Everything you want to know about series round up: Blockchain, India's cashless society and AI and Banking

By Alara Basul | 14 April 2017

Ever wondered why India has decided to become a cashless economy, or what a distributed ledger in blockchain technology was? With a multutide of new trends, concepts, and regulations emerging in the fintech industry, we decided to write a complete run-down on the some of the most popular subjects.

Our everything you want to know series brings together a multitude of experts and industry leaders together to share their views on the topic. If you missed these articles when they were published, now's your time to read them. 

 1. Everything you want to know about blockchain but were too  afriad to ask

Blockchain has created a huge amount of buzz in the financial services industry since its official debut into the market in 2009. The question of when blockchain will go mainstream is yet to be answered, but there is constant speculation around the topic. However, the technology has been widely recognised by financial services and industries are slowly coming around to the idea of moving to a decentralised consensus system.

Blockchain technology is a useful tool that can be used to assist banks in trading assets, reducing back office costs, and helping with real estate transactions. As momentum builds behind blockchain, industries are realising the potential behind the technology.

But is the industry as knowledgeable about blockchain as perhaps we expect it to be? We’ve gone back to first principles and broken down an explanation of blockchain into what it is, why it’s powerful and what its main components are, to give a clearer understanding to the transformative technology.  

 2. Everything you want to know about India's cashless society but  were too afriad to ask

On November 8th 2016, India’s Prime Minister Narendra Modi announced that the country would be removing cash from its economy. There’s no doubt that India’s subsequent cash conundrum took everyone by surprise. With a population of 1.25 billion people, India is one of the world’s largest economies and a country that is highly dependent on cash, making the transition a headache for banks, commerce and consumers alike.

Since the announcement of demonetization, Prime Minister Narendra Modi has removed 86% of his country’s currency from circulation by announcing that all 500 rupees and 1,000 rupee notes would be removed. The demonetization was justified as a bid to curb tax evasion, corruption and shut down the black money economy.

Bobsguide asked two experts why Prime Minister Modi has taken the decision to steer his country into a cashless society now, what it means for the country’s future, and how fintech fits into that future.

 

 3. Everything you want to know about how AI is impacting banking  but were too afriad to ask

The rise of artificial intelligence (AI) is set to change the way banks and financial services operate, as well as the way consumers approach their personal banking. Powerful AI can replace humans with machines, improve customer experience and provide simplified cost-effective solutions for businesses.

We recently wrote about how about AI has an impact on the fintech sector, and now we’re digging deeper to find out how AI could transform banking by speaking to Tom Blomfield, Brett King and Spiros Margaris to discuss their views on AI and machine learning.

We've also rounded up our favourite interviews with industry experts in the financial services industry from Q1 2017, which you can read here. 

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