Vivek Bajaj, Global Vice President – Watson Financial Services Solutions, Member Industry Academy at IBM, explains why existing financial institutions have the ability to use existing data on clients to differentiate themselves, leading to the concept of contextual understanding.
“In (the) old days, content used to be the king. Today, it’s all about context,” says Bajaj. “It’s all about being able to engage clients in a meaningful fashion, serve them, and protect them.”
Bajaj touches upon the role of machines and humans in the decision-making process, putting human intelligence at the center with machines allowing people to make better decisions. He goes on to explore the most interesting areas of development in the financial services industry, which include client insight and engagement, regulatory compliance (efficiency improvement, KYC, AML, surveillance), and payments.