2018 Technology Trends for Financial Service
This report offers some exciting predictions for 2018, led by AI, Blockchain, IoT and Cloud. In our quest to help our clients capture the benefit of these technologies, we are making significant investments in evaluating and implementing technology in these areas.
Unfortunately the AI applications that our teams are rolling out are not quite as exciting as Amazon Alexa, but they are targeting massive client challenges. Our Publisher/ai release offers our clients the opportunity to speed processes and reduce costs. In the world of compliance publishing, we estimate that traditional translation costs for wealth management exceed $10M. As stated in the article, AI “will mercifully release bottlenecks and liberate people to make more decisions and move faster, in the knowledge that great new ideas won’t get stuck in the mire.” And what will the financial impact be? Likely reducing translation costs by 30-40%! That is exciting to our clients….
One of our clients, labeled our business as “pain relief” for regulation – a great description of the value we provide to them as a regtech partner. We are making investments in these leading trends to ensure that we will lead our clients through the digital transformation process. AI is one example and we are now looking at the application of blockchain to deliver similar benefits. The report highlights the “the growing use of blockchain in the financial sector for routine processes like internal regulatory functions, customer documentation and regulatory filings” and we will lead out clients in evaluating and implementing solutions that capture these benefits.
2018 is off to an exciting start for our business and the wealth industry – we plan to ride these trends with our clients to realize these exciting opportunities. We are your bridge to a digital tomorrow.