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Financial Sector Workshop
Emerging Technologies overview
By: Murali Venkatesh
Director of Emerging Technologies

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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

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Financial Sector Workshop
Thirty (30) Emerging Technologies

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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.

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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)

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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.

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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.

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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?

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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.

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Financial Sector Workshop
3. Chat/Voice Bots : Use Cases

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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.

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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.

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Financial Sector Workshop
4. Voice Assistance: Use Cases

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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.

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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

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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.

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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

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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.

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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

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Financial Sector Workshop
7. Blockchain : Value drivers
1
2
3
3
4
5

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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.

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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.