Industrial to Information Age: The Move

At first glance it appears that we are 100% integrated in the age of technology.  On closer examination however, Nadeem Shaikh writes in Harvard Business Review that we are actually faced with a widening of the “gap between technological and organizational progress.”

We must ensure that – as a community of forward-thinking individuals – we are embracing a more digital approach, shifting our focus in that area in all industries.  Ignoring signals due to concerns over short-term profits is not only futile, but could ultimately “cause negative ripples throughout broader capital markets.”

Thankfully ID Finance seems to have taken this on board.  The digital finance firm recently created a self-learning chatbot for MoneyMan, its online lending platform serving customers in Spain, Georgia, Russia, Poland, Kazakhstan and most recently Brazil.  In just a few short weeks more than a third of their customer requests were being processed automatically through the chatbot.  The way it works is by engaging new clients at the loan application stage and with registered users when they log in to their personal account, thereafter finding the data needed to ascertain loan eligibility, as well as offering recommendations of relevant products tailored to the individual’s requirements and financial prudence.

Meanwhile for those in the New York area earlier this month, the  In|Vest 2017 conference was well worth attending.  A perspective was provided on upcoming digital trends and strategies on wealth management and was invaluable for those in the fintech industry.  There were networking opportunities as well as demos and breakout sessions.

Ultimately the message we are hearing is to not let things go on ahead of us; get involved and get learning about digital upgrades.