Agata Grela, Digital Strategy Leader at RBS International, spoke at the IoT Tech Expo Global on how companies pursuing digital transformation efforts are bringing about radical change in the financial sector due to developing technology.
Grela underlined that in order to develop goods and services that are meaningful for financial clients, it is critical to comprehend and experiment with developing technology. The goal was to build robust, flexible, and future-proof companies that could change with technology and with society.
We’re beginning to consider experimenting and innovating with [these technologies] in areas where we see significant opportunity for financial clients in terms of delivering meaningful products and services and genuinely future-proofing our clients to be more adaptable to changes.
Grela emphasized the IoT and AI’s potential to change the game in particular. More insight into client assets can be obtained by integrating real-time IoT data sources. She said, “You’re then able to make sense of it by being able to provide a contextual anchor to data.”
Grela addressed the seeming contradiction between IoT and financial services by highlighting prospects for asset tracking and monitoring, contextual insights, and tailored advise. It was also investigated how IoT may spur quick innovation in businesses.
AI systems, meanwhile, are able to analyze large datasets to find patterns and enhance operations. Grela, though, advised carefully considering such technology. It lacks a moral and ethical foundation and set of rules. How can we actually impart that? She posed a rhetorical question.
Grela explored the field of generative AI, concentrating on ChatGPT in particular. She warned that despite its capacity to handle large volumes of data and offer insights, it is not inherently capable of looking forward.
For financial organizations, directing the development of emerging technology is essential. Businesses need to constantly adapt since the finance business is impacted by the rapid advancements in technology.
Regarding digital transformation, Grela stated, “it’s really going to be about a continuous improvement and continuous adoption of these new technologies and a continuous assessment as to how we can use them where and when.”
Grela argued that in order to comprehend consequences comprehensively, finance professionals should acquire “future-ready” abilities like systems thinking. She also talked on how crucial it is to make new technologies easier for coworkers and clients to understand. This includes incorporating technology into regular activities, making it accessible, and customizing it to each person’s specific role.
“Knowing how all of that works together is really going to create digital transformation and effective long term future proof transformation,” Grela said.
Financial institutions have a chance to take pre-emptive measures to mitigate risks and leverage the potential benefits of emerging technologies, which are currently undergoing fast evolution.
First and foremost, what is the aim of this technology? is what we really want to know. How do we get everyone travelling together on this journey? Grela came to a conclusion.
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