In an era of financial convergence, HPC is the mainstay of faster analytics and quick decisions. Growing regulatory demands also call for speedier insights in trading, risk management, and customer care. Greater operational agility to respond faster to market changes is often the game-changer in Fintech and Regtech, saving billions and ensuring timely regulatory compliance.
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PwC adds that while threats ebb and flow in terms of where they come from, the frequency and sophistication of cyber attacks on the infrastructure on banks and financial firms is increasing constantly. It suggests also that the geographic landscape of cyber attackers is always evolving, with reports that a higher number of cyber attacks are coming from Africa, and that in some cases cyber criminals could be relocating to South Africa from Europe to escape detection.
With the growth of artificial intelligence in every area of online activity, chatbots have grown in sophistication to fill the role of customer service agents. Transparency Market Research predicts the global chatbot market will be worth $994.5m by the end of 2024 – a huge rise from only $113m in 2015.
With a growing number of FinTech startups, India is considered to be one of the top five global FinTech hubs. The country’s population of over 1.3 billion is highly under banked, with digital penetration growing rapidly. This, combined with the recent demonetization and push towards a cashless economy, make it an exciting space for global Fintech.
Startups and established financial service firms are targeting these days to provide investors clearer guidance with information collected and captured from multiple sources. Artificial intelligence contributes to providing greater insights and thereby better customer experience by capturing vast amounts of data in real-time as well as helping users in understanding how different data points relate to each other. Financial services are leveraging data-driven technologies in order to overcome the breakdown in brand loyalty.
The tickets for Glastonbury 2016 have sold out… in under 32 minutes! It means that for every minute during that time period approximately 3,750 tickets were being sold. What makes the whole principle even more unfair is that there are those who have exploited the system or had an (unfair) advantage. Those who bought Glastonbury tickets only to sell them later on for a ridiculous price to genuine music fans, or those who just had a better network service like 4G. This concept is similar to the jobs’ market where inequality and abuse of the recruitment process: liars, cheats or those fortunate to benefit from their background: may prosper. However, though you might not get what you want at first, there are other ways to enjoy the music or to get back on track with your career.
FinTech was developed as a gateway for financial inclusion, or the state in which all people have access to quality financial services. The sector is bridging the gap between financial institutions and individuals, and businesses, improving interactions and helping the underserved. One of these areas is in microfinance, which has started to adopt some of the concepts prevalent in retail FinTech. Though mostly used by retail consumers, the concepts of mobile and particularly branchless banking are providing highly useful in the field of microfinance too.