The
financial services industry (FS) is rarely a leader in the application of
emerging technology, but it does happen with Blockchain and Chatbots. Both of these technologies changing internal and
customer-facing processes and adding new capabilities for businesses FS. Part
of the reason this is happening right now is because the ecosystem grows and
knowledge providers.
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| How Blockchain and Chatbots Are Changing Financial Services |
Blockchain Link Customers and Savings
In 2018, the industry spent $ 1.7 billion on Blockchain
which according to research by Greenwich Associates. The typical top-tier bank
now has a full-time team of 18 jobs in the technology, and one in 10 banks has
a Blockchain Development budget of over $ 10 million, according to the research
firm. One of the greatest benefits of deploying distributed books on space
technology FinServ reduced operating costs, something that the Arab Jordan
Investment Bank (Ajib) were able to experience after deploying the Oracle
Blockchain Platform. AJIB can immediately reduce the cost of money transfers
between subsidiaries to remove third-party intermediary with accompanying costs
incurred at each stage of transactional transfers. Users can build a network Blockchain
and letting Oracle manage network infrastructure (offsite or cloud in the
Customer) as internal developers who build applications on top of the contract
and the network. Artificial
Intelligence (AI) that
chatbots strength built into every layer of engineered systems Oracle
Chatbots Bring Cost Savings and Customer Experience Richer
Chatbots are also becoming more prevalent in the FS. As Blockchain,
intelligence-alias conversation chatbots-FS become part of the modern world. We
saw them in an area where there is enough work being done to develop a rich set
of data that goes beyond the human ability to cultivate. These intelligent
agents can be a customer-facing or internal assistant to reveal things such as
business insights or make recommendations for the client.
The key to user satisfaction is seamlessness. Nobody
wants to be mired in a frustrating conversation with a closed-loop chatbot
message, but the good news is that technology has evolved and worked quite
elegant. Oracle offers ready to go Bot Intelligent Platform for customers to
build custom interfaces conversation according to customer requirements.
One of the main FS reasons companies are experimenting
with intelligent agents such as chatbots is that specific customer segments
prefer them because they offer a richer, more personalized experience and more
consistent. From a business standpoint, intelligent agents offer a way to
standardize the process (such as dissemination and retrieval of documents), and
they have an inherent audit trail and can be used for learning and teaching.
Bank of America launched a customer chatbot message,
Erica, last month after demoed two years earlier. Bank says it wants to ensure
the user will have a smooth experience before introducing Erica, which can help
customers in limited locations check their balance, remember to pay their bills
and find out information about the bank and its services.
The Cloud-Ready Infrastructure Needs for FS
Dominating strategy for this technology range from
empowering the cloud, which for FS involves the migration of most of the
existing applications and infrastructure into the cloud environment. To be
effective behind Blockchain and AI into productivity applications, developers
need to abstract the complexity of technology companies, which is what the
cloud is not. Additionally, the cloud provides unlimited and scalable
infrastructure for storage and computing requirements are much higher than a
transformative technology and can replace a legacy system that is disconnected
with a stable foundation for the new workload.
For example, Oracle's Engineered Systems are cloud-ready
and purpose-built for the database where the company FS data store their most
valuable asset-their customers. Utilizing Oracle Database, Oracle Blockchain
technology, intelligent bots from Oracle Cloud and Oracle Engineered Systems of
local infrastructure together as a holistic solution provides the kind of
security and manageability needed to thrive in this digital era.
People often ask "what's next for Blockchain and
intelligent agent?". The truth is, we do not know because we do not know
where they might end up. While we all did not get the flying car a la
"Jetsons," we, however, get the equivalent of Rosie the maid in the
form of Roombas, thermometer Nest, Amazon Alexa, and more ... Both
transformative technologies are not the end of the road; far from it. With
endless experimentation with the case of the use of the low-hanging fruit, who
knows what tomorrow holds.
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