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Cloud Computing, AI Drive Revenue Opportunities, Present Resource Challenges for Banks

By   /  October 6, 2017  /  No Comments

by Angela Guess

A recent press release reports, “A new report released by Broadridge Financial Solutions, Inc. based on research by Greenwich Associates, examines the impact that cloud computing, artificial intelligence (AI), and distributed ledger technology will have in driving new revenue and cost savings opportunities for capital markets firms. While the opportunity to leverage these technologies to improve business is clear, these financial institutions are concerned that they don’t have sufficient resources and expertise to realize the full potential of these disruptive capabilities. The report ‘Pathways to Profit: Leveraging Next Generation Technology to Drive Profitable Growth’ reveals the top priorities of capital markets firms and their biggest pain points. While new technology has the potential to drive opportunities for new sources of revenue and cost savings, financial institutions are challenged to invest and find the expertise to realize the full potential of disruptive capabilities. A partnership approach to mutualize non-differentiating functions and to accelerate innovation and adoption of new technology will put firms on a strong pathway to profit.”

The release goes on, “Such efforts include partnering with third-party software-as-a-service (SaaS) providers to take full advantage of cloud capabilities, utilizing the scale of fintech partners to effectively deploy AI, machine learning, and robotics, working with third parties who can bring deep distributed ledger technology experience to drive adoption, and collaborating with industry partners who can create new networks that bring value to all participants. ‘While banks are poised to benefit from rising interest rates, stronger economic conditions, growing profits, and buoyant stock markets, leading firms are establishing partnerships with technology specialists to enhance their operational infrastructure and secure their future,’ said Tim Gokey, President and Chief Operating Officer of Broadridge.”

Read more at PR Newswire.

Photo credit: Broadridge

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