Blockchain, AI, Internet of Things Will Change Banking, RBC CEO Says

“Royal Bank of Canada Chief Executive Officer Dave McKay said he sees blockchain maturation, the spread of artificial intelligence and the so-called internet of things as three big technological developments that will change banking in coming years.

Blockchain and digital coins aren’t fully mature yet, but they will continue to evolve, McKay said during a virtual discussion as part of the Sibos financial-services conference. AI, which Royal Bank already has embedded in a trading platform, will expand to more and more decisions, and more data will be affected by machine learning, he said.”

https://www.bloomberg.com/news/articles/2021-10-12/rbc-ceo-sees-blockchain-ai-internet-of-things-changing-banking

Council Post: AI And ML Can Transform Financial Services, But Industry Must Solve Data Problem First

“The successful deployment of ML/AI tools can be a true differentiator for financial services companies. This technology allows our industry to both improve and automate back-office processes and engineer more targeted engagement with our customers. In short, it can lower operating costs, enhance cross sell and increase customer acquisition. However, a successful ML/AI strategy requires a thoughtful strategy and clean data. AI is the next phase of technology competition in the financial services industry, and it is paramount that traditional financial services companies, fintechs and the technology companies that support them are focused on developing an AI strategy to compete in the evolving landscape.”

https://www.google.com/amp/s/www.forbes.com/sites/forbesfinancecouncil/2021/10/13/ai-and-ml-can-transform-financial-services-but-industry-must-solve-data-problem-first/amp/

These are the top 10 tech trends that will shape the coming decade, according to McKinsey

“We’ll experience more technological progress in the coming decade than we did in the preceding 100 years put together, says McKinsey.

Applied Artificial Intelligence (AI)

We are still only in the early days of the development of AI. As the technology becomes more sophisticated, it will be applied to further develop tech-based tools, such as training machines to recognize patterns, then act upon what it has detected.

By 2024, McKinsey estimates AI-generated speech will be behind more than 50% of people’s interactions with computers. Companies are still searching for ways to use AI effectively though, the consultancy says: ‘While any company can get good value from AI if it’s applied effectively and in a repeatable way, less than one-quarter of respondents report significant bottom-line impact.’”

https://www.weforum.org/agenda/2021/10/technology-trends-2021-mckinsey/

PNC co-leads tech firm’s $50M financing round

  • “PNC Financial Services Group Inc. is an investor in an Orlando, Florida-based artificial intelligence software firm’s recently completed $50 million capital raise.
  • Kore.ai’s products SmartAssist and BankAssist bring AI virtual assistants to call centers and retail banking.”

https://www.bizjournals.com/pittsburgh/inno/stories/fundings/2021/10/11/pnc-co-leads-tech-firms-50m-financing-round.html

Mbanq Signs with Temenos to Launch World’s First Credit Union-as-a-Service and Accelerate Banking-as-a-Service in US Market

– “Temenos partners with Silicon Valley-based Mbanq to power innovative Credit Union-as-a-Service (CUaaS) offering for US Credit Unions, a market estimated at $3.6bn annually

– Mbanq’s CUaaS, powered by The Temenos Banking Cloud, enables Credit Unions to gain faster time to market with cutting-edge digital financial services for members at a reduced total cost of ownership

– CUaaS integrates modern digital financial technology with comprehensive operations and legal compliance and is the world’s first end-to-end Credit Union solution”

https://www.businesswire.com/news/home/20211010005044/en/Mbanq-Signs-with-Temenos-to-Launch-World’s-First-Credit-Union-as-a-Service-and-Accelerate-Banking-as-a-Service-in-US-Market