The continued advance of digital technology has seen the automobile grow as a product from simply being a machine intended to move people from place to place, into a networked vehicle for services associated with mobility. Where the “car”, as a product, used to be the determining factor in value creation, it is now not enough on its own to ensure optimized value creation. The term “connected car” is now a synonym for modern automotive mobility, implying communication between the conveyance and its environment, as well as from vehicle to vehicle.
The situation in the banking sector is still tense, and is becoming ever more so as a result of increasing regulation. In order to make use of regulatory compliance as a driver for innovation, the use of state-of-the-art technologies and agile approaches are just as important for success as a greater focus on IT know-how within the banks’ management hierarchy. These are the findings of a recent study carried out by COREinstitute, Berlin.
Risk management is one of the core competencies of the finance industry. This sensitive field’s immunity against technological developments has long since evaporated, with models and methods influenced as a result. In particular, data and new ways of exploiting it (think big data and, to an increasing degree, artificial intelligence) are having a transformative effect and challenging the previous organizational models employed by institutions.