IT departments have long been champions of new technology and decision making, but with big data now at the wheel, it's time for IT to move over and make room for accounting to serve as the new decision-maker
Accounting, while traditionally laggardly in the technology department, is being tasked "to push for change and learn what tools exist that can help them do their jobs more effectively." Millennials are expected to lead the charge with identifying ways technology can help in the workplace vs. adhering to widely accepted manual practices like cutting checks.
—The Globe and Mail
Thinking outside the box of financial services, nearly every type of industry can benefit from blockchain's ledger, including retail and food companies. With an increasingly high value on data security and transparency, companies are looking to blockchain to provide the kind of certainty their customers are looking for through "safeguarding vast troves of data and improving the efficiency of their operations."
Trading will begin in the second quarter of 2018 and is one of the many ways investors can get onboard and bet on blockchain startups. Forward thinking BnkToTheFuture will record client investments on—unsurprisingly—a distributed ledger, aka blockchain. Here's how it's expected to work: "Equity-backed tokens will be bought and sold via a technology built on top of the ethereum blockchain."
Macy's had a crisis moment during Black Friday—and it wasn't customers fighting over merchandise. Both retail locations and its website were having trouble processing credit cards on the most important shopping day of the year
And customers quickly took to social media to vent their frustrations during the slowdown in payments processing. According to Macy's, all issues with credit card systems were resolved as of Friday evening, but the lingering impact on the retailer's earnings is still unknown. With 33 percent of its revenue from last year generated in the fourth quarter, it's an untimely issue for Macy's going into the holiday season.
Chatbots are just the beginning. AI promises not only powerful customer self-service tools, but sifting through catalogs of data in an instant to procure game-changing insights, like balancing consumer budgets or giving small companies a game plan through algorithms.
With fraud easier to flag and the ability to prevent future data breaches, AI holds promise in curing a long list of vulnerabilities that ail financial services companies. In the meantime, it is slowly taking a corner of the market and growing in tasks and responsibilities to assist customers, create more seamless online shopping experiences, and advise consumer credit scores.