AI’s Role in Digital Transformation for Financial Services

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Richard Allman, Impact Strategy Lead – Financial Services at SparkBeyond

In a world economy overshadowed by the fallout from Covid-19, banks and the FSI industry as a whole are looking for ways to remain relevant, solvent, and at the forefront of clients’ minds. They must do this while not being seen as the ‘bad guys’ of the world economy.

So far they have managed well. As we look to the future, and the possible shocks yet to come, what role does AI have to play in this mission, and what broader digital transformation is needed to ensure these organizations stay stable and continue their growth?

Growth in an age of physical remoteness

It is clear that as consumers become used to living and working from home, many tech companies have seen their share price skyrocket from the effects of this behavioral change – with Amazon being a notable example.

The

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Digital finance, a lifeline during COVID-19 crisis

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The unprecedented social and economic crisis caused by the COVID-19 pandemic has put a spotlight on the role of digital finance in providing relief for millions around the world, supporting businesses and protecting jobs and livelihoods.

While the pandemic demonstrates the immediate benefits of digital finance, the disruptive potential of digitalization in transforming finance is immense. Mobile payment technologies have transformed mobile phones into financial tools for more than a billion people. Digital is supporting big data and artificial intelligence in advancing cryptocurrencies and crypto-assets, peer-to-peer lending, crowdfunding platforms, and online marketplaces. Banks have invested over US$1 trillion in developing, integrating and acquiring emerging technologies. In 2018, ‘fintech’ investment reached US$120 billion, one third of global venture capital funding.

Today a new report, “People’s Money: Harnessing Digitalization to Finance a Sustainable Future”, by the UN Secretary-General’s Task Force on Digital Finance sets out an ambitious, practical Action Agenda. Centrally, it

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Digital finance is the optimal channel to deliver long-term financing of SDGs

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The UN Secretary-General’s Task Force on Digital Finance has today launched an Action Agenda that justifies how harnessing digitalisation can empower citizens to be in control of their finances. This will in turn ultimately align with the needs collectively manifested in the Sustainable Development Goals (SDGs).

Supported and funded by Germany, Italy and Switzerland, the Task Force brings together 17 leaders from across finance, technology, policy, regulation and international development to engage with dozens of countries and hundreds of financial institutions, governments and regulators, civil society organisations, think tanks and expert groups to envisage how digitalisation can accelerate financing of the SDGs.

UN Secretary-General António Guterres highlights that: “Digital technologies, which are revolutionizing financial markets, can be a game-changer in meeting our shared objectives. The Task Force on Digital Financing of the Sustainable Development Goals provides leadership to harness the digital revolution.” This is outlined in the UN report ‘People’s

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Global Digital Banking Platform Market Analysis & Forecast 2020-2026

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“Global Digital Banking Platform Market By Component (Solution and Services), By Deployment Type (On-premise and Cloud), By Type (Retail Banking and Corporate Banking), By Banking Mode (Online Banking and Mobile Banking), By Region, Industry Analysis and Forecast, 2020 – 2026” report has been added to ResearchAndMarkets.com’s offering.” data-reactid=”19″The “Global Digital Banking Platform Market By Component (Solution and Services), By Deployment Type (On-premise and Cloud), By Type (Retail Banking and Corporate Banking), By Banking Mode (Online Banking and Mobile Banking), By Region, Industry Analysis and Forecast, 2020 – 2026” report has been added to ResearchAndMarkets.com’s offering.

The Global Digital Banking Platform Market is expected to reach $9 billion by 2026, rising at a market growth of 16% CAGR during the forecast period.

The factors driving the growth of the global digital banking platform market are the increased importance of digital customer experience, a shorter replacement cycle, and increased security and

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Embracing The Digital World To Expand Your Business? Willy Moeller Has The Tools For You To Do Just That

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NEW YORK, NY / ACCESSWIRE / August 4, 2020 / Willy Moeller has embraced a powerful tool of the internet to help people and himself make millions of dollars while sleeping, traveling, or working from home. He has embraced tools associated with social media to help people achieve their financial goals and freedom.

“I was born in Quito, Ecuador. I am 34 years old and moved to Miami 20 years ago! For over 10 years, I have been a traditional business owner who completely merged into the online business world about 3 years ago! Now, I run multiple multi-million dollar online businesses,” recounts Willy.

For Willy, the internet has been crucial to magnifying his success and financial freedom, particularly the tools associated with social media. In particular, Willy has used Instagram to help grow his brand. He now has over half a million followers and an incredible brand, which helps

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IBM helps financial services go digital and innovate in the cloud

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By Hillery Hunter, vice president and chief technology officer, IBM Cloud

IBM recently announced that BNP Paribas has committed to join the IBM Cloud for Financial Services as an anchor client, along with 30 independent software vendors (ISVs) who will build applications for the cloud platform. And other organizations are just behind — IBM is in discussions with Japan’s Mitsubishi UFJ Financial Group (MUFG) to explore how it can adopt the IBM Cloud for Financial Services. This marks a milestone in the modernization of the global financial industry — one that signifies the readiness of cloud computing to support the strict regulatory environment in which financial services organizations operate.

To understand how we got here, it’s worth considering how the industry is evolving. Even before COVID-19, global financial companies were rapidly moving beyond a traditional brick-and-mortar model in response to growing customer demand for mobile banking experiences that are fast,

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First Mover: Collapsing Bitcoin Futures Premium Offers Glimpse of New Digital Money Market

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Price Point

Bitcoin traded slightly higher early Thursday at $11,772 after falling for two straight days. 

The largest cryptocurrency by market capitalization has declined 1.3% this week as the U.S. dollar strengthened in foreign exchange markets. The greenback gained support Wednesday as the Federal Reserve said it wasn’t immediately planning to implement a “yield curve control” program that probably would have brought an accelerated pace of money printing.

You’re reading First Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You can subscribe here.

“The corrective moves we witnessed are necessary for the market to cool down and catch a breath,” Joe DiPasquale, CEO of the cryptocurrency investment firm BitBull

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Digital Money Transfer and Remittance Market Size, Historical Growth, Analysis, Opportunities and Forecast To 2024

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The MarketWatch News Department was not involved in the creation of this content.

Jul 24, 2020 (Market Insight Reports) —
Selbyville, Delaware This Global Digital Money Transfer and Remittance report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.

The report on global digital money transfer and remittance market is based on extensive primary research and consists of inputs from various companies, stakeholders and industry experts along with secondary research. The report entails geographical analysis of the market space which includes regions like APAC, North America, Europe, and Rest of the world and countries like China, US, UK, Germany and Canada.

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2237733/?utm_source=Marketwatch.com&utm_medium=AN

As per the report, rapid urbanization, surging working population coupled with rising income, and extensive installation of POS systems across

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Digital Money Market 2020-2026 Country Level Analysis, Current Trade Size And Future Prospective | IBM, Ripple, Rubix, Accenture, Oklink, Oracle

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The MarketWatch News Department was not involved in the creation of this content.

Aug 01, 2020 (Market Insight Reports) —
Global Digital Money Market Research Report 2020 begins with an overview of the Market and offers throughout development. It presents a comprehensive analysis of all the regional and major player segments that give closer insights upon present market conditions and future market opportunities along with drivers, trending segments, consumer behavior, pricing factors, and market performance and estimation. The forecast market information, SWOT analysis, Digital Money market scenario, and feasibility study are the vital aspects analyzed in this report.

Inquire for Sample Copy of this Report:

https://www.marketinsightsreports.com/reports/06022060169/covid-19-impact-on-global-digital-money-market-size-status-and-forecast-2020-2026/inquiry?Source=Mw&Mode=70

The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Digital Money Market: IBM, Ripple, Rubix, Accenture, Oklink, Oracle, AWS, Citi Bank, ELayaway, HSBC, Ant Financial, JD Financial, Tecent,

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Pezesha, Kenya’s digital financial enabler platform and marketplace

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a smiling young woman in a blue shirt: Hilda Moraa, CEO and founder of Pezesha


© Provided by Bizcommunity.com
Hilda Moraa, CEO and founder of Pezesha

Every year, 21 August marks World Entrepreneurs’ Day. The purpose of this day is to create awareness of entrepreneurs and innovation throughout the world…

This year, Bizcommunity, in partnership with Seedstars, acknowledges startups on the African continent.

Pezesha, based in Kenya, is a digital financial enabler platform and marketplace connecting quality SMEs to lenders who come to our platform.

Hilda Moraa, CEO and founder of Pezesha, shares her story.

Hilda Moraa, CEO and founder of Pezesha

Can you tell us a bit about Pezesha?

We are a digital financial ecosystem providing an enabling platform for small and medium businesses to be connected to affordable working capital. We are not lenders, what we do is to provide the right “trust infrastructure” for banks, MFIs and other networks on one end and quality SMEs on the other.

When, how and why

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