The use of common data files will also contribute to change.
As a result of the technological revolution, significant changes in the structure of the financial market can be expected. The development of artificial intelligence radically transforms the functioning of today’s financial institutions and will survive only the strongest, technology-based companies. This stems from the conclusions of The New Physics of Financial Services, jointly prepared by the World Economic Forum (WEF) and Deloitte.
According to the study, the future of financial institutions will depend on the size of the data and the ability to use it, while the use of artificial intelligence is the only factor that increases operational efficiency. According to the results of the study, the attributes such as price, speed or service availability are losing their effectiveness and creating new competitive factors. The clients will benefit from these services, as the services will be optimized for their needs and will compete on the basis of added value and not just price.
The emergence of ecosystems that will collect data from consumers, corporate clients, and third parties will allow financial institutions to offer differentiated, personalized advice, better performance and a positive customer experience.
“Artificial intelligence as an assistant will change the provision of financial advice that will no longer be general, impersonal, and dependent on the subjective advice of counselors. The client will only communicate with one platform or agents who will search, compare and recommend the best products of different providers. Artificial intelligence thus automates most routine client decisions, ”explains Michal Kopanič, Deloitte’s partner.
The use of common data files will also contribute to change. This will increase the operational efficiency and security of the financial system. Sharing data through artificial intelligence will help to prevent fraud and to combat money laundering, which is now often inefficient and ineffective.
The regulations governing the protection and portability of personal data will significantly affect the ability of financial institutions to use artificial intelligence. Implementation will require a review of supervisory principles and techniques in order to find solutions for both ethical gray zones and regulatory uncertainties.
Cubans get the ability to connect to the Internet via mobile data
Cuba is one of the countries with the most restricted access to the Internet. Cubans should now be able to access mobile data on their phones. According to DPA, Mayra Arevich, chief of the Cuban state telecommunications company ETECSA, said it.
In a television interview, she said that citizens of the country would gain access to mobile data “progressively and progressively.” In response to the pace of Internet roll-out, Cuba said it had to buy the telecommunications infrastructure in dollars, which was hampered by US sanctions renewed by President Trump.
According to the Freedom House (FH) think-tank, Cuba is one of the world’s most restricted Internet access countries. Internet speed in Cuba is below regional Caribbean average and network access remains extremely limited by government regulations and high prices.
Nevertheless, according to FH, there has been a gradual increase in public Internet access by ETECSA since 2015 in this island state.