February 14, 2017
No, we are not talking about clairvoyance.
LTP is known for breaking new grounds in terms of technology coverage in financial services. We wrote some of the early papers/posts on blockchain use cases, FinTech APIs and things such as real-time payments. We are known for reporting the leading indicators in terms of industry trends and insights. Doing what we do the best, we have created a completely new format and we call it FinTech Foresights.
FinTech Foresights is LTP’s offering that helps you stay on the top of what’s happening and in many ways stay ahead of the curve. In this day and age, when every now and then there is a new technological innovation disrupting the world we live in, this is our attempt to provide pioneering insights and coverage on such groundbreaking financial technologies. In this report, we will analyze some very exciting areas of FinTech innovation, with a vision for the future. The objective of this report is to connect the dots by analyzing the market trends and predict the future. We do that based on the analytics of clicks and page views on LTP (millions of page views) and MEDICI (research inputs and global discussions).
In the inaugural edition of FinTech Foresights, we talk about two such exciting areas of technological innovation.
What can come to the rescue of banks when they are struggling to save their brand, improve their customer service and margins? Something that helps banks to make their interactions with customers smoother and simpler and will help them to find efficiencies, improve customer service and deepen their customer base. Open APIs!
APIs have been around for almost a decade, but now is the time they have started to pave way for new business models by allowing coopetition between BFSI & FinTech and creating a vibrant marketplace. Open APIs would allow third-party developers to create helpful services and tools that customers can utilize. Some banks have started this journey and we will discuss that in this report. As the Competition and Markets Authority (UK) stated, APIs make life simpler for millions of us every day by enabling us to share information, for example, about our location. They are the hidden technological drivers behind digital applications such as Facebook, Google Maps and Uber.
In this report, we look at a number of scenarios that demonstrate how open APIs will change the future of banking.
As we wrote in one of our recent articles, artificial intelligence is here to stay, and 2017 will be about the adoption of ML/AI by the FinTech community and beyond. With the global FinTech investment in AI crossing 1.2 billion in 2016, this truly is the time for banks and financial institutions to leverage the power of automation and machine learning.
In the quest of replicating human behavior through cognitive software, artificial intelligence has become a potential game changer for back end heavy industries such as banking, which is bogged down by the low productivity, largely attributed to the mundane, repetitive back-end processes. Robotic Process Automation or RPA is just the tip of the iceberg that is cognitive AI. Cost and FTE reduction is just a glimpse of what it has in store for us. Banks and other financial services players will need to capitalize on RPA’s potential to elevate the customer experience and improve competitive positioning. Banks and other financial institutions have already begun to adopt RPA across business functions. We will look at some of these key RPA success stories in this report.
As we explore the above two areas in the inaugural edition of FinTech Foresights, there are many such exciting areas of innovation that we will be bringing to you in the future editions subsequently releasing every two months. Through this offering, we aspire to be the harbingers of leading indicators in FinTech insights and trends.
The report can be downloaded here.
Note: This is a free introductory edition of the new FINTECH Foresights report from MEDICI. For subscription options, please contact us at sales@goMEDICI.com or +1.704.246.8090.