completely transforming the financial sector’s entire business value chain. AI technology is currently being used to offer consumers new products, improve existing products, increase operational efficiency of business processes and pursue new discoveries that offer innovative business opportunities.

3. Cognitive Banking — as it enables banks to create artificial intelligence solutions based on leveraging big data and fast data. This way, more accurate predictions are possible, which helps to gain improved knowledge of the business and ultimately leads to smarter and more innovative ways of interacting with customers.

4. There’s been much talk about the potential of blockchain and distributed ledger technologies. We truly believe that blockchain solutions will revolutionize time-consuming, manual processes in the financial services industry and accelerate processing, which will lead to slashed costs and reduced fraud risk. We’ve been testing blockchain solutions for years now and first started it in our blockchain incubator in London in 2015.

5. And lastly, there is no other way to say it: Banking will move to the cloud and industrial companies will need new digital payment solutions for new digital services.