Everything about data, big data and their opportunities
The credibility of data in the supply chain is often questioned. Using distributed ledger technology in this context is proving to be a promising use case in various industries.
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The second Open Banking Summit in Switzerland took place at the end of August – a good opportunity to take another look at what is currently happening in the Swiss open banking scene.
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Despite many known advantages, it is still difficult, especially for practitioners, to identify concrete application areas for blockchain-based applications. This article takes this as its starting point and presents a sector-independent typology of application fields, which not only serves to analyze existing blockchain applications, but also provides users with an orientation as to which general possible uses there are for the blockchain and how complex an initial implementation of the respective applications can turn out to be.
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For small and medium-sized enterprises (SMEs), AI offers enormous potential for scaling and increasing efficiency, but for these companies in particular there is no alternative to using GAFA services because they themselves lack, for example, machine learning knowledge or the necessary data to train algorithms. An analytics marketplace could solve these challenges.
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Breaking up the value chain in the financial industry has been explicitly promoted and demanded in all states of the European Union since January 13, 2018 by the Payment Services Directive II, or PSD2 for short. PSD2 gives AIS and PIS open access to customer account data and payment behavior via application programming interfaces (APIs). This creates potential for the use of AI technologies.
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The discussion on the use of artificial intelligence (AI) often revolves around the optimization of processes or the recognition of patterns in huge amounts of […]
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According to a survey, 90% of bankers are convinced that open banking can increase the organic growth of banks by 10%[1]. A global banking survey also found that 86% of banks plan to use open APIs in the next 12 months to enable open banking capabilities[2]. To address this development and better understand the opportunities and implications of the trend towards opening up a banks’ own IT infrastructure, the Business Engineering Institute and Commerzbank have jointly authored an open banking white paper on the future of corporate banking collaboration. In this white paper, we explored the overarching questions of what the open banking concept is all about and how it will change value creation, particularly in corporate banking.
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Recently, the Swiss Bankers Association published an overview that outlines the status of open banking in Switzerland and formulates requirements for its further development of open banking. These requirements include the clear strategic positioning of Swiss banks and the joint development of standardized APIs for data exchange between financial institutions and third-party providers. The aim of this overview is to “support the dialogue in the financial center”, as Richard Hess writes in the initial contribution to the blog parade of the Swiss Bankers Association. The Open Banking Summit of the standardization initiative OpenBankingProject.ch pursued the same goal on September 10th, with various presentations focusing on these two requirements.
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The distributed ledger technology (DLT) and artificial intelligence (AI) are two promising technologies that are at the top of their hype cycle. Scientists assume that the convergence of the blockchain, the Internet of Things (IoT) and artificial intelligence offers considerable opportunities, such as accelerating the pace of service, process and business model innovations. However, the information available in the current literature and research on how such an integration could be implemented in practice is still sparse. Over the next week, this series of articles will explore how specific elements of DLT and AI can be combined to achieve potential technological convergence, and what significance this convergence has for the lending process.
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APIs represent an important component of the digital transformation towards networked business models. This inevitably raises questions: Do I start by providing an API developer portal or an overall strategy? Which infrastructure components should be used and to what extent should I provide central guidelines? How can I prioritize possible activities? The “API House of Digital Business” provides assistance in answering these questions.
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The financial sector is currently facing one of its biggest challenges with the Corona pandemic: A collapse in economic growth, high unemployment, credit defaults and volatile stock markets. Furthermore, the old problems such as pressure on margins, increasingly intense competition, the shift of the customer interface towards innovative fintechs and the ubiquitous digitalization have not yet been solved. These developments challenge traditional business models of local banks, but also offer opportunities for those who are willing to change or reinvent themselves.
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In a few years’ time, new or further developed sensors in smartwatches will not only record the wearer’s movements, but also their heart rhythm and breathing as well as their stress levels via measuring their skin surface tension. Around the world, thousands of developers are working on the new possibilities, hundreds of investors are evaluating the economic potential, and millions of consumers are waiting for the new gadgets. Will intelligent machines such as smartwatches with such capabilities bring us one step closer to a happy society?
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Deutsche Version It’s a well-known fact that the amount of data collected is increasing. But effectively using data to improve customer experience remains more than […]
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