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Blockchain, Machine Learning and Millennials to drive financial services

Mike Walker, Research Vice President, Gartner

The fate of cryptocurrency is yet to be decided, but the Blockchain technology which was crafted to secure the cryptocurrency transaction is the buzz in financial services industry. “Blockchain holds a lot of potential in transforming financial services to the next level. The typical use cases of Blockchain in banking could vary from simplifying payments, KYC or identity management to reducing frauds” says. Mike Walker, Research Vice President at Gartner.  Financial services industry believes that Blockchain will facilitate trustworthy communication between financial institutions.

Along with Blockchain the second technology that has the potential to transform the IT business is machine learning. Machine learning plays an important role in providing seamless and frictionless experience. For e.g. Bank of America is using virtual assistant called Erica. It will use artificial intelligence, predictive analytics & cognitive capabilities to service customer queries and provide assistance to the customers.  “Millennials form a large size of customer base their expectations are different from that of traditional customer base. Millennials seek fluid and engaging interaction, they wish to have a frictionless experience. Machine Learning can accomplish such demands” Mike says.

In future majority of financial services will be tailored as per the industry needs and demands. Millennials today form a major proportion of total workforce at workplaces. Whereas in Japan, 40% of its total population will be over 60 by 2040.Financial services companies are looking at the economy and demography to offer tailor made services to such customers across countries.

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