Technology-led Transformation of the Banking Industry

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When the FinTech revolution started, traditional banking felt the heat of competition from the ‘new kid on the block’. FinTechs promised (and often delivered) fast turnarounds and personalised services. Banks were forced to look at their operations through the lens of customer experience, constantly re-evaluating risk exposures to compete with FinTechs.

But traditional banks are giving their ‘neo-competitors’ a run for their money. Many have transformed their core banking for operational efficiency. They have also taken lessons from FinTechs and are actively working on their customer engagements. This Ecosystm Snapshot looks at how banks (such as Standard Chartered Bank, ANZ Bank, Westpac, Commonwealth Bank of Australia, Timo, and Welcome Bank) are investing in tech-led transformation and the ways tech vendors (such as IBM, Temenos, Mambu, TCS and Wipro) are empowering them. 

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Ecosystm Snapshot: The ‘Ethics & AI’ Conversation

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In the Ecosystm Predicts: The Top 5 AI & Automation Trends for 2021, we had seen 2021 as the year when organisations re-evaluated their AI and automation roadmaps more actively. With the increase in interest in AI, there has been a buzz around Ethics and the use of AI. The drive to focus on Ethics has become an all-pervasive discussion.

We are seeing global bodies shape the conversation; several country-level initiatives to re-frame AI Ethics frameworks; tech vendors and organisations build Ethics into their marketing messages; and AI education courses attempting to introduce the concept early within the developer community.

This Ecosystm Snapshot provides a brief overview of the recent key initiatives that are shaping the conversation on Ethics & AI.

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