Automated Financial Service through Artificial Intelligence.
As pointed out by Horton, head of innovation at Synechron, “many banks have identified onboarding and know-your-customer process as the priority area.” Data analysis through machine learning algorithms will help financial institutes predict their customers’ needs and expectations and therefore deliver financial advice that meets customers’ requirements. As a consequence, AI advising robots may replace a number of human financial advisors. However, Biz Tech predicts that more mature and astute investors may still prefer human advisors for their strategies.
More Block Chain Adoption and Integration
“Blockchain is a digitized and automated technology that is considered tamper-proof.” Because of the security, Blockchain is expected to be adopted by more and more financial institutes in 2017. McKinsey & Co predicts that more than 100 blockchain solutions will be explored in 2017.
Blockchain integration will be another trend in 2017. Carlo R.W. De Meijer, an independent economist, claims that “Existing systems within financial institutions need to adapt to the blockchain element. It must fit in with other banking systems.” He further suggests that blockchain integration should not only be confined within a financial organization, but also be integrated into other organizations’ systems through the financial systems that include blockchain technology.
Source: http://www.biztechmagazine.com/article/2017/01/what-s-ahead-fintech-2017