6 February 2017
Cybersecurity, Cloud, AI, Blockchain: 2017’s Tech Concerns
By Viktor Andonov
In this Q&A with FX MM, Viktor Andonov, President of DataArt Bulgaria, shares his observations of the most prominent technologies to shape the financial services in 2017 and beyond.
“While financial services firms are deploying large amounts of capital to deal with the technical aspects of cybersecurity, very few have woken up to the realisation that their employees are the weakest link… Financial services firms must move from their current mindset to one where an attack on one is seen as an attack on all.
Cloud solutions, while not a panacea, represent a clear opportunity for firms to create robust and scalable systems across compliance, auditing and risk management amongst other areas. Perhaps more importantly, cloud solutions provide firms with a means to monetize deep data analysis.
In addition, the advent of artificial intelligence and algorithmic driven finance is democratising financial advice, opening it up to people who traditionally would not have the assets to access these services. Beyond compliance and regulation, the most exciting use of AI will be the growing use of artificial intelligence to analyse sentiment. Through monitoring of social media, financial services firms are increasingly able to determine market confidence and the sentiment of people.
Blockchain at its most fundamental level could very well prove to be the technology that restores trust in financial services. Blockchain is fast becoming a vital part of the financial services infrastructure and, by year-end 2018, will be in operation across the industry. … it is developing into a technology that eliminates the need for a clearing agent for financial transactions.”