INDUSTRY

FINANCE

INTRODUCTION

In 1967, when ATMs were introduced, it was expected to spell the end of bank branches and bank teller jobs. Instead the number of bank branches and tellers increased, with their roles emphasizing sales and customer service, rather than dispensing money.

In 1994, when on-line banking was introduced, a major loss of jobs was prophesied. And this time jobs did start to be lost – but less than expected, because of resistance to technology from an older demographic and from some industries (such as real estate).

Now, in 2018, several technologies are coming together to have a significant impact on the industry and its employees:

  • On-line digitized payments using mobile phones are reducing the need for cash – and this is being encouraged by governments worldwide because of concerns about illegal payments and money laundering. (Visitors to China have noticed that most business people no longer carry purses or wallets – just their mobile phones.)
  • The internet continues to reduce the need for bank branches, tellers, and stock brokers.
  • AI is being used to automate credit application processing and financial planning.
  • Blockchain has the potential to totally re-structure the finance industry with its ability to by-pass the need for a trusted third party in financial transactions, such as international trade, money transfers, and mortgage processing.
  • And the impact of digital currencies, like bitcoin, has yet to be felt.

This time the writing on the wall needs to be read!

LEARN FROM THESE YOUTUBE VIDEOS

... AND LEARN MORE FROM THESE ADDITIONAL VIDEOS

REVIEW THESE INFORMATIVE ARTICLES - AND READ THOSE THAT INTEREST YOU

Digitization of money and finance: Challenges and opportunities (AI - 2018-05 - American News)

A measured speech by IMF Deputy Managing Director Tao Zhang on the issues facing central banks and regulatory authorities in this era of technological advances in the field of finance. Segments include: How financial services may be transformed by the adoption of financial technology; How crypto-assets’ rise may pose challenges to financial integrity and stability; How central banks and regulators can mitigate potential stability risks without impeding innovation.

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AI could Kill 2.5 million financial jobs - and save US banks $1 trillion (AI - 2018-05 - Fast Company)

Research firm Autonomous’ new report indicates that AI is on the verge of software gaining competency to perform service work. By 2030, AI implementation could save U.S.-based financial services companies $1 trillion through productivity gains and reduced headcount in banking, insurance, and investment management. 2.5 million jobs are at risk. AI will drive gradual change over the next 7 years, with an accelerated change between 2025 and 2030.

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The Bank of England is testing blockchain to support domestic payments (Blockchain/Banking - 2018-04 - Digital Treds)

The Bank of England said that it’s currently working on a “proof of concept” to see if its real-time gross settlement service will benefit from blockchain. The bank’s governor, Mark Carney, said that securities settlements need innovation, and blockchain technology – aka distributed ledger tech – could produce “significant” gains regarding platform stability, efficiency, accuracy, and security.

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Spanish bank’s customers using blockchain to transfer money (Blockchain/Banking - 2018-04 - Quartz)

Santander, a major Spanish bank, has launched an international money transfer service, using California-based Ripple’s distributed ledger technology (but not its XRP cryptocurrency). The service is supposed to be cheaper and faster than existing systems and will provide more certainty about when the money will arrive. It’s currently available for retail customers in Spain, UK, Brazil, and Poland and will roll out in other countries soon. Transfers to Europe can be made on the same day and the bank is targeting instant payments by the summer. The service uses touch and facial identification and connects with Apple Pay.

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How blockchain trade finance is breaking proof-of-concept gridlock (Blockchain/Trade Finance - 2018-04 - Coindesk)

Several trade finance distributes ledger technology platforms currently under development were initiated by banks, and are designed to satisfy clients’ need for a leaner, faster process for securing and financing international trade transactions.

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American Express added B2B blockchain payments for US businesses sending money to businesses banking with Santander UK (Blockchain/Money Transfer - 2017-11 - TechRepublic)

American Express added B2B blockchain payments for faster transfers and added security for US businesses sending money to businesses banking with Santander UK. By using blockchain, the payments are instant, trackable, and don’t require a credit card.

 

 

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New blockchain banking system to process global payments faster and cost effectively (Blockchain/Banking - 2017-10 - TechRepublic)

A new IBM blockchain solution will allow financial institutions to process global payments faster and cost-effectively. Modernizing the global payments process and improving financial access could improve international commerce, and extend financial services to one billion people by 2020, according to the World Bank. This marks another move by IBM using blockchain technology, and IT leaders across all industries will need to understand it.

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Blockchain technology used to manage digital bank guarantees (Blockchain/Banking - 2017-09 - Fortune.com)

Microsoft is working with Israel’s Bank Hapoalim on a system that uses blockchain technology to manage digital bank guarantees. Microsoft is also using its blockchain-based Azure cloud computing platform for a recent proof-of-concept trial with shipping giant Maersk for sharing marine insurance data, to collaborate with Accenture for an ID system that could register refugees, and with Bank of America to test a system to log financial transactions.

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