Activating Intelligence in Financial Services: Pandemic Edition
Welcome to part 5 of of my continuing vlog series on Activating Intelligence in Financial Services. This post is a special coronavirus crisis edition – I want to shift gears a little bit and step back and focus on platform architecture and next-generation delivery business and technology models.
Below is the full transcript and brief teaser about part 6. You can also click the link to take you to the first four parts: Activating Intelligence in Financial Services.
Artificial intelligence is definitively going to shape how we respond in the future to harness predictive analytics and sharing data to be in a better position when pandemics or other black-swan events come up, and who will be best positioned to deliver next-generation digital financial services in some of these innovative players.
Connecting during Lockdown
So if we step back, there’s really the power of three forces that are changing the future of society in business models. And you could say in these times definitely for better or for worse, but I’m optimistic so I’m going to say better. And we’re experiencing all of that right now. So we have the sharing economy that really took off. Uber, Gojek, and companies like that. That brought us further connectivity, ride sharing, Uber, food delivery, everything from the palm of our hands and from our devices. That’s helping us right now in times of crisis quite a bit. So if you have a digital economy, you have a digital business model, you’re not only going to survive, but once we get through this, you’re going to thrive through these issues that we’re going through right now.
The other area is technology, the second pillar that’s changing things. Behind that, obviously, is artificial intelligence. What services and what products the consumer will need on demand. That’s AI on the edge, and through platform providers, this is providing that along with converging other data from other technologies in a very secure manner. What’s going to happen is further business model evolution through the sharing economy and technology across industries.
So when you look at it from a next-generation digital financial services perspective and how we consume digital financial services even more, it’s definitely more relevant and prevalent today. We need to pay for goods and services. If we’re embargoed or in lockdown or in quarantine, we still need to survive. We need to pay. We need to do that ideally from the palm of our hand on our device or smartphone, or a Wi-Fi or an internet connection. So that’s one area of digital disruption and where the next-generation embedded digital services will go in the form of payments and alternative payments.
The next area of disruption is if we don’t have enough money to pay for goods and services and our bills, we can’t get to the bank. We can’t get to an ATM. We may need spot lending in terms of credit on demand. So these platform providers, traditional and nontraditional, that will provide us with a better lending position. They will use artificial intelligence on the edge and the information they have garnered from our payments through credit and lending. So when we need that, we have that in times of emergency on the spot.
The third piece is when we get back on our feet and we need to further store our financial assets and invest it and protect it from future events like we’re going through now.
This is really three areas. So its wealth management, obviously savings account from deposits and investments and insurance, asset protection. So those three pieces that are moving into place in terms of innovation and platforms, and those leaders are gaining an edge to disrupt those three areas of consumption.
Coming Up in Part 6
Stay tuned for part 6 where I deep dive into some of the innovative digital business scenarios enabled by technology delivery models.
- What separates the leaders from the laggards in terms of the categories and what are their business strategy and technology differentiators? Is it just artificial intelligence? Is it a convergence of data and artificial intelligence or blockchain and IoT?
- How is Huawei approaching this and what is our Horizon Digital Platform. How is that shaping across numerous industry verticals?
Disclaimer: Any views and/or opinions expressed in this post by individual authors or contributors are their personal views and/or opinions and do not necessarily reflect the views and/or opinions of Huawei Technologies.