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2018 Financial Technology Outlook

5 January 2018

What will be the primary drivers of professional life in 2018? And what will we all be talking about?

When it comes to financial services, I can foresee two areas of excitement: (i) the application of artificial intelligence (AI) and (ii) Risk technology development.

AI is not a new thing – we have seen pockets of it before. What is new is the pace of its spreading and steadily growing presence in finance. Why is this? For 3 reasons: 1) computing power has risen exponentially over the recent years to be able to process large amounts of data, 2) data volumes themselves grew massively with the invention of mobile devices and the internet and 3) finally, analytics capable of the processing and analysing of this data are becoming available. AI’s primary meaning is ‘letting machines do intelligent work by simulating humans’. With all three factors now in place, we are opening a new chapter in our lives – the ‘Era of Data’ where many business, scientific and social decisions will be based on AI analytics.

What does AI bring to finance? A lot. It can be productively applied almost in every area – trading, research, compliance, risk – just to name few. The true power of AI and machine learning lies in the ability to detect patterns that are not always obvious and then use them to build predictions. Financial trading, research and risk can become huge beneficiaries of this AI revolution where forecasts and buy / sell orders are constantly adapted to new market conditions.

AI spreading in finance will largely affect risk technology in terms of scope, models and process automation. Risk is turning digital as increasingly large volumes of risk data is captured through digital media and monitored and analysed on a single dashboard. This will provide a faster, more accurate and deeper level of insight that senior management requires. The leader in risk technology – Murex have done exactly this. Murex’s newly-designed market risk system with MRB and MRA interfaces sets the benchmark in the industry. With a new release scheduled later this year, Murex will further consolidate its renowned leadership in the risk field. 

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