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“Introduction "Open" has recently become a new buzzword in the financial services industry, i.e.”
“Consequently, many companies focus on AI/ML models that utilize structured data.”
“Therefore, it is often also called Digital Money Management .”
“open data, open APIs, Open Banking, Open Insurance …, but what does this new buzzword really mean?”
“Together companies, interconnected through open APIs, form a true API ecosystem , offering best-of-breed customer experience, by combining the digital services offered by multiple companies.”
“Already for more than 20 years, several software vendors aim to give a solution to this , by providing applications, websites and/or apps.”
“Share Get link Facebook X Pinterest Email Other Apps 12 comments Read more Marketplaces in the financial industry - Here to stay?”
“AI/ML relies on complex models with thousands or even millions of parameters, fine-tuned through training.”
“Alternatively, an AI/ML model could incorporate a broader range of input factors, e.g.”
“Another good example is the use of AI/ML for Recommendation engines.”
“Integration (middleware) software ensures that 2 separate applications or components can be integrated in an easy way.”
“Independent of whether it is a good or bad strategic decision (the future will tell), it is clearly part of a much larger strategy of KBC to convert their banking app into a super-app (all-in-one app) .”
“To maximize the value of AI/ML, organizations should carefully assess where to deploy AI/ML and where not .”
“Only the approved credits can be compared ; if a model refuses a credit, you can never know if this credit would not have been reimbursed without any issues.”
“Unfortunately, most banks and insurers, with their product-oriented online and mobile platforms, are not known for their pleasant and fluent user experience.”
“These technologies provide a user experience which is more intuitive, personalised and pleasant , as they introduce an element of gamification to t...”
“Even the most innovative neo-banks still work with bank (current, saving, term and investment) accounts, cards (credit and debit), traditional credits, existing payment infrastructure… The user experience surrounding the origination and servicing of these products has dramatically improved (and will continue to evolve), but the underlying banking products are not really disrupted.”
“In the technology sector this evolution has been ongoing for multiple years (think about the travelling sector, allowing you to book any hotel online).”
“people buying similar product or people with same age, family situation, profession, hobbies/interests….) or product associations (products bought together) can yield comparable results to complex AI/ML models.”
“More importantly, beside these futuristic visions of IoT, the smartphone will most likely continue to be the cent...”
“Personal Finance used to be (or still is) a time-consuming effort , where people would manually input all their income and expenses in a self-developed spreadsheet, which would gradually be extended with additional calculations.”
“But is it really such a revolution and will it really have an impact on the Financial Services Industry?”