{"id":237,"date":"2017-01-20T09:21:29","date_gmt":"2017-01-20T09:21:29","guid":{"rendered":"https:\/\/blogs.scu.edu\/finis\/?p=237"},"modified":"2017-01-20T09:21:29","modified_gmt":"2017-01-20T09:21:29","slug":"how-finance-is-being-taken-over-by-tech","status":"publish","type":"post","link":"https:\/\/blogs.scu.edu\/finis\/2017\/01\/20\/how-finance-is-being-taken-over-by-tech\/","title":{"rendered":"How Finance is Being Taken Over by Tech"},"content":{"rendered":"<p><a href=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/http%3A%2F%2Fcom.ft.imagepublish.prod-us.s3.amazonaws.com%2Fed165856-dcc4-11e6-9d7c-be108f1c1dce?source=next&amp;fit=scale-down&amp;width=600\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium aligncenter\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/http%3A%2F%2Fcom.ft.imagepublish.prod-us.s3.amazonaws.com%2Fed165856-dcc4-11e6-9d7c-be108f1c1dce?source=next&amp;fit=scale-down&amp;width=600\" alt=\"\" width=\"600\" height=\"476\" \/><\/a><\/p>\n<p>The finance market has been disrupted by technology, making way for fintech firms. With automation becoming widespread, \u00a0finance and technology are consolidating. This digital disruption will allow banks to boost\u00a0margins through labor-saving automation. Accenture and McLagan predicts eight of world&#8217;s 10 largest investment banks will use blockchain to cut their costs by 30%. However, this threatens the job market and the traditional structure of finance firms. It is predicted that hundred of thousands of jobs will be lost, and jobs will significantly change in duties. Citibank predicted that as many as 1.7 million jobs will be lost as banks become digitized.<\/p>\n<p>These is a ethical dilemma in automating jobs. Automation allow banks to lower margins and make customers better off by allowing\u00a0banks to provide better financial services. With automation, banks will be able to make instant lending decisions, pre-score customers, and make more accurate predictions on default rates. However, the biggest tradeoff is the loss of jobs through automation. Millions could be out of a job and lack the skill set to keep up with technology. Although mass layoffs can be seen as unethical, banks must cut costs and master technology if they want to survive.<\/p>\n<p>Source:\u00a0<a href=\"https:\/\/www.ft.com\/content\/2f6f5ba4-dc97-11e6-86ac-f253db7791c6\">How Finance is Being Taken Over by Tech <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The finance market has been disrupted by technology, making way for fintech firms. With automation becoming widespread, \u00a0finance and technology are consolidating. This digital disruption will allow banks to boost\u00a0margins through labor-saving automation. Accenture and McLagan predicts eight of world&#8217;s 10 largest investment banks will use blockchain to cut their costs by 30%. However, this &hellip; <a href=\"https:\/\/blogs.scu.edu\/finis\/2017\/01\/20\/how-finance-is-being-taken-over-by-tech\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">How Finance is Being Taken Over by Tech<\/span><\/a><\/p>\n","protected":false},"author":1815,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-237","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":3,"qubely_featured_image_url":null,"qubely_author":{"display_name":"michellewu","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/michellewu\/"},"qubely_comment":3,"qubely_category":"<a href=\"https:\/\/blogs.scu.edu\/finis\/category\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","qubely_excerpt":"The finance market has been disrupted by technology, making way for fintech firms. With automation becoming widespread, \u00a0finance and technology are consolidating. This digital disruption will allow banks to boost\u00a0margins through labor-saving automation. Accenture and McLagan predicts eight of world&#8217;s 10 largest investment banks will use blockchain to cut their costs by 30%. However, this&hellip;","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1815"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=237"}],"version-history":[{"count":1,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/237\/revisions"}],"predecessor-version":[{"id":238,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/237\/revisions\/238"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}