Today, there is almost no business that does not rely on technology and software solutions. It’s not only about products and services, but rather about the fact that software, various applications, and solutions are the foundation of the entire business, serving as tools for everyday operations. A basic example is email. Nowadays, almost every aspect of business is digitized and connected to some software and/or analytics. To better illustrate the issue addressed in this text, we will discuss it on the basis of the banking sector and our own experience.
BFSI is one of the industries where AI/ML is causing significant upheavals in 2021 and beyond. Despite the pandemic, interest in AI and ML implementation has been resilient. According to a survey conducted by the Bank of England, around 40% of respondents said that the relevance of machine learning for future operations has increased, with 10% of institutions on a significant rise. The relevance of machine learning has not decreased at any of the banks. The financial sector is heavily utilizing artificial intelligence and machine learning to automate and simplify processes.
The target date for the entry of the Republic of Croatia into the Eurozone is still set to 1 January 2023. But while the start of 2023 is the first possible date of entry, some forecasts claim that not all the requirements will have been realized by then because preparation projects last up to 3 years, and 90% of the cost lies in IT system adjustments.
Challenger banks are just what the name says: they are challenges to established financial institutions. The concept started in the United Kingdom but has spread to many areas of the world, although sometimes under different names, i.e. just being called “fintech.”
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