Connect with us

TECHNOLOGY

Deep Learning and the Future of Finance

Published

on

Deep Learning and the Future of Finance

[ad_1]

Deep learning is rapidly transforming the global financial services industry.

A step ahead of machine learning, deep learning focuses on finding minute details to function.

What is Deep Learning?

Deep_Learning_Technology.jpeg


Deep learning
 is a type of machine learning in AI that gathers huge datasets to make machines act like humans. Due to the use of neural networks, deep learning produces optimized results. You must have observed how Facebook automatically finds your friend in an image and suggests you tag her. Here, Facebook uses deep learning to recognize your friend. We were amazed to read what Gartner had to predict for about deep learning. It said, “Deep learning will soon provide best-in-class performance for demand, fraud and failure predictions.” Such a prediction encourages business leaders to implement deep learning for business and drive their business to greater success. While most business leaders are aware of the term, deep learning, they have very little to no understanding of the technology. Before leveraging deep learning for business, leaders should take a look at what deep learning offers and what the future of deep learning will look like.

Deep Learning in Finance

The financial world is chaning amid the covid-19 pandemic and the on-going war in Ukraine. Deep learning is increasingly deployed by financial services providers across industries within the financial sector. It has the potential to transform business models and markets for trading, credit and blockchain-based finance, generate efficiencies, reduce friction and enhance the product offerings. Deep learning in finance is about the sector overcoming its current challenges.

Challenges_of_Finance_Industry.png

 

The financial system is vital to any country as it directly focuses on the efficient functioning of the economy. Finance industry also provides a significant amount of employment to people across the globe. Apart from employing the masses, the finance industry also focuses on other parts of human life such as loan provision for businesses to invest in ambitious ventures. Apart from providing enterprises with financial help, the finance industry also focuses on risk management services that arrive with pooling of funds. Deep learning technology focuses on capturing abstract concepts to assist machines in concluding better decisions. According to Dr. Yoshua Bengio said in an interview to the Tech Emergence, deep learning is a technology that can contribute to helping people directly not just by building improved gadgets, but by directly influencing the human situation. Deep learning in finance is an application that the pioneers in the finance industry are vying for to solve the problems faced by them currently.

The State of The Finance Industry 

As we enter this next phase of the recovery, the future is unfolding. Financial services organizations are operating in a changing world—one they can help define. From banking and capital markets to insurance to investment management to commercial real estate, financial services firms face in 2022 a pivotal, no-turning-back opportunity to shape their—and the industry’s—future.

Advertisement

Deloitte_Analysis.png

 

Even after focusing on transforming lives and corporations, challenges faced by the financial institutions are numerous. One of the multiple challenges faced by finance industry is to keep up with the consumer laws. Keeping up with such laws and maintaining efficient functioning is always a challenge for finance companies across the world.

Another challenge commonly faced by financial organizations is the threat of a cyber-attack. Financial institutions are a prime target for attackers as it has the potential to make money for the hackers. Apart from making monetary benefits, attackers are also focusing on targeting the information held by such organizations. When an attacker gets access to a financial organization’s information, the threat of data theft always exists. One of the reasons CTOs and CIOs of financial organizations are on their toes to counter such attacks is because of the increase in the frequency of cyber-attacks on financial institutions in the last few years.

The Future of Deep Learning in Finance

Deep learning is a technology that learns from algorithms and focuses on making decisions based on an intensive investigation of data. As of today, the amount of information available to businesses and people is in abundance. With so much data being available, deep learning that uses neural networks can assist financial organizations in countering the challenges faced by them in numerous ways.

With deep learning algorithms, organizations can feed the machines with patterns that are similar to cyber-attacks that are common. By learning from algorithms and having the availability of tremendous amounts of training data, deep learning can assist machines in determining a scenario of a cyber-attack in its initial phase itself.

Apart from merely using deep learning for countering cyber-attacks, the finance industry can leverage such technology even when they want to review commercial loans and form contracts accordingly. JPMorgan Chase is leveraging deep learning for the same purpose.

Deep learning has numerous applications across several industries. CTOs and CIOs of financial organizations should now find better ways of hiring deep learning experts to work on pre-existing data to achieve accurate information. Apart from hiring deep learning experts, businesses can also try to educate their employees on how to work with such a dynamic technology. Organizations could also focus on how they can revamp their infrastructure to welcome the wave of deep learning in their industry.

[ad_2]

Source link

Advertisement

TECHNOLOGY

BCN Group strengthens Microsoft Cloud Services presence with Evo-Soft acquisition

Published

on

Merger Deal

[ad_1]

BCN Group, a Manchester-based IT cloud and managed services specialist, has acquired Evo-Soft, a Microsoft Dynamics 365 Business Central specialist.

The acquisition follows the recent investment by ECI Partners, the leading growth-focused mid-market private equity firm and will bring the combined annual business revenue to more than £50m.

BCN is a digital transformation solutions and managed service provider delivering cloud first data strategies – including Microsoft Modern Workplace, Microsoft Azure, analytics, development, and IT security services – to the mid-market and public sector organisations. The acquisition of Evo-Soft provides BCN with a platform to provide solution driven services for businesses across the UK. The move enhances the group’s focus on and capability of delivering services and solutions from the Microsoft ecosystem.

Founded in 2001, Evo-Soft is a UK top five Microsoft Gold Enterprise Resource Planning (ERP) Partner. The solution focuses on implementing, supporting, enhancing, and accelerating the use of Microsoft Dynamics 365 Business Central for customers that want to build on process efficiencies, integrate their business solutions, automate manual processing of data, and gain operational control.

Evo-Soft has developed its own bespoke software called Evo-Supply for the importation, distribution, and simple manufacturing industries. The flexible distribution management software has been designed by Microsoft Dynamics developers with years of industry experience and is continually refined, ensuring new and improved features are available.

In addition, Evo-Soft has created specialist software for auction houses, aptly named Evo-Auction, a seamless and cost effective, front and back-end content management integration tool. The software reduces errors, speeds up processes and provides full reporting of live auctions with full integration.

Rob Davies, CEO of BCN Group, said: “The acquisition of Evo-Soft enables BCN to provide more value to our customers, enabling them to continue their digital transformation journey, exercising the full benefits of the Microsoft ecosystem. The existing capabilities around development, Microsoft Modern Workplace, analytics and Microsoft Azure is heightened with the delivering of core business applications services with Microsoft Dynamics. As such we are delighted in supporting further growth with Evo-Soft as part of the BCN Group and even more excited in delivering further digital benefits to our mid-market customers.”

Advertisement

Derek Fisher, sales director and founder of Evo-Soft, said: “We are a leading provider of Microsoft Dynamics 365 Business Central solutions to importers, wholesalers, distributors, and the auction marketplace. We transform businesses with our award-winning, extensive library of solutions. The BCN acquisition provides a true opportunity for Evo-Soft and our customers to leverage and incorporate the complementary portfolio of relevant and vital IT services required for today’s businesses to continue to scale and thrive.”

Tags:

[ad_2]

Source link

Continue Reading

DON'T MISS ANY IMPORTANT NEWS!
Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Trending

en_USEnglish