Blockchain, cognitive computing and cloud are certain of the technologies that will shape the finance industry the greatest in the digital age, banking and technology chief executives said a financial conference.
IBM Corp’s President and Chief Executive Ginni Rometty alleged that cognitive computing, or computer systems that can mimic the way the human brain mechanism, will be the “ultimate way” finance companies will become more competitive in the future.
“I think the improvement is going to go to who has the best insights,” Rometty said delegates.
From few years, financial institutions have been careworn to yield advantage of vast amounts of data that they store, which is seized unevenly across their numerous databases.
“We all have mounds and mounds of data, but receiving data to create insight, that is the Holy Grail”, Cathy Bessant, chief operations and technology officer at Bank of America Corp, told on the sidelines of the Fintech Ideas Festival.
Financial institutions have also been ramping active investment into developing Blockchain technology, the spread data-base system that first appeared as the software underpinning crypto currency bitcoin.
“Blockchain is so deep it will do for trusted transactions what the internet did for information,” IBM’s Rometty stated, telling it as one of the greatest transformative technologies for finance.
Biometrics and cloud computing were also among the technologies cited as having the supreme impact for the sector.
Tim Sloan, chief executive of Wells Fargo & Co, believed the bank was moving gone from passwords and adopting technology such as voice recognition to identify customers. He also entitled for greater adoption of cloud technology to “test projects through, much more quickly”.
Sloan appropriated over as chief executive of Wells Fargo in October, in the stir of a $185 million regulatory settlement between the bank, regulatory authorities and a Los Angeles prosecutor done its staff opening as many as 2 million accounts without customers’ knowledge.
“Invention plays a very significant role for me as the new CEO of Wells Fargo as we rebuild trust in the company,” Sloan added.
While expanded use of digital technologies in finance presents chances, executives said it surges the threat of cyber security risk.
“The impression of having up to 50 billion connected devices in the next few years is exciting. I also think it’s scary. The creepy part of it is the cyber security,” Ajay Banga, president and chief executive of MasterCard Inc added.