By definition, blockchain technology cuts out middlemen. In relying on networks of users and collective trust, it reduces the need for centralized networks and data storage. This trait made blockchain-powered currencies popular on shadowy parts of the internet, but it has the potential to do something more revolutionary than obscure
Blockchain technology promises to revolutionize many aspects of how we do business and, if you believe the blockchain hype (of which there is plenty), may even be as disruptive as the internet was before it. Despite this, practical, real-world examples of blockchain technology can be a little thin on the
Data science is a major area of investment for banks due to its proven impact on operations such as fraud protection, risk mitigation, customer relationship management, and more. But while investments in AI are growing, banks are often finding that their existing analytics and business intelligence technology and talent aren’t capable of meeting their current and expanding needs. Challenges in resources, technology infrastructure, and the ability to operationalize models quickly and efficiently can prevent financial institutions from fully leveraging AI and data science to drive business impact.
These challenges, paired with the need to remain competitive in a quickly evolving market, compelled the Sumitomo Mitsui Banking Corporation (SMBC) to seek out innovative solutions to help it maximize its AI and machine learning (ML) investments.