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  • user 12:18 am on July 31, 2018 Permalink | Reply
    Tags: , , Blockchain, , , , , Leveraging, , ,   

    Ally Financial Is Leveraging Machine Learning to ‘Better Serve Customers,’ Exec Says 

    #Blockchain, artificial intelligence, or #machine #learning may be future innovations for most #financial institutions, but #Ally Financial is already using these emerging technologies “to #better #serve #customers,” Anand Talwar, deposits and consumer strategy executive at Ally, told Bank Innovation. “To better interact with customers, machine learning risk engines have been deployed,” Talwar said. “There has been a […]
    Bank Innovation

     

  • user 8:40 am on July 27, 2018 Permalink | Reply
    Tags: Blockchain, hardware   

    360Lock: how hardware startup integrates blockchain technologies. 

    360lock – #blockchain padlock

    360LOCK it’s a smart multifunctional padlock that aim to certify the operations of the users by Ethereum.

    Milan, July 2018

    It is the Third Millennium padlock, a #hardware + software product that can guarantee the safety of motorbikes, bicycles and more.

    It’s called 360LOCK (http://360lock.4-storm.com) and it is one of the products coming from 4storm startup, which designs, manufactures and launches innovative solutions in the IoT, outdoor and professional fields.

    360LOCK is a unique (smart) electronic lock: a robust hardware, resistant to shocks, dust and water, connected with RFID / Bluetooth #technology, modular and rechargeable simply through a micro usb.

    An IoT (Internet of Things) device able to maximize and simplify users’ experience and requests at the same time.

    360LOCK comes with a rechargeable battery (with an energy saving system of activation / deactivation to ensure a long life) and a very robust structure: the padlock can be opened via an RFID bracelet or via bluetooth with your favorite device, such as smartphone or smartwatch.

    360LOCK works with an high security anti-hacking protocol developed in collaboration with the Faculty of Information Technology of the University of Camerino. Furthermore, the cloud platform introduces a certification of the activities supported by the blockchain Ethereum. Locking/unlocking, sharing, introduction of new NFC Keys. The smart contract permits to publish all the activities done by the users to guarantee it’s consistency and incorruptibility. The data are encrypted and the privacy of users is guaranteed as well and the communication protocol is supported by a tamperproof engineering.

    360LOCK is also equipped with some modular accessories, such as the chain with folding steel rods for bikes and motorcycles or the “additional case” that transforms it into a portable safe shielded to radio waves that can comfortably accommodate ATM cards, keys of home or car, small phones and their documents.

    The ideal, therefore, for those who practice outdoor sports and need a “shelter” 100% safe for their belongings, or for those who travel and want to be safe when sharing the common areas. Indispensable for those who have to manage apartments in tourist areas being able to contain the keys of housing and giving temporary access and remote guests through the mobile app.

    The solution, protected by a patent, also provides for the integration of a remote alarm system using a SIM card: further new accessories will be offered after the launch of the product.

    It is already possible to register on http://360lock.4-storm.com to purchase 360LOCK at a promotional price during the Kickstarter campaign which is starting in few days.

    Being overexposed to technology and new gadgets – says Marco Ciccolini, CEO 4storm – we thought of a solution that could effectively reduce the number and then through a single intelligent device respond flexibly to more needs and methods of use, thanks to the accessories .

    About 4storm

    4storm has been working since 2015 to design and develop high-tech devices for the outdoor and professional world. In these years the company has carried on the development of a camera, also modular and for 360 ° shots, a project still in progress that will be launched next year.

    Being founders the first enthusiasts and practitioners of action sports, they took a cue from their sporting experience to develop the idea of 360LOCK: from a need of greater freedom and safety during sports sessions or trips outside the home a smart padlock with unique features was born.

     

    Press contacts

    Gian Maria Brega

    mobile: +39 338.9020851

    skype: gmbrega

    Web: http://360lock.4-storm.com

     

  • user 3:35 pm on July 23, 2018 Permalink | Reply
    Tags: , , , Blockchain, broader, , , , , signaling,   

    Payments: The first key battlefield signaling broader change in US banking 

    Fueled by innovation, the US #banking market is undergoing tectonic shifts. Many players are looking to #payments as a crucial #battlefield for #change. Incumbents—#banks and established fintechs, such as networks and card processors—have transformed the transactions environment over decades for the benefit of end users. New generations of #fintech players, both partners and competitors, have used digital business models to enhance the customer experience and open the door to new segments and revenue sources. Now, with the growing influence of Amazon, Apple, Google, Facebook and other similar big #technology (bigtech) firms, along with increasing customer sophistication and ongoing overseas disruption, the fundamental aspects of revenue drivers and share are in question.

    The storm beneath the surface

    Accenture examined potential trajectories of current trends, which could present revenue challenges for US banks in payments. Our analysis indicates that incremental revenues are projected to accrue primarily to non-banks over the next few years. The beneficiaries include players already in the value chain (those less exposed to customer demands, such as rewards, and with more direct access to key platform levers, like processing) and new forms of fintech, bigtech and other third parties phasing into the market.

    Figure 1: US payments revenue ($ BN)
    Source: Accenture research and analysis

    US disruption is anticipated to differ from that faced in Asia, Europe or other markets where the external impetus—competitive or regulatory—is accelerated and often direct. At least initially, established players may be situated to benefit financially; as evidenced by ApplePay, it can take years for new, disruptive platforms to scale. For those who are unprepared, gradual pricing pressure and value leakage may begin to erode many existing business models.

    Open to change

    Of course, a wide range of scenarios are possible for the future of US payments with several factors much #broader than payments (including artificial intelligence, #blockchain, cross-border transactions, major geopolitical movements, Open Banking, privacy, regulation and security) at play. Recognizing the range of potential outcomes, US payments players have the ability to position themselves for success.

    Incumbents have already begun moving to protect their revenue base by introducing innovative solutions, such as Zelle. Going forward, technology deployment needs to happen faster with more agile adoption and monetization of technologies, such as data analytics, blockchain, and AI/machine learning, that can rewrite the payments equation. These new technologies offer a pathway to optimize the go-to-market model, breaking down silos to improve revenue and efficiencies internally and value chain orchestration externally.

    Banks and other payments players can increase relevance by focusing on the customer journey and use cases to add value. Amazon Go, a new kind of technology-based retail store from Amazon, is just one example of looking in and beyond the existing value chain to rethink the customer experience. If incumbents view the customer as the North Star and are open to all that is possible, then they, too, can be disruptors, instead of the disrupted.

    Change can be challenging. However, payments players are in the fortunate position to be able to write their own story. Now is the time to do so.

    I invite you to read our report, Driving the Future of Payments

    Special thanks to Tom Skomba, who contributed to this blog.

    The post Payments: The first key battlefield signaling broader change in US banking appeared #first on Accenture Banking Blog.

    Accenture Banking Blog

     

  • user 12:18 am on July 5, 2018 Permalink | Reply
    Tags: , Blockchain, , , , , ,   

    Lessons from Distributed Ledger Technology and the Future of Banking 

    It’s no secret #distributed #ledger technologies (DLT) have been front-of-mind for financial institutions examining solutions to existing problems in institutional and retail #banking. While #blockchain #technology is still a greenhorn in the wilderness of capital markets, the underlying concept should be heralded as a catalyst for innovation. Blockchain has been the inspiration for solutions like […]
    Bank Innovation

     

  • user 10:23 pm on July 4, 2018 Permalink | Reply
    Tags: , , Blockchain, , ,   

    Blockchain: the disruptive technology that will make financial markets more efficient – Or maybe not 

    A lot gets published on a daily basis about the seemingly awesome, game-changing possibilities of #blockchain and other distributed ledger technologies (“DLT”) applied to smart contracts, optimising payments systems and other aspects of the financial markets. A growing number of financial entities are seriously investing in it, and we keep reading and hearing that this is the future of financial markets.

    The message for financial entities being: get in the game now or risk irrelevance tomorrow.

    So what are these distributed ledger technologies all about, and are they all they’re cracked up to be? DLT, in its various flavours, is the #technology behind #Bitcoin and every other #cryptocurrency. The blocks necessary to put together the puzzle to complete a transaction are distributed across a decentralised computer network of users, and DLT’s main selling point is that it’s self-authenticating and very difficult to tamper with.
    Around 2016, #banks started to get very excited about DLT because they figured that it could be applied to efficiently and quickly settle payments and securities transactions, and even to develop smart contracts: algorithm-based programmes that use DLT to automatically detect when a party performs its obligations or fails to do so, and trigger payments or penalties accordingly. It’s easy to see why financial entities get so excited about DLT: it can significantly cut down the time required to settle transactions (a process that normally takes two or three days for securities), and automate verification procedures which are currently carried out manually.

    Ever since that epiphany, financial entities’ investment in DLT has grown dramatically, whilst the rest of us wait with bated breath in anticipation of a brave new financial world any day now – only that it might not happen just yet.
    The fact of the matter is that DLT was developed for the purpose of sustaining cryptocurrencies (and smart contracts, in the case of Ethereum), and it works well in that application. But just because DLT fits the bill for cryptocurrencies, does that mean that it will also do a good job when applied to the financial market infrastructures?
    A few days ago, the Dutch Central Bank published a report with its conclusions on a series of blockchain trials conducted over the past three years to assess the actual usefulness of DLT in realistic financial market infrastructures scenarios. These trials are particularly insightful for a number of reasons:

    • they were conducted by a central bank, which means that the focus was not on commercial gain but on whether this technology is actually fit for transaction settlement purposes from a systemic point of view;
    • they were conducted over a three-year period;
    • over which four different DLT prototypes were tested in different scenarios, all of which conveys the idea that this testing exercise was thorough and reliable.

    When it comes to financial markets infrastructures, there are strict requirements in terms of authorisation, availability, capacity, costs, efficiency, legal certainty, reliability, scalability, security, sustainability and resilience, and each of them is a deal breaker. Current interbank payment systems, such as Target2 in the Eurosystem, meet all of the above requirements and, in the words of the Dutch Central Bank “are highly efficient, can handle large volumes and offer the legal certainty that a payment is completed.” It follows that any new technology must at the very least tick all boxes, and additionally show distinct advantages, if it is to replace existing systems.

    So did DLT live up to the hype? Not quite, it seems. Again, quoting the Dutch Central Bank: “The blockchain solutions we tested proved to be inefficient – in terms of both costs and energy consumption – and unable to handle large numbers of transactions. Furthermore, several consensus algorithms we used will never achieve the full certainty of a transaction, so that it cannot be undone, which the central banks&39; Target2 system offers. Other algorithms are able to withstand parties with malicious intent and have the potential of raising the [financial market infrastructures’] cyber resilience, but they currently fail to meet other [financial market infrastructures] requirements. DLT may well offer enhanced efficiency in payments that involve multiple currencies, however”.
    What does this all mean? It means that, though “the blockchain technology underlying bitcoin is interesting and promising, and future algorithms may well offer improved compliance with [financial market infrastructures] requirements” in its current form, DLT does not seem to cut the mustard.
    Undeniably, DLT is an exciting technology and, in some form yet to be developed, it might be just the ticket to improve the efficiency of financial settlement systems. Just don’t expect that to happen next week.

    [linkedinbadge URL=”https://www.linkedin.com/in/adolfo-pando-molina-5b4a7555″ connections=”off” mode=”icon” liname=”Adolfo Pando-Molina”] Adolfo Pando-Molina is CEO & General Counsel of RegBot®

     

     

  • user 8:52 pm on June 28, 2018 Permalink | Reply
    Tags: Blockchain, , , Starter,   

    IBM Launches Starter Kit For Blockchain Developers 

    #Developers and companies intrigued by #blockchain but who don’t know where to start can sign up for the IBM Blockchain Platform #Starter Plan to get a proof of concept up and running quickly.
    Financial Technology

     

  • user 12:18 am on June 28, 2018 Permalink | Reply
    Tags: , Blockchain, , Perfectly, , , Suited,   

    Blockchain Is Perfectly Suited for Banking, But Banking Is Not Ready for Blockchain, McKinsey Says 

    #Blockchain‘s future in #banking is bright, but right now, the industry is not prepared to take advantage of what the #technology offers, according to a new #McKinsey report on blockchain’s viability across various industries. The report, released last week, describes blockchain&8217;s suitability for financial services in this way: Financial services’ core functions of verifying and transferring […]
    Bank Innovation

     

  • user 12:18 am on June 18, 2018 Permalink | Reply
    Tags: , Blockchain, , ,   

    Insuretech Investment On the Rise 

    Within the #fintech landscape, is insuretech becoming the popular choice for investors? According to a Medici report, #investment in insuretech, which it recognizes as a subcategory of fintech, was higher than investment in #blockchain and B2B during the month of May. Fintech investment trends broken down by industry indicate a clear surge in insuretech investment. […]
    Bank Innovation

     

  • user 12:18 pm on June 12, 2018 Permalink | Reply
    Tags: , Blockchain, , , , ,   

    3 Startups to Watch in Alternative Credit Scoring 

    PREMIUM – Financial institutions and #fintech #startups have realized the potential in working with the enormous and previously untapped market of underbanked consumers. The means of assessing creditworthiness are as varied as the #alternative data points companies are starting to use. From psychometrics to gauge the propensity to pay back, to the #blockchain and geolocation […]
    Bank Innovation

     

  • user 3:35 pm on June 11, 2018 Permalink | Reply
    Tags: , , Blockchain, , , ,   

    Talent and transformation: New strategic approaches for banks 

    Around the world, #banks are engaged in the transition to what we at Accenture call “the New”; they are undertaking initiatives to digitize operations, reduce costs and create previously unexplored revenue streams.

    The transition to the New is based upon the twin pillars of #technology and #talent. The technology—in the form of cloud, big data and analytics, #blockchain, robotic process automation, machine learning and artificial intelligence—is readily available, and although it may not be easy to identify the right solutions and to graft these solutions onto the existing computing and data framework, it can be done.

    However, as banks are discovering, it is just as difficult to build and maintain the talent pillar as it is to develop or acquire needed technology. Banks are competing for new talent, not only with other banks but with technology start-ups, internet giants and a variety of digital players. Indeed, digital players interested in making inroads into the banking market are poaching talent from the banks themselves.

    Banks have not helped themselves on the talent front with their unrelenting focus on cost reduction. They have announced staff reduction objectives connected to plans to digitize and automate. This may please shareholders, but it can hardly be expected to please staffers worried about being displaced by digital technologies. Banks will be unable to compete with the Googles and Apples of the world if they are not seen as valuing the major asset (along with capital and liquidity) embodied in the competency and customer focus of their people.

    There are, in my view, three key steps banks need to take in dealing with the “people problem” and the impact of digital #transformation upon the workforce:

    1. Banks should figure out where they stand on workforce issues. This means either admitting that the workforce is, in effect, a commoditized asset to be managed for optimal efficiency at the lowest possible cost, or making it clear that talent is a competitive differentiation point and that people are central to the success of the organization. Depending on the bank’s overall strategy, either approach might be valid, but claiming that people are vital and then treating them as interchangeable parts is a recipe for failure.
    2. Banks then need to take actions appropriate to the people strategy they have adopted. Banks’ actions should match up with their stated objectives; for example, few banks have increased their training budget in recent years, even though training might be an excellent path to creating the intellectual property and people asset that distinguishes one bank from another in the marketplace.
    3. Banks need to acknowledge that they (and their people) live and work within a larger social context. In modern industrialized societies, large employers have obligations to their workers that extend beyond compensation and benefits. Banks contemplating major restructuring or reductions in staff due to digital initiatives should be working with an ecosystem of partners—including universities, government agencies and other potential employers—to develop coherent solutions leading to retraining and employment for displaced workers. 

    Banks have not yet come to grips with the full impact of digital transformation, including automation and artificial intelligence. In my next blog, I will look more closely at how artificial intelligence will affect banks, and how banks can create a powerful new force by combining AI with human insight and judgment.

    For further reading about the impact of technology on the workforce, read Whose Customer Are You? The Reality of Digital Banking.

     

    The post Talent and transformation: New strategic approaches for banks appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     

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