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Overview about Emerging Technologies
1.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | 1Copyright © 2018, Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop Emerging Technologies overview By: Murali Venkatesh Director of Emerging Technologies
2.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop Agenda List of Emerging Technologies 1. Artificial Intelligence 2. Internet of Things (IoT) 3. Chat/Voice Bots 4. Voice Assistance 5. Big Data 6. Robotic Process Automation (RPA) 7. Blockchain
3.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop Thirty (30) Emerging Technologies
4.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 1. Artificial Intelligence But what does AI really mean? and how is it different from machine learning (ML) and deep learning (DL)? • The original goals for Artificial Intelligence (AI) were to mimic human intelligence. • Machine Learning (ML) uses probability to make decisions or predictions about data with a reasonable degree of certainty. • Deep Learning (DL) can actually learn—self-train, essentially— from massive amounts of data.
5.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 1. Artificial Intelligence - Benefits ü Faster actions and decisions (e.g. for fraud detection) ü Better outcomes (e.g. for portfolio optimization) ü Greater efficiency (i.e. better use of highly skilled people or expensive equipment) ü Lower costs (e.g. reducing labour costs with automated telephone customer service) ü Greater scale (i.e. performing large-scale tasks impractical to perform manually) ü Product and service innovation (from adding new features to creating entirely new products)
6.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 2. Internet of Things Mobile device geolocation is increasingly being used for enhanced credit/debit card security, with firms also testing the use of voice-first digital assistants to conduct transactions. The Internet of Things is defined as a way for devices that are connected to the Internet to communicate and share information with other ‘smart’ devices in real time. In context, these sensors would leverage the capabilities of big data, analytics and even artificial intelligence to anticipate needs, solve problems and improve efficiency.
7.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 2. Internet of Things Many firms are already using sensor data to improve customer experience, product development and back-office performance. While contrarians may argue that the IoT may have only a minimal impact in the foreseeable future, others disagree.
8.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 3. Chat/Voice Bots Chatbots are software programs that use messaging to carry out simple tasks. Most chatbots can interpret and respond to plain text and voice questions with contextual and actionable information. • Reduced customer service costs • Increased cross-selling activity • Manage money across multiple accounts, track spending, and make transfers How Chatbots can help?
9.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 3. Chat/Voice Bots : How does it work? ü Chatbots/ Virtual Assistants work as a personal assistant, which adds a personal touch unlike automated answering tools/ software. ü A finance bot can be your personal financial guide giving you advice on anything from investing your money in property to buying a new car. ü A finance bot can also turn complex finance terminology into a layman's’ language, saving your time and reducing your efforts.
10.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 3. Chat/Voice Bots : Use Cases
11.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 4. Voice Assistance: Conversational banking is the new wave of innovation in digital financial services Conversational banking is a new way to access digital banking services through voice or text-based interfaces powered by artificial intelligence, and it’s an increasingly popular customer interaction paradigm. With the rising adoption and convenience of virtual assistants, it's only natural that the financial technology world should expand its strategy from mobile banking to voice-enabled digital customer engagement. Financial services companies need to continuously differentiate and deliver personalized and predictive digital banking services, which requires them to move beyond web and mobile interactions to engage consumers through voice-activated devices, whether through a smart speaker at home or mobile devices on the go.
12.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 4. Voice Assistance: Why? ü Increase Customer Engagement Digital-savvy financial services leaders should consider how voice assistants can engage customers by allowing them to check balances, make transfers, and pay bills. ü Leverage Customer Insights With the financial sector leveraging AI, machine learning and natural language processing, voice applications can gather key customer insights to personalize and improve offerings. ü Enable Convenient Banking Services With the help of voice technology, consumers can easily ask for account balances, request an analysis of their financial health, and inquire about their investment portfolio. ü Boost Loyalty Through Digital Channels Financial service providers can increase customer loyalty through voice applications that help to improve both short-term and long-term financial wellness.
13.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 4. Voice Assistance: Use Cases
14.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 5. Big Data Big Data technology will help financial sector maximize the value of data and gain competitive advantage, minimize costs, convert challenges to opportunities, and minimize risk in real-time. Big Data technologies provide financial sector clients with the capability to capture and analyze data, build predictive models, back-test and simulate scenarios. Through iteration, firms will determine the most important variables and also key predictive models.
15.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 5. Big Data : Advantage Currently, Big Data is sporadically utilized in the financial sector Once an intelligent Big Data system is setup • Time and space gaps in transactions would disappear • Possible to drive payment anytime, anywhere • Personalized communication would happen • Agile decision making process is implemented
16.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 5. Big Data : Advantage • Efficient scoring (real time scoring based on behavioral analysis) of potential borrower based on analysis of “big data” in the moment of loan processing, loans support and after-sales servicing • Receipt of additional statistics based on analysis of financial and nonfinancial data set for further communication with client with the purpose of increasing conversion of offered financial and nonfinancial products • Automatization of workspace of credit analyst, formation of the range of roles for automatization of loans granting process, loans portfolio support and offering clients relevant services in real time.
17.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 6. Robotic Automation Process (RPA) By freeing up human labor to provide additional capacity for strategic work , RPA creates more value with less investment. Employees can focus on tasks requiring: ü Emotional Intelligence ü Reasoning ü Judgement ü Interactions building relationships
18.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 6. Robotic Automation Process (RPA) : Integration with AI RPA Cognitive Language Technologies Machine Learning Deep Learning Artificial Intelligence Script based automation of routine tasks that mimic human actions Techniques that enable The analysis, and the understanding of human language, to Facilitate integration with machines. Autonomous decision Making based on big data, pattern recognition and statistical tools Mimics human intelligence in handling abstract concepts. Communicates and responds to a situation just like a human.
19.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 6. Robotic Automation Process (RPA) : Use Cases Operations • Total cost to perform AP process • Delivered goods, not invoiced • No of invoices processed/FTE • No of FTE/1million EUR in revenue • Invoices with exceptions vs correct invoices • Cycle time–invoice receipt to payment processed • % correct invoices • % payments in due time • Correct payments vs total payments • Days payable outstanding • Early payment discounts Relationships • Issues raised by suppliers • No of supplier disputes Employees • Work satisfaction • Individual productivity
20.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 7. Blockchain : Value drivers 1 2 3 3 4 5
21.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 7. Blockchain The blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting and many other issues. ERP + blockchain Enterprise software platforms that are the engine for company operations like finance are beginning to integrate blockchain. Using blockchain with their ERP systems, companies can streamline processes, facilitate data sharing, and improve data integrity.
22.
Copyright © 2018,
Oracle and/or its affiliates. All rights reserved. | Financial Sector Workshop 7. Blockchain : Smart contracts Smart contracts allow for automated transactions based on predetermined conditions or triggering events. This unlocks a second layer of value for blockchain use cases, while making it easier to maintain and enforce governance throughout the blockchain network.
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