future of money Image credits: Databricks
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.
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
The Three Ts are:
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.
Junta Nakai, Head of Financial Service Business in Databricks Talking About the Data Maturity Curve.
Time to market
Top data + AI initiatives in financial services
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
- Cyber security
- Marketing analysis
Junta Nakai, Head of Financial Service Business in Databricks Talking About the Simplicity of Getting Started
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.
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