What’s Ahead for Fintech in 2017?
Last week we shared some trends for business reporting. This week we turn an eye toward FinTech – emerging technologies like Blockchain and AI that are (or will soon be) impacting our community. In addition to some interesting predictions on the emergence of biometric identifiers in securing mobile payments, this article in BizTech Magazine provides some analysis on how Artificial Intelligence will transform the financial industry in the near future, increasing efficiency and you guessed it – replacing jobs currently being performed by people.
This drive towards automation is nothing new for business reporting, and it is our feeling that our work will inevitably converge with that being done using Blockchain and AI. One possible area? Fraud detection. There is a subset of AI which employs algorithms to detect patterns in the massive amounts of data held by financial institutions to identify possible threats. Structured data is already being used by securities regulators to identify potential anomalies in regulatory filings and the Reserve Bank of India uses XBRL to help commercial banks guard against non-performing loans. Having robust structured data as the foundation for FinTech applications will only improve the utilisation and utility of both.