January 27, 2020 | Written by: Tom Eck
Categorized: Financial Services | FinTech
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The financial industry has long been at the tip of the technical spear, eager to take advantage of the latest technologies to improve everything from backend processes to frontend customer experiences. The willingness to engage and adopt has led to not only banking, but profound societal transformations with the advent of things like digital trading and mobile banking.
As digital transformations rolled on, a focus on financial technologies grew sharper, and the realm of specialized “FinTech” was born. Today these technologies are used across industries, like education and consumer services, as well as in institutional investment and retail banking firms.
IBM has also been at the forefront of this trend and this industry, paying attention to pain points and opportunities. For example, we’re working with clients such as the Royal Bank of Scotland and Regions Bank to help improve customer service and assist bankers in everyday work. Using AI-enabled chatbots, representatives are able to tackle more intellectually challenging questions, spend more time engaging with customers and be better informed to resolve issues.
IBM also helps FinTech companies envision, build and monetize new solutions by providing developer tools, technology, training and programs to share financial services expertise. IBM’s cloud and blockchain ecosystem is helping FinTechs, start-ups, developers and independent software vendors drive faster design and development.
As the FinTech industry has blossomed the digital universe has expanded with ever-increasing volumes of data being generated and shared by the second. This data boom, which shows no signs of slowing, has combined with advances in networking, cloud and scale to create new complexities and opportunities for the criminal element to exploit. It’s the reason we’ve doubled-down on regulatory technologies, or what we call, RegTech. Our financial crimes and anti-money laundering software helps companies monitor, understand relationships and behaviors to identify and halt financial crimes and risks.
With this level of commitment to our clients in the financial industry, it is a great honor to be ranked #1 in the Center for Financial Professionals’ (CeFPro) new FinTech Leaders 2020. The international research organization announced the results of the second annual survey today.
The survey is based on responses from more than 1,200 IT leaders, as well as financial and risk professionals, in the financial industry. In addition to moving up in the ranking for overall FinTech from last year, IBM maintained the #1 ranking for AI in FinTech, for the second year in a row.
The survey covers a “comprehensive and diverse range of fintech, finance and risk management categories,” and as such, the organization ranked companies solely on votes cast. (For more details and to download the survey, visit www.cefpro.com/fintech-leaders/.)
“CeFPro’s Fintech Leaders is unlike any industry report, as it is endorsed by 60 Advisory Board Members and is the ‘voice of the industry’ through the votes cast by more than 1,200 industry professionals,” said Andreas Simou, Managing Director, CeFPro. “In essence, this is an endorsement by the industry of IBM’s position within the fintech space, being ranked the top overall service provider and first in no less than four categories: Anti-Fraud, Anti-Money Laundering, Artificial Intelligence and Operational Risk. An outstanding achieving and recognition by the industry for IBM’s work and offerings.”
The financial industry is thriving and FinTech is a big reason. As it continues to blossom, new innovations and risks will arise. IBM will stay vigilant, listening to clients, partnering with clients and developing the most effective products and services to help them and protect them.