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    SFF 2021: What does it mean to drive the future of money with Data + AI

    Kimberly TongBy Updated:3 Mins Read
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    SFF 2021: What does it mean to drive the future of money with Data + AI

    future of money Image credits: Databricks

    Openness and simplicity have become increasingly important in the paradigm of financial services and data and AI.

    One of the simplest examples of openness in FS and AI is the rising concept of open banking in regions like Europe, Australia, London, etc.
    SFF 2021: What does it mean to drive the future of money with Data + AI

    Fig. Junta Nakai, Head of Financial Service Business in Databricks Talking About Open Banking vs. Closed Banking.

    What is open banking?

    Future of Money with Data + AI

    Open banking refers to opening the transaction of data from a closed model to an open model. In simple words, it means taking all transactional data from different sources like social media to compile it in one place for analysis.

    The great transition

    Businesses like insurance companies and banks need to make a huge transformation from a product-centric approach to a customer-centric approach in the coming years. This transition is not possible without the involvement of Data AI and Three Ts.

    The Three Ts are:

    Talent

    The openness and availability of talent will contribute to this transformation massively as qualified, trained professionals are vital for it. Databricks trains millions of young engineers on the underlying technologies that enable data work.

    Tools

    The talent you recruit needs an outlet for their creativity and innovation. One such data architecture is the Lakehouse Platform which is an open, simple, and collaborative platform.

    Analyzing the data through AI also enables you to find out what happened in the past. When you know about raw data, cleaned data, reports, and ad disrupt queries, you have to work on data exploration (why did it happen), predictive modeling (what will happen), and Prescriptive analytics (how can we make it happen). Data is compiled at one data analytics platform to perform all functions and evaluations.
    SFF 2021: What does it mean to drive the future of money with Data + AI

    Junta Nakai, Head of Financial Service Business in Databricks Talking About the Data Maturity Curve.

    Time to market

    Using AI and bringing everything together, you can reduce the FS time to market. By using a data analytics platform like Lakehouse, the time from production to market is significantly reduced.

    Top data + AI initiatives in financial services

    The four main things in financial services are personalization, fraud detection, risk management, and ESG. The most successful companies using data in AI Financial services find the lowest complexity, the highest evaluation used cases first.

    The simplicity of getting started

    Besides the openness of banking and similar sectors, the simplicity in the utilization of used cases will prove to be highly beneficial in the future. It includes FS used cases, including

    • Market risk
    • Reputation risk
    • Fraud
    • ESG
    • Cyber security 
    • Marketing analysis
    SFF 2021: What does it mean to drive the future of money with Data + AI

    Junta Nakai, Head of Financial Service Business in Databricks Talking About the Simplicity of Getting Started

    Closing

    Financial Services can highly benefit from the open and simplified use of AI to analyze data. Databricks’ software enables you to learn the underlying skills and become a part of the technically revolutionary future.

    Check out more from sector.sg

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