Finance gears up for future with AI, cloud and blockchain
Over the past few years, financial institutions have been struggling to take advantage of vast amounts of data they store and which is held unevenly across numerous databases
Blockchain, cognitive computing and cloud are some of the technologies that will shape the finance industry in the digital age, banking and technology CEs told a financial conference on Monday. IBM president and CE Ginni Rometty said cognitive computing, or computer systems that could mimic the way the human brain works, would be the "ultimate way" finance firms would be more competitive. "I think the advantage is going to go to who has the best insights," he said of artificial intelligence (AI). Over the past few years, financial institutions have been struggling to take advantage of vast amounts of data they store and which is held unevenly across numerous databases. "We all have mounds and mounds of data, but getting data to produce insight — that is the holy grail," Bank of America chief operations and technology officer Cathy Bessant said on the sidelines of the Fintech Ideas Festival in San Francisco. Financial institutions have also been ramping up investment into developing ...