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Tech to redefine banking model

26 Jan, 2017 10:33 am

Blockchain, automation, artificial intelligence (AI) and cloud services are set to radically overhaul the contemporary banking business model, part of what some in the industry have branded the "fourth industrial revolution".

@ Fotolia

The adoption of new technology will have a profound and lasting impact on banking sector's services, employment, and profit model, boosting margins which have been driven down by the rise of a new generation of fintech firms.

The shake-up will lead to a radical reordering of the staffing models, with machines taking over many processing operations and data crunching duties as the lines between banking and technology become increasingly blurred.

Automation is expected to drive down banking costs compared to revenues by around 15 percentage points, according to consultancy firm Oliver Wymann, who presented a detailed report on technology in the banking sector at the World Economic forum meeting in Davos.

Read more on Financial Times

The banking sector is adopting new technologies such as blockchain, automation, artificial intelligence (AI) and cloud applications to boost profits, although the underlying tech poses a potential threat to traditional banking.
Explore the Trend: The blockchain, a technology with infinite potential

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