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Category Archives: Fintech AI/ML, Data-driven

Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

Guest Post | Jul 29, 2021

Trullion home - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting ProcessSticking to manual lease accounting processes and compliance with relevant standards can be a huge nightmare.

The solution?

Use Trullion, a dependable software that uses AI to automate and simplify your lease accounting workflows and compliance processes.

In this review, we’ll look into how Trullion can help you establish seamless lease accounting processes and make complying with the required standards more efficient.

What is Trullion?

Trullion is an Artificial Intelligence or AI-powered Software as a Service (SaaS) platform that automates lease accounting workflows for auditors, Chief Financial Officers (CFOs), and accountants.

The platform combines the structured and unstructured aspects of accounting by reading Excel and PDF files and turning them into financial workflows,   revenue recognition and lease accounting.

Trullion is designed to provide a solution to accounting process silos most Enterprise Resource Planning (ERP) and accounting firms often fail to address.

See:  Top 12 AI Use Cases: Artificial Intelligence in FinTech

It can give you a 360° real-time view of your financial data, extract information from source documents and connect them to your audit trail, and speed up your ASC 842, IFRS 16, GASB 87 compliance process.

Main features and functionalities

Essentially, Trullion automates your tedious and repetitive financial and lease accounting workflows and tasks through AI technology.

Below are the lease accounting 2.0 solution’s critical features that help you streamline your lease accounting processes.

AI-powered contract extraction

Uploading your contracts into the Trullion software is a pretty straightforward process.

On the software’s interface, click the blue button, the browse option, or drag and drop your contracts or lease agreements (PDF, XLSX, or DOC file formats).

Trullion AI powered contract data extraction - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

Click Import to upload your document.

Trullion uses Machine Learning (ML) and Optical Character Recognition (OCR) to analyze your contract and find relevant information for you.

The contract data displays on the right side of the interface and you’ll see the ASC 842, IFRS 16, and GASB 87 data inputs on the left side.

You'll see the software’s relevant recommended data points. Click each one, and the software will instantly highlight them within the agreement, allowing you to go over and approve them quickly.

Trullion Contract tagging - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

These features simplify and automate extracting key data points from your contracts, allowing you to generate necessary reports efficiently.

Visual modifications

After reviewing a lease agreement, you can lock it to make it a read-only record.

To update the record due to, let’s say, a renewal, you can unlock it and process the modifications.

Add a description, the modification date, and select the type of modification, such as a term or payment change.

Trullion Contract tagging2 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

Click Modify, and this should open the workflow. You can add new documents or details and adjust the agreement accordingly.

Trullion’s visual modification feature will create a timeline that shows the before (historical data) and after (current data).

Trullion Contract tagging3 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

With this, you’ll see the active record on your Reporting page and the historical view of records, allowing you to get quick before and after views of the agreement details. This helps streamline your lease accounting process.

Bulk upload and modifications

Manually uploading data and applying modifications are often long and painful tasks, especially if you have a large asset portfolio or implement modern audit processes.

Trullion provides a solution through its bulk upload and modifications feature.

Using the upload tool, drag and drag your worksheet containing your records. The software will detect the column headers within your data automatically. You can then match the column headers with your desired data fields.

Trullion process review - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

You can preview the data to check if you’ve got everything sorted out properly, then click Import. This should import all your data at once, allowing you to upload your data in bulk seamlessly.

Once imported, you can click on any of the lease records and view and process them within Trullion’s system.

What if your source data (Excel worksheet) gets updated or if you add new data?

Trullion allows you to update or modify your lease agreement information within the software easily.

See:  Top 5 In-demand Jobs Post COVID-19?

Let’s say you modified the lease agreement information, such as extending the date of the contract in your Excel worksheet.

To update the records within Trullion, navigate to the software’s uploading tool and drag and drop the worksheet with the updated lease agreement data.

Once uploaded, select the same template you used for the records you want to update, and the software will remember the existing data fields. It will show you the modified records.

Under the Changed category, click on each record to show the changes. You can also view the old and the new values by clicking the Show Changes option.

Trullion process review 2 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

The software will also detect data removed from your records, such as assets that are no longer in the worksheet.

You can choose to terminate, ignore, or modify them.

Trullion process review 3 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

The last category shows you the unchanged records for your reference. Click Update Contracts, and you should be good to go.

The process is quick and easy, saving you tons of time and effort by reducing manual data uploading and updating, leading to efficient lease accounting workflows and processes.

360° audit reporting

Trullion offers reporting features that help you go through the steps of ASC 842, IFRS 16, and GASB 87 and generate all your Right-of-Use (ROU) assets, liability, and other entries.

After bringing in all your PDFs and Excel-based documents, you can create your reports efficiently.

Select the journal entries from any given period, view relevant contracts, and see disclosure and other details. When you’re done, you can export the data into Excel for review.

Trullion process review 4 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

Click on any cell containing your exported data, and you’ll see the formula used within the software. This gives you and your auditor a 360-degree view of the audit trail.

Trullion process review 5 - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process

You can also go to the sheet containing your contracts and click the links within the journal entries and disclosures. This will take you directly back to the original agreement on Trullion.

Wrapping up our Trullion platform review

Trullion provides the features you need to ensure confidence and transparency in handling your financial data and managing your lease accounting processes with ease.

With the software’s AI-based technology, you’ll get a single source of truth and have real-time visibility into your company’s financial data and processes.

In a nutshell, Trullion’s solution can automate critical aspects of your lease accounting processes, help you implement modifications easily, and ensure compliance with all the required standards.

 


NCFA Jan 2018 resize - Trullion Platform Review: A Reliable Software to Automate Your Lease Accounting Process The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Biden’s ‘Antitrust Revolution’ Overlooks AI—at Americans’ Peril

Wired | | Jul 27, 2021

AI - Biden’s ‘Antitrust Revolution’ Overlooks AI—at Americans’ PerilA handful of companies have outsize influence on the world’s artificial intelligence. Policymakers must act now to stem the rise of powerful monopolies.

Without intervention, AI could also help undermine democracy–through amplifying misinformation or enabling mass surveillance. The past year and a half has also underscored the impact of algorithmically powered social media, not just on the health of democracy, but on health care itself.

The overall direction and net impact of AI sits on a knife's edge, unless AI R&D and applications are appropriately channeled with wider societal and economic benefits in mind. How can we ensure that?

A handful of US tech companies, including Amazon, Alibaba, Alphabet, Facebook, and Netflix, along with Chinese mega-players such as Baidu, are responsible for $2 of every $3 spent globally on AI. They’re also among the top AI patent holders. Not only do their outsize budgets for AI dwarf others’, including the federal government’s, they also emphasize building internally rather than buying AI. Even though they buy comparatively little, they’ve still cornered the AI startup acquisition market.

See:  Nobel-winning Psychologist: ‘Clearly AI is going to win. How people are going to adjust is a fascinating problem’

Many of these are early-stage acquisitions, meaning the tech giants integrate the products from these companies into their own portfolios or take IP off the market if it doesn’t suit their strategic purposes and redeploy the talent. According to research from my Digital Planet team, US AI talent is intensely concentrated. The median number of AI employees in the field’s top five employers—Amazon, Google, Microsoft, Facebook, and Apple—is some 18,000, while the median for companies six to 24 is about 2,500—and it drops significantly from there. Moreover, these companies have near-monopolies of data on key behavioral areas. And they are setting the stage to become the primary suppliers of AI-based products and services to the rest of the world.

Biden's antitrust revolutionaries need a four-step plan to confront the AI revolution.

Antitrust authorities must first be forward-looking. They must recognize that the AI chess pieces being moved today will shape tomorrow’s endgame–particularly in a tech industry with high barriers to entry and early moves that are hard to reverse after scale. Tech antitrust action often occurs after it’s too late. Policymakers should also trace the outlines of multiple future AI scenarios, including a dystopian one. They must imagine, for example, a society that suffers from “algorithmic poverty,” in which users generate data as unpaid “labor,” which is used to train algorithms that in turn displace wage-producing labor.

See:  Lawmakers Take Aim at Big Tech with Push for Sweeping Overhaul of Antitrust

Policymakers must also separate AI applications that are value-enhancing for society, like speeding up scientific research, from others that might be value-destroying, like rapidly creating misinformation echo chambers, even if such developments are valuable for the firms bringing them to market. The economic impact can be broken down into the ways in which AI augments and substitutes existing activities and where it imposes negative social costs.  Such a framework can help regulators provide guidance and guardrails to AI development. Selective taxes, tax breaks, and credits and subsidies can nudge corporate decisionmakers in their investment choices.

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NCFA Jan 2018 resize - Biden’s ‘Antitrust Revolution’ Overlooks AI—at Americans’ Peril The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Designing a Central Bank Digital Currency with Support for Cash-Like Privacy

SSRN | Jonas Gross et al | Jul 22, 2021

retail CBDC with cash like privacy - Designing a Central Bank Digital Currency with Support for Cash-Like Privacy

Most central banks in advanced economies consider issuing central bank digital currencies (CBDCs) to address the declining use of cash and to position themselves against increased competition from Big Tech companies, cryptocurrencies, and stablecoins.

One crucial design dimension of a CBDC system is the degree of transaction privacy. Existing solutions are either prone to security concerns or do not provide full (cash-like) privacy.

Moreover, it is often argued that a fully private payment system and, in particular, anonymous transactions cannot comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulation.

See:  BIS Research: CBDCs beyond borders: results from a survey of central banks

In this paper, we follow a design science research approach (DSR) to develop and evaluate a holistic software-based CBDC system that supports fully private transactions and addresses regulatory constraints.

To this end, we employ zero-knowledge proofs (ZKP) to impose limits on fully private payments. Thereby, we are able to address regulatory constraints without disclosing any transaction details to third parties.

We evaluate our artifact in interviews with leading economic, legal, and technical experts and find that a regulatorily compliant CBDC system that supports full (cash-like) privacy is feasible.

Continue to the full article and download the 44 page PDF --> here


NCFA Jan 2018 resize - Designing a Central Bank Digital Currency with Support for Cash-Like Privacy The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Open Finance data adoption varies by country (but one thing is certain)

McKinsey & Company | By Chandana Asif, Tunde Olanrewaju, Hiro Sayama, and Ahalya Vijayasrinivasan | Jul 11, 2021

Open finance  - Open Finance data adoption varies by country (but one thing is certain)

If open finance continues to accelerate, it could reshape the global financial services ecosystem, change the very idea of banking, and increase pressure on incumbents.

Banks hold a record of much of what we spend, save, and borrow—from electricity bills and mortgage payments to our weekly spend on fuel and coffee. Now, some of that customer data is being shared with third parties in a global movement known as “open financial data” (sometimes referred to as “open banking.”) Roughly half a decade in the making, it’s unlocking a wave of digital financial innovation—and likely disruption.

Brought on by a combination of government regulation and market forces, open financial data allows an expanding universe of players—both financial and non-financial—to access customer accounts and data in order to offer new products and services (all contingent on customer consent) (Exhibit 1).

See:  WEF: Decentralized Finance: (DeFi) Policy-Maker Toolkit

For customers, open financial data affords greater flexibility in how their money is managed, allowing, for instance, better visibility of accounts and more convenient access to payments. (This paper focuses primarily on benefits for consumers; for more detail on benefits for all participants, including financial institutions, see our recent related report, “Financial data unbound: The value of open data for individuals and institutions.”) Still in its infancy, the movement has the potential to reshape everything from bank accounts, credit cards, payments, mortgages, small business loans, and even insurance policies.

Around the world, this trend is evolving in different ways. In the European Union, the United Kingdom, South Korea, Australia, and India, governments have mandated large banks to open up their vast troves of customer accounts to other companies, in a bid to stimulate competition (Exhibit 2). In the United States and China, it is a market-led movement, with companies establishing open-banking relationships among themselves. Singapore is using a blend of the two models.

open finance implementation chart by country - Open Finance data adoption varies by country (but one thing is certain)

The adoption of new digital habits and a dramatic movement toward online channels during the pandemic appears to have accelerated open banking. With so much more of their lives spent online, both consumers and small and medium-sized enterprises (SMEs) became much more open to fintech apps and other non-traditional financial products and services. They also habituated to greater levels of convenience, choice, and flexibility in their financial relationships. In just the first six months of 2020, the number of users of open banking–enabled apps or products in the UK doubled from one million to two million and grew to over three million as of February 2021. In the US, almost one in two consumers now use a fintech solution, primarily peer-to-peer payment solutions and non-bank money transfers.

See:  Financial data unbound: The value of open data for individuals and institutions

We believe that if open finance continues to accelerate it could reshape the global financial services ecosystem, change the very idea of banking, and increase pressure on incumbent banks. According to the UK’s Financial Conduct Authority, a significant share of customers who are dissatisfied with their current accounts, earn uncompetitive interest rates on savings accounts, or pay higher mortgage rates do not change providers due to the hassle of switching or lack of visibility into better options.  The ability for customers to better understand their full financial picture—one of open banking’s promises—could result in margin compression, as pricing and charges become more transparent. Banks may also have to contend with margin sharing, as payouts to digital platforms could play a far greater role in customer acquisition.

open banking solutions in the UK - Open Finance data adoption varies by country (but one thing is certain)

Continue to the full article --> here

 


NCFA Jan 2018 resize - Open Finance data adoption varies by country (but one thing is certain) The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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UBS [Submission deadline: Aug 6]: Future of Finance Challenge 2021

UBS | Jacoline Loewe | Jul 13, 2021

UBS future of finance challenge - UBS [Submission deadline: Aug 6]:  Future of Finance Challenge 2021Since 2015, the UBS Future of Finance Challenge has been open to start-ups and established, growing companies that change the way finance works and meets the client needs of the future. Take part in the 2021 competition and access benefits and prizes of over USD 400,000 worth in value, delivered in collaboration with Anthemis, Deloitte and Microsoft for Startups.

Challenges

What are key challenges for the finance industry? We have identified four challenges that are key to how finance meets the client needs of the future

UBS 2021 fintech challenges available - UBS [Submission deadline: Aug 6]:  Future of Finance Challenge 2021

Who is eligible to enter?

We’re looking for start-ups and growing companies, with an annual turnover lower than USD 150m. You should have received less than USD 150m in total investments:

Participants should have developed:

  • A working prototype of a product, service or application grounded on innovative / disruptive technology applied to banking / finance

Proposed technology solutions should:

  • Be focused directly on banking and financial services, or
  • Have a demonstrable impact in another sector but with a potential connection or application within the banking and financial industry.

Some other restrictions apply – see the Official Rules for full details.

See:  65% of Global banking executives see branch-based models dead in 5 years

What is in it for you

One winner per challenge will be selected and each winner will win a cash prize of USD 10,000.

In addition, over 120 hours of dedicated coaching and mentoring from experienced technology and business leaders will be offered to competition finalists. Some finalists may also be considered to participate in a «proof-of-concept» or pilot program with UBS after the competition or enter our UBS Next investment pipeline.

See our rewards page for more details about the prizes

Female Founder Award

This year, UBS is introducing a new Female Founder Award which recognizes a female founder or Business Lead of a start-up business. As a partner for women entrepreneurs, we are keen to support female founders in their ambition to succeed.

Our recent analysis on «The Funding Gap» shows how female entrepreneurs receive less funding than their male counterparts. Our competition program is providing specific mentoring tailored to female founders, and connects them to our female innovator networks.

Timeline and Process

The application deadline is August 6th, 23:59:59 CEST.

We will not consider any submission made after the deadline.

Se:  Banking the Underbanked

Once we have evaluated all eligible entries, we will select the finalists for each challenge and announce who the finalists are no later than September 30, 2021.

Each finalist will receive mentoring from the panel of experts assembled by UBS for the competition to develop and refine the proposals further. Finalists will then pitch their proposals on the following dates to their respective Challenge juries.

UBS 2021 fintech challenge timeline - UBS [Submission deadline: Aug 6]:  Future of Finance Challenge 2021

Learn more about the UBS Fintech Challenge and Register --> here

 


NCFA Jan 2018 resize - UBS [Submission deadline: Aug 6]:  Future of Finance Challenge 2021 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Three Human-Centric Practices to Become a Better AI Fintech Leader

1000 Days Out | Ramy Nassar | Jul 8, 2021

3 human centric practices to become a better fintech leader 1 - Three Human-Centric Practices to Become a Better AI Fintech Leader

You’ve seen them before - robo-advisors, virtual agents, smart banking “platforms” - yet with each new product launch and press release, doesn’t it seem that artificially intelligent tools aren’t living up to their self-proclaimed smarts?

It happens with every technology wave, and as far as tech waves go, AI is a tsunami. It goes a little something like this: new technology evolves, executives insist it’s just a fad, their competitors embrace the tech, and then everyone plays catchup. Generally, end-users are the ones who feel the impacts of this cycle, left with an endless barrage of apps & platforms that don’t solve meaningful problems.

See:  Financial data unbound: The value of open data for individuals and institutions

At this point, I may sound quite pessimistic about the potential of AI to create meaningful and measurable value in the FinTech sector. I’m not! In fact, quite the opposite - I believe that machine intelligence has the potential to transform the banking industry - if we take a human-centric approach to designing solutions (while we’re at it, let’s stop creating apps & platforms and all agree to design solutions instead).

There are three practices that FinTech leaders can adopt to bring aspects of a more human-centric design lens into how they develop new AI-enabled solutions.

1 - Understand Data Bias

We all have biases. It’s true. They don’t make you a bad person, in fact, one could argue that it makes you human. It’s not recognizing our own biases that can lead to bad decision making and the same can be said for the data we work with.

Beyond just collecting and analyzing data, organizations need to uncover how data bias can influence the accuracy or reliability of predictive systems. A comprehensive understanding of the role that data bias can play is crucial in building the next generation of intelligent FinTech solutions. As powerful as AI and machine learning tools are, they have the potential to also amplify biases that exist in our data.

See:  Financial Health Network Report: Financial Data – The Consumer Perspective

A simple experiment to see how bias can rear its head in an AI-enabled system can be demonstrated with a Google Images search for the term “CEO”. Do the results look like what you’d expect? While at first glance, the results may be surprising, it’s worth noting that as of May, 2020, the Fortune 500 included only 37 female CEOs - a little over 7%.

Data bias can be amplified by algorithms and it’s important to develop a deep understanding of how this risk can be mitigated.

2 - Be Curious!

A person’s IQ is of course their “intelligence quotient” and their EQ their “emotional quotient” - but what about CQ? CQ, or a person’s “curiosity quotient”, has been described by Dr. Tomas Chamorro-Premuzic as “the ultimate tool to produce simple solutions for complex problems.” Given the complexity of working with an emerging technology such as AI, individuals with a high CQ are perfectly positioned to help design clever, impactful solutions.

Curiosity begins with asking the right questions and similarly, human-centered design begins with understanding who you’re designing for and what problem you’re trying to solve. Curiosity is a core competency for leaders wanting to leverage the full potential that AI has to offer in creating scalable FinTech platforms.

3 - Focus on KPIs Over FYIs

AI gives us the remarkable ability to predict future outcomes or find proverbial needles in our data haystacks, but too often organizations focus on data that doesn’t really matter. Most executive dashboards bring together data from across the organization but rarely are these data points actionable and usually they are just FYIs. Interesting insights that give leaders little to no ability to make future decisions from.

See:  Future Market Dynamics Part 3 – data sharing, trust and a world of choice

KPIs instead are the data insights that allow leaders to make strategic decisions, in (near) real-time, that positively impact the future of the organization.

 

FYI - For Your Information KPI - Key Performance Indicators
Last quarter or month’s sales performance against target Last quarter or month’s requests for support from internal pre-sales engineers which gives insight into future sales performance
Current warehouse inventory levels across distribution centres Social media data to predict future product demand (or lack thereof)

 

The latter example was made famous by PepsiCo who used social media trend data to forecast changes in consumer behaviour and a decreased demand for sugar-loaded drinks. True KPIs (maybe they should be called Key Performance Levers or KPLs) give business leaders a true insight, based on which resources can be allocated and investments made. When used correctly, AI can be a powerful tool in the FinTech toolbelt for unpacking and making sense of complex data.

Just as the Design Value Index showed that organizations that focus on design outperformed the S&P by 211% over a 10 year period, this mindset can give AI Fintech leaders a similar advantage. The practices outlined above are the starting point for a repeatable framework for designing better AI-enabled FinTech solutions.

About the author:

Ramy is the founder of 1000 Days Out, Head of Design at Olive Group, and author of the upcoming AI Product Design Handbook. As the former Managing Director of Design & Strategy for Architech and Head of Innovation for Mattel, he has led diverse teams in the creation of disruptive new digital products, services & platforms. Ramy teaches Design Thinking at McMaster University and in the Master’s of Engineering, Innovation & Entrepreneurship program at Ryerson University.

Fintech Confidential issue 3 cover 1 - Three Human-Centric Practices to Become a Better AI Fintech Leader

This article appears in NCFA's digital magazine, Fintech Confidential (Issue 3). Click to read the latest thought leadership, insights and trends about Fintech in Canada:

Checkout NCFA's digital magazine, Fintech Confidential (Issue 3) --> here

Cloud’s trillion-dollar prize is up for grabs

McKinsey | Feb 26, 2021

Cloud value drivers McKinsey - Cloud’s trillion-dollar prize is up for grabsCloud has immense potential, but most companies are only scratching the surface. Recent research clarifies where the value lies—and how to capture it before competitors do.

More companies are starting to see the real benefits of cloud, 6 which has been long heralded as a catalyst for innovation and digital transformation, thanks to its ability to increase development speed and provide near-limitless scale. While Moderna’s success illustrates the business opportunities that cloud makes possible, it only scratches the surface of the potential value at stake.

A detailed review of cloud cost-optimization levers and value-oriented business use cases foresees more than $1 trillion in run-rate EBITDA across Fortune 500 companies as up for grabs in 2030 (see sidebar, “About the research”), a number that will grow as cloud facilitates the adoption of emergent technologies such as augmented reality and blockchain.

See:  New report explores questions of responsible AI innovation in financial services

This $1 trillion is less a prediction than an estimate of what should be possible, provided companies aggressively pursue the cloud opportunity—and a call to action, because early adopters will capture a disproportionate share of the total value.

The emergence of this immense value pool comes at a time of increasing competitive pressure on companies. Fast-moving digital players are creating a fluid business landscape and accelerating the pace of change. For CEOs, cloud adoption is not just an engine for revenue growth and efficiency.

Its speed, scale, innovation, and productivity benefits are essential to the pursuit of broader digital business opportunities, now and well into the future. Yet an overly narrow view of cloud-value economics and where value exists often keeps companies from achieving the desired outcomes.

Capturing value: Seven value drivers underpin the three dimensions

As companies assess the opportunities enabled by cloud, a detailed review of the sources of value can pinpoint where they need to focus their attention, people, and resources. Across the three dimensions, seven drivers of value can collectively generate more than $1 trillion in value (Exhibit 3).

See:  Public and Private Cloud AI Digital Banking

McKinsey value drivers of cloud - Cloud’s trillion-dollar prize is up for grabs

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NCFA Jan 2018 resize - Cloud’s trillion-dollar prize is up for grabs The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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