Finances
Using regulations to an advantage
No sector is as regulated as the financial sector. The AI Act and the ESG Regulation were no surprise to many banks — after all, they had been preparing for it a long time ago.
However, meeting the new regulations can be a challenge, especially as cybersecurity is becoming increasingly important and hackers are becoming more and more creative to hit the financial sector.
Regulators are also an advantage when compared internationally, because this allows the industry to build up in such a way that the wishes of other countries are matched in the long term, especially when the Brussels effect occurs and the rest of the world “follows suit”.
Data as a solution to financial industry challenges
In the future of the financial sector, there are two things that should not be neglected:
-The creation of new business models
-Compliance with regulations, security and data protection
Customers want more convenience and convenience when it comes to banking transactions. This includes not only a strong UX, but also a sense of security and the knowledge that your own data is protected. Data is the solution for solving all challenges together in the long term: Predictive analytics not only increases customer loyalty, but also reduces costs, classic marketing solutions such as a customer data platform and customer centricity support customer contact and blockchain opens up lots of new business models.
The opportunities are huge and, in combination with regulations and regulations, great things can be created — for companies and customers!
Closer to customers — through data
Data opens up new business models — even in the financial world.
Tailored financial products and services based on clients' personal wishes are possible. Examples include individualized investment strategies, which are tailored to the specific needs and risk profiles of individual clients. Data has also become an integral part of marketing for the financial world.
But optimising costs is also an important factor for the highly competitive financial market: With data, risk assessments can be carried out by investors automatically and precisely, which leads to innovative credit products and more flexible financing options.
And data also makes fighting fraud child's play, from credit card fraud to identity theft to money laundering.
Using artificial intelligence for the financial sector
Artificial intelligence has become an integral part of the financial sector. It is the basis for fraud prevention and, in contrast to traditional, rule-based approaches, which are based on known fraud patterns, enables the models to adapt dynamically and thus also identify novel fraud attempts. The same applies to risk management and ensures that employees no longer have to assess risks themselves, but receive accurate forecasts from AI. This ensures that financial losses are minimized and thus also strengthens clients' confidence in the security of their financial transactions.
But there are even more use cases: Automation and increasing efficiency — as in other industries such as media or logistics — are part of this and ensure that processes are made simpler and more efficient, which in turn relieves employees. And redundant tasks such as invoice processing and the analysis of long texts are also possible thanks to artificial intelligence.
The top class is then the creation of a large language model, which not only answers the questions of customers but also of employees based on their own company data.
And then there is the big topic of blockchain, which long-established companies often shy away from, but which is partly the basis of the business model for start-ups.
Blockchain enables the creation of purely digital business models and the tokenization of various assets. It is not always necessary to use a modern coin whose future prospects are disputed.
Nevertheless, the digitization of assets opens up new ways of wealth creation, whether via cryptocurrency or NFTs. This tokenization gives a wide audience access to non-liquid assets such as art.
The topic of Decentralized Finance (DeFi) promotes financial inclusion and is therefore a valuable part of our society.
The options are huge — let's talk about them! We are happy to combine modern options with our long-standing expertise in data and thus ensure sustainable business models.
Blockchain and tokenization
Case studies
Here you can find an insight into projects that we have already implemented for customers.
