Insights on Business

Thinking Forward: Financial Services and the AI Revolution

Insights on Business

Artificial intelligence is changing the game. According to Stanford professor Andrew Ng , AI is the “new electricity,” already generating billions in value as it transforms industries such as IT, health care — and now financial services.

The five key levers for radical transformation in financial services for digital success

Insights on Business

If Charles Darwin were still alive, I wonder what he would think about the evolution of banks? Once again, banks are being forced to evolve or die. And financial institutions that fail or refuse to become cognitive and digital will get left behind. It’s survival of the fittest at its finest.

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How AI is redefining financial crimes detection technologies

Insights on Business

A new era of technology enabled financial risk management (Part 1)

Insights on Business

In this series of blogs, we will focus on four transformative technologies with emerging risk applications that can help banks and financial institutions grow profitability and protect the enterprise. Each technology is at the start of an enormous adoption growth curve, and has been the subject of intense discussion. In this edition, read how these tools are being deployed now. Risk brings rewards.

Intelligent Process Automation: Boosting Bots with AI and Machine Learning

Across all sectors, companies are learning that they can transform their businesses by embracing Intelligent Process Automation, or IPA. With the pairing of AI and RPA, IPA adds a new layer of intelligent decision-making processes to automated RPA tasks. By automating repetitive work, and adding the ability to automate intelligent decision making, intelligent automation frees up your most valuable resources – your employees – to spend more time on higher value and more strategic work. But in order to reap the rewards of Intelligent Process Automation, organizations must first educate themselves and prepare for the adoption of IPA. In our ebook, Intelligent Process Automation: Boosting Bots with AI and Machine Learning.

AI and the rise of digital humans in financial services

Insights on Business

“AI is not going to replace managers, but managers who use AI will replace the managers who do not,” Rob Thomas, IBM General Manager of Data and AI predicted at IBM Think 2019. [1] 1] A 16 trillion dollar opportunity, AI will fundamentally change every business process, every role, and how organizations will impact their industries. AI implementation grew by 270% in the past four years, and 37% in just the past year, according to a 2019 Gartner study.

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IBM Open Banking Platform launch: Key takeaways

Insights on Business

In today’s financial services industry, issues ranging from new regulations to unforeseen competitive pressures are placing ever-growing pressure on traditional banking institutions to move toward open banking models. To address this need, IBM introduced the IBM Open Banking Platform.

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Advancing Innovation in the Global Financial Services Industry

Insights on Business

IBM RegTech Innovations. Advances in artificial intelligence (AI), blockchain, and cybersecurity are poised to transform the financial services industries.

Where is the Financial Services Industry in the digital transformation journey?

Insights on Business

At last month’s Money20/20 conference, the event brought over 10,000 people together and hosted speakers from start-up disruptors to incumbent financial institutions, and everything in between. IBM was there in full force. And I had the pleasure of hosting a panel of CEOs three mornings in a row.

Boost efficiency through operational innovation in financial services

Insights on Business

Now, more than ever, banks must be smarter and faster. Operational innovation is vital in a highly competitive financial services sector, with a new community of digital banks and other firms vying for market share. CFOs in financial organizations are not taking this challenge lightly.

The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

Blockchain for KYC: Game-changing RegTech Innovation

Insights on Business

IBM RegTech Innovations. One of the best things about working at IBM—and in the RegTech field in particular—is meeting daily with the engineers and developers who are driving technological innovation in the financial industry. Consider, for example, the blockchain space.

It’s time to embrace customer data privacy and security

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Customer data is the modern enterprise’s most valuable asset. For years, enterprises have collected and stored it without giving it a second thought. Now, new technology, business and regulatory challenges are forcing them to rethink how they collect and manage that data. Customer data drives innovations like artificial intelligence and blockchain solutions. For most companies, it fuels increases in their share of existing markets, and it’s the key to unlocking new ones.

Using a big data approach to overcoming banking regulatory requirements

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IBM RegTech Innovations. Asset liability management (ALM) and liquidity risk (LR) are top of mind for banks as the pressure from today’s regulatory environment heats up.

Why real cross-channel payment data integration matters

Insights on Business

According to the 2019 AFP Payments Fraud & Control Survey , Automatic Clearing House (ACH) payment fraud increased significantly in 2018, reaching a new record with 82% of organizations reported incidents. Specifically, the percentage of companies that encountered ACH credit fraud jumped to 20% (from 13%), and those who experienced ACH debit fraud rose to 33% (from 28%). To further compound the problem, 25% of companies haven’t gotten advice from their banks on mitigating ACH risks.

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How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Estimating the risks or rewards of making a particular loan, for example, has traditionally fallen under the purview of bankers with deep knowledge of the industry and extensive expertise. But times are changing. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. By leveraging the power of automated machine learning, banks have the potential to make data-driven decisions for products, services, and operations. Read the white paper, How Banks Are Winning with AI and Automated Machine Learning, to find out more about how banks are tackling their biggest data science challenges.

Why shell companies are so risky (and hard to spot)

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Shell companies and the hidden threat of entity risk. While not inherently illegal, shell companies have been getting a lot attention recently for the role they play in illegal activity.

How to break free from legacy infrastructure

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Three years ago, a group of IBM Cloud experts, myself included, answered an important question still facing nearly every incumbent bank worldwide today: How can we rethink our architecture to better serve our customers with more innovative applications, through more agile, faster development?

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Transforming IT banking Infrastructure and IT department mindsets

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Many banks and financial services are starting or continuing their transition to a customer-centric model of doing business. To do this, companies are rigorously evaluating the right systems and processes needed to support their transformation.

Three fundamental shifts in financial crime investigations

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Financial institutions globally are awakening to the fact that regulatory technology will drive the next wave of innovation in their approaches to understanding and stopping financial crimes. From attempted money laundering, to account takeover, to insider trading, institutions are paying attention.

B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

Stop money laundering with a proactive AML approach

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The recently revealed $8.8 billion Troika Laundromat offshore money laundering scandal was a vast and complex deception. Not just a limited scheme, between 2006 and 2013 it facilitated fake trade deals, reinsurance fraud, tax evasion, hidden investments, a fuel pricing fraud scheme at Sheremetyevo Airport—and much more. The Organized Crime and Corruption Reporting Project and other news organizations are publishing the details.

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IBM OpenPages with Watson named one of 2019 Gartner Peer Insights Customers’ Choice

Insights on Business

This is a great moment for IBM. IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We are incredibly proud of our customers continued input into our offering, especially in our most current release of OpenPages with Watson v8.1 as discussed in my previous blog. Their contribution in our “innovating in the open” approach is part of the reason we received this honor.

An innovative risk path beyond aggregation for finance: An interview with Peter Chirlian

Insights on Business

IBM RegTech Innovations. IBM recently announced its acquisition of Armanta , a provider of aggregation and analytics software to financial services firms. Armanta’s technology platform allows financial institutions to aggregate data across multiple systems in near real-time speed.

Solve your quota setting challenge: Start with Design Thinking

Insights on Business

You’re probably familiar with philosopher George Santayana’s admonition: “Those who cannot remember the past are condemned to repeat it.” While that’s hard to dispute, most of us will admit to occasionally falling short. And when we do remember not to forget, we don’t always question history in a meaningful way. A recent survey of a range of businesses by SalesGlobe, found that the sales quota-setting process is challenging.

How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Estimating the risks or rewards of making a particular loan, for example, has traditionally fallen under the purview of bankers with deep knowledge of the industry and extensive expertise. But times are changing. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. By leveraging the power of automated machine learning, banks have the potential to make data-driven decisions for products, services, and operations. Read the white paper, How Banks Are Winning with AI and Automated Machine Learning, to find out more about how banks are tackling their biggest data science challenges.

Automating is the way of the future in banking

Insights on Business

The future is here with the convergence of technologies and capabilities including AI, robotic process automation, blockchain, advanced analytics and cloud. Together, the convergence is causing major change in all aspects of our lives. Business processes are being recreated and automated; and to keep up, we need to change the way that we work and even our workplaces.

How banks are using incentive compensation management to help increase revenue and drive growth

Insights on Business

In a competitive financial marketplace, banks are turning to incentive compensation management (ICM) solutions for competitive advantage. While the value of motivating employees is indisputable, bankers increasingly recognize the value of going beyond improvised morale building tactics to deploying a structured incentive compensation system. However, making the case to senior bank executives of the need to deploy a sales compensation management solution can be challenging.

Sales Territory Management: The importance of automation & how to choose the right solution

Insights on Business

This blog is reposted with permission – originally posted on the OpenSymmetry blog. Territory management (TM) is one of the hardest – and most important – sales activities to get right.

How Open Banking will blow core systems out of the water

Insights on Business

Banks operating on legacy architecture will find it increasingly difficult to compete in an API-driven business environment, says Hans Tesselaar, executive director at BIAN.

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Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.

Beware of data “science projects” turned fraud prevention solutions

Insights on Business

As e-commerce has revolutionized the way we buy and sell online, we are no longer bounded by borders or time zones. Goods can be purchased from anywhere around the world at any time of day. Because of this, traditional rules-based fraud detection systems have become outdated and no longer work. Today, real-time payments require real-time fraud detection. Modern payment fraud schemes require modern prevention.

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A new digital bank needs a new customer service experience

Insights on Business

Banks continue their digital transformation journey to create new business models to satisfy today’s demanding customers. The big questions is what’s next? How do banks prepare for this new reality? For Bradesco, a large Brazilian bank, NEXT is the answer. Next is a digital bank, completely disassociated from the Bradesco brand. Next has access to all of Bradesco’s ecosystem, ATMs, call center, internet banking. They use the Bradesco infrastructure, but they operate in parallel.

IBM and Thomson Reuters join forces to simplify how financial institutions tackle regulatory compliance challenges

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In the financial services industry in the United States, one thing remains constant – change. Whether policy makers are encouraging deregulation, or increasing regulatory requirements, regulatory change has been a constant. As recently as two weeks ago, the U.S. Federal Reserve Board announced proposed tailoring of prudential standards for FBOs, following on similar tailoring for U.S. banks.

Celebrating International Women’s Day with more than 100 years of IBM empowering women

Insights on Business

“If the bringing of women – half the human race – into the center of historical inquiry poses a formidable challenge to historical scholarship, it also offers sustaining energy and a source of strength.” ” – Dr. Gerda Lerner.

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Democratizing AI for All: Transforming Your Operating Model to Support AI Adoption

Democratization puts AI into the hands of non-data scientists and makes artificial intelligence accessible to every area of an organization. With the emergence of enterprise AI platforms that automate and accelerate the lifecycle of an AI project, businesses can build, deploy, and manage AI applications to transform their products, services, and operations. But in order to reap the rewards that AI offers, it is essential that businesses first address how their organizations are set up, from their people to their processes. Democratizing AI through your organization requires more than just software. It may require changing your operation models and finding the right guidance to realize the full breadth of capabilities.