FINAL WORD
Internet-of-Things ( IoT ) sensors we encounter in our daily lives . combination with Edge Computing , have the power to create significant competitive advantages .
As a result , the data centre is rapidly changing to no longer be the centre of data . The need to handle , manipulate , communicate , store and retrieve data efficiently is moving processing capacity closer to the user than ever before . This phenomenon is known as ‘ data gravity ’ and draws the physical location of digital infrastructure closer to the data source itself . This creates a new set of challenges – and opportunities – for financial service organisations .
Changing the competitive landscape
Financial firms are not only adopting cloud-based technology to deliver a much better service for their clients , but they are doing so to remain relevant . Artificial Intelligence ( AI ) is one such example . For processing simple , repetitive tasks or extracting insights from large amounts of data , AI applications , in
Management consulting firm , McKinsey & Company , estimates that AI technologies could potentially deliver up to US $ 1 trillion of additional value each year for global banks . They found that AI could ‘ help boost revenues through increased personalisation of services to customers ( and employees ); lower costs through efficiencies generated by higher automation , reduced
For traditional retail banks , Edge Computing creates opportunities to improve customer service , reduce costs and ensure regulatory compliance .
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