Are Robots Taking over Banking Industry?

A recent Business Insider survey of chief technology officers, entrepreneurs, chief innovation officers and startup founders found out that financial industry was bracing for “automation” in the next decade. Many of us have the inherent fear that technology is all about replacing humans. But Fintech is all set to embrace automation with a clear intention of “helping and improving” human input – without ditching them.

Technology terms like artificial intelligence, robotics, mobile computing, machine learning and big data are getting embedded into financial sphere at a faster rate. According to Sean Park, the founder, chairman, and CIO at venture-capital firm Anthemis Group said:

…the coming of age of the “Snapchat generation,” the millennials — and the generation ahead, which some call “Generation Z” — that have grown up using technology in an automated world…

Below are some of the excerpts from what many big wigs and senior executives believe about financial technology automation:

Dean Nicolacakis, PricewaterhouseCoopers’ coleader of US fintech, believes that automation will allow financial services to become “embedded directly into the user activity itself as a native, not a separate, function.” Think services like Uber, where paying is simple within the app. He imagines that kind of seamlessness will come to other transactions like getting a mortgage. 

David Reilly, CTO at Bank of America, believes that automation will “change how we insure property, loan money, invest money, deliver technology, write research reports, and what professionals in financial services do every day.” He added: “Every week in the news we read about a new application for artificial intelligence, machine learning, neural networks, or robots — whether it is self-driving cars, AI assistants, predictive models, robots building (or printing) hardware, or how to invest our money … Put these all in the category of automation — and that is what will impact finance the most in the next decade.”

Chae H. An, vice president and CTO of the financial-services sector at IBM, sees the growth in artificial intelligence allowing banks to provide services tailored specifically to individual customers.

So how can we help? Put simply Banking organizations can easily implement an integrated Governance, Risk, Information, Compliance and Audit Management (GRICA) system based on Cognitive technologies & artificial intelligence which is a big data approach to GRICA. It can automate several risk and compliance process flows – smoothly.

Source: Tina Wadhwa / BusinessInsider

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