The technology revolution has been shifting the landscape in financial sectors – with the rise of Fintechs, Blockchains and Cryptocurrencies threatening the existing models of the traditional institutions. Many traditional institutions realized the importance of, and have taken steps to adopt big data strategies. Being in a competitive space and also one of highest data generating industry with big guns, CEOs and other top managements are eager to embark on technology growth strategies. Over 80% of financial service firms expressed that they are planning (26%), trialing (36%) or have fully deployed (22%) AI, bots and ML in their business (Source: Deloitte). What are some AI and robotics applications which are transformational for each aspect of finance and banking businesses?
Challenges in making decisions due to too much available information — And what to do about it
Information overload, also known as infobesity, infoxication, information glut, data smog, and information tsunami, among other trendy terms, basically means reduced understanding and decision making capacity due to having too much information than can be processed. First discovered in psychology, information overload has demonstrated that even the most intelligent and upstanding people can have problems with acting appropriately (or even acting at all) when they are faced with too many choices or situational issues that overwhelm them.