Fintech-The Differentiating Factor for Global Finance
Today, the major financial players with established corporate relationships are in the pursuit of adopting neoteric technologies to take their business performance to the next level. For instance, while Barclays is working on a crypto trading desk with its clients, JP Morgan Chase’s API program is focused on leveraging cutting edge technology. Although, these major financial institutions are adopting latest technologies, the question is—will these new technologies bring the real change in finance. The last month’s EuroFinance’s conference on Strategic International Treasury sheds light on the most critical challenges faced by large financial institutions in embracing inventive technology.
COIN (Contract Intelligence) which was launched last year, leveraged artificial intelligence for reducing man hours on legal work on commercial wholesale products. Similarly, LOXM is another tool which was launched last year to execute trades by leveraging machine learning. With the advent of these financial technologies crypto currencies have laid a deep foundation in terms of developments. Although an use of these automated technologies raises skepticism in terms of efficient completion of transactions, it is important to notice that financial institutions have started considering fintechs for automating crucial business processes.
The proliferation of mobile payments have lowered the prospects of traditional banking services and paved a way for efficient, secure, and swift methods for completing transactions. With the inclusion of KYC, international treasury bearers have made sure that multi-billion transactions are completed securely and efficiently in minutes. With the vast proclivity of these modern technologies to make banking services better, it is necessary for C-Suite of large financial establishments to understand, implement, and deploy the technologies offered by the fintech companies.