Combinations of new technologies will upend finance
+ Cloud computing may be used to provide banks with more powerful quantum computing or artificial intelligence services, such as dynamic cashflow assessments to support just-in-time loans or gig worker loans, or life and health insurance based on updated biometrics. Some of these will present big policy challenges.
Financial services executives are struggling to understand that it will be combinations of emerging technologies rather than individual technologies that will revolutionise their industry over the next decade.
+ Banks have sat near the technological frontier for many decades but the maturing of artificial intelligence, cloud computing, distributed ledger technology, the internet of things, virtual reality, 5G networks and quantum computing at similar times will create unprecedented challenges for institutions and their regulators.
+ Take Barclays’ work with IBM. In a recent trial, the British bank used IBM’s cloud-based, seven-qubit quantum computer to speed up transaction settlements during a batch window. Germany’s Commerzbank is testing sensors attached to construction cranes to tailor repayments to production levels and help borrowers manage liquidity. Citibank is using Microsoft’s augmented reality gear to help its analysts visualise data.
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