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CIO Applications Weekly Brief

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Making the Right Investment
Brad Peterson, EVP & CIO, NASDAQ

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Utility Game-Changers: Solar, Wind, Hydro and Fintech
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Transformations in Financial Technologies
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Innovation During a Global Crisis: Digital Banking Proves its Power
Alex Weber, Chief Growth Officer, N26

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Increasing Competitive Advantage with Fintech
Selim Tastan, Head of Digital Transformation and Innovation, Kuveyt Turk Participation Bank

Fintech Solutions for the Exploding Savings Market - How banks can transform the pandemic deposits boom into stable long-term funding

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Go Big Data or Go Home-Data Analytics-Enabled Compliance Programs

Go Big Data or Go Home-Data Analytics-Enabled Compliance Programs
Kevin Gleason, Senior Vice President at Voya Investment Management and Chief Compliance Officer of The Voya Funds & Matthew Gleason, Undergraduate Computer Science Major at The University of Arizona

Is it Time to Rethink Your Wellness Strategy?

Is it Time to Rethink Your Wellness Strategy?
Scott Mcduffie, Senior Director with Willis Towers Watson

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More Personalized Banking Experiences with AI and ML

By CIO Applications| Thursday, August 01, 2019
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Artificial IntelligenceDigital consultants are altering the investment landscape, with AI-powered platforms streamlining banking and asset management relationships.

FERMONT, CA: Fintech is one of the largest industries in which technological progress has seen tremendous development. Key players are upgrading to the recent techniques to provide better and quicker service to their clients as the competition in the sector continues to advance. While systems such as the Internet of Everything (IoE) and blockchain have made significant industry inroads and disrupted the way banks and other economic organizations deliver their services, evolving technologies such as artificial intelligence, Big Data and Machine Learning (ML) will drive the next wave of change.

With technology advances, clients are looking for a more nuanced and personalized banking experience that can be achieved at home's convenience. Also, banks have realized the economic advantage of individualization that can lead to a significant reduction in costs. By digitizing omnichannel, payments, and offering various state-of-the-art products with AI, ML, and big data skills, banks are now attempting to cater to client individualization while meeting the broader organizational objective.

While techniques such as big data, AI and ML disrupt the BFSI sector, the next big thing is hyper-personalization, as it will lead to a more resilient, customer-focused bank of the future that includes the virtues of non-bank competitors.  In any project that banks undertake to become more customer-centric, hyper-personalization is central. ML and AI will assist banks in managing their quantities and more on a scale. By embracing technologies such as chatbots to meet the burgeoning customer requirements, banks can readily cope with a big pool of clients, driving personalization.

Big data, particularly unstructured data, is inundated with financial service suppliers. With the increase of AI-based systems, large amounts of company information can now be analyzed, and how well the internal control systems are functioning.

Increasingly, financial organizations are adopting a machine-based learning strategy to increase their algorithmic rule-based approach to monitoring and risk management. Machine learning methods can lead to human and rule-based fraud detection systems a few steps ahead.

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