Posted on 12/09/2016 12:59:50 AM PST by expat_panama
We are at the dawn of a new era in finance. For the first time, we have the cognitive, analytic and data-driven technological tools that will allow financial firms to more effectively and efficiently meet the needs of customers and legal requirements. These tools will also strengthen firms' operations in service of financial stability and their shareholders.
Finance is, of course, necessary for economic life in any society. From the first known civilizations that used clay tokens in places such as Mesopotamia's city of Uruk, to today's globalized economic environment where virtual currencies, like bitcoin, are emerging, finance is at the heart of making agricultural and industrial commerce possible. Its central role creates an ability to bridge temporal divides, store value, and...
What the last 100 years of financial and economic development reveals is that traditional forms of control — be they physical or regulatory — are not enough. Exhortations about values — tone from the top — and rules alone about selling practices or concentrations are limited by the degree to which they are understood and followed.
Furthermore, rules that require more complexity and more human intervention to achieve their ends, however noble, produce inefficiencies on the one hand and lack of effectiveness on the other...
...technology has a flexible and natural ability to upgrade its own applications so as to stay ahead of regulatory expectations, markedly improve results, and provide superior data and analytics to institutions' governance mechanisms. And financial institutions large and small will benefit from the increased efficiency and reduced costs that this combination promises. Their customers and the overall financial system will benefit as well.
Our modern economy demands a modern, vigorous system of finance. Economies cannot grow and prosper without it. Yet finance's growing complexity also demands 21st century solutions to regulation and supervision.
(Excerpt) Read more at investors.com ...
I don't see anything here.
I misread the headline as “A Major Technological Turning Point in France”
The article made no sense at first for me either.
Made no sense to me either. I thought it was because I just woke up but feel better after reading everyone’s comments. Did the author get paid by the word?
Drivel with a click-bait title.
Is there a “Cliff-Notes” version? ;)
I’m going to take a wide guess that this technology (whatever it is) is not going to sit well with freedom loving people. What few there are left.
They are pushing a cashless economy, where the banks control all the money (credits). No more coins and bills, only electrons stored on their computers.
What could possibly go wrong?
As we used to say in commercial lending,”The first C of credit is character.”
First of all I didn’t read the story.
Secondly, I think computer scientists have really figured out how to create useful artificial intelligence. My understanding is that the use graphics cards that can run huge numbers of parallel processes to look through any type of electronic information for patterns, for example corners in photos. Then those low level patterns are fed into another level of graphics card power parallel processing to find higher level patterns, such as lines leading to corners. This process continues of processing to find patterns continues until a useful conclusion is reached, such as this is a box.
This technique is how Google categorizes photos, such as which ones are of cats.
I imagine many groups are trying to use the technique to find financial patterns.
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