The 4th Generation Relational Blockchain

| May 25, 2018

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The pioneering cryptocurrency, Bitcoin, together with all the various reiterations, modifications, clones and forks based on Proof of Work algorithm for transaction validation, are considered first-generation blockchains. The second generation, with Ethereum leading the charge of smart-contracts-enabled blockchains, is instead more heterogeneous, allowing easy tokenization of assets. Both designs are extremely low in energy efficiency with medium-low block validation speed and transactions per block. Solving the scalability, speed, and energy consumption issues are the goal of third-generation blockchain solutions, using different approaches and techniques like Proof-of-Stake validation algorithm, off-chain routing, graph-chains, and complete or partial centralization.

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OTHER ARTICLES

The Way Forward: 21 Ideas for Bank Leaders to Boost Business after the Crisis

Article | March 25, 2020

In the hardest times, there is always a way to get better. With the Way Forward, I’d like to share disruptive changes that shape industries, businesses, and societies in the context of financial services. The 21 notes synthesise the findings of openness, flexibility, and customer-centricity in a digital world driven by platform business models and ecosystems. The reading shall give you a glimpse of what you could do for your business after this unprecedented time.

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The Asian Financial Services Industry Needs a Customer Data Platform

Article | December 10, 2020

Customers in the financial services industry want personalized experiences. They, in fact, expect and demand them from their service providers. They prefer to stay loyal to a company as long as they receive this special treatment. As a result, personalization has become the number one priority for marketers in the industry today. They are waking up to the realization that delivering personalized experiences highly depend on understanding customer data.marke Very few companies have the means to understand this data and use it to enrich the customer experience. The technology that has been recently making waves in every industry is known as the Customer Data Platform (CDP). A CDP is a packaged SaaS (software-as-a-service) product that is designed to build a unified customer database for an organization. Implementing a CDP can help achieve consistent customer engagement, increased loyalty, and higher sales. David Raab, CDP evangelist and Founder of the CDP Institute, was invited as a chief guest at the Customer Data Summit 2018 event organized by Lemnisk. David is a widely recognized thought leader in marketing technology and analytics. He was one of the first people to recognize that digital marketing systems were not just proliferating but also the data that these systems were throwing up were getting grouped into silos, making it really hard for marketers to understand customers holistically. David also realized that there was a tremendous opportunity if he could bring these disparate systems together. Around this insight, David coined the term CDP and founded his institute in 2016. The CDP Institute’s work has been seminal in helping marketers understand the need for a CDP and the ways that they can derive value from it. David’s thought-leadership session imparted the following key insights: The most challenging barrier to Marketing Automation success is data integration between the various marketing systems of an organization. Financial marketers in Asia face the same challenges as their peers elsewhere, which include unifying customer data, providing superior customer experience, working within compliance constraints, and finding the budget to pay for solutions. The CDP industry has seen a good growth rate of around 73% over the last 12 months. Two-thirds of the growth is attributed to new vendors and the remaining to existing vendors. The adoption rate has been high for B2C marketers as their businesses depend highly on user engagement and digital conversions. Companies that opt for a CDP prefer to have a complete packaged solution that includes the core CDP functionality along with analytics and engagement. A CDP works well when all marketing systems are interconnected. One interesting observation is that one-third of CDP users lack an integrated technology stack. Companies that claim to have a CDP do not have this system integration and, therefore, do not fall under the CDP-classified vendors. Things such as churn prediction and predictive modeling are a set of classic algorithms that thrive on good data. Artificial Intelligence (AI) is totally data-driven and works well with data that is highly detailed. A CDP can play a major role in developing custom algorithms and advanced intelligent systems such as AI. One of the things that it can do is create a standardized variable or model score and make that shareable to all systems that it connects to. Of its various capabilities, a CDP also enables cross-device personalization by associating each device with the customer’s master ID when they log in. The master ID is used to build a unified customer profile with all device data. The right message for each master ID is selected and shared with all devices. The unified and complete customer profiles help financial marketers in selecting the right message and deliver a consistent experience across all devices. It is still early days for a CDP in Asia. Many organizations are still at the stage of learning for themselves why options such as DMP (Data Management Platforms), Enterprise Data Warehouses, and marketing clouds won’t solve the problem that a CDP addresses. The core technologies used in Asian financial institutions can support any level of marketing sophistication that their users are ready to deploy. The early CDP adopters are touted to have an advantage over others in the industry.

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AI bankability: 10 ways artificial intelligence is transforming banking

Article | March 11, 2020

With plenty of post-recession anti-banking sentiment still lingering, it’s common to see fintech and traditional banks framed in oppositional terms. There’s some truth to that, especially with disruption-minded digital-only banks, but technological innovations have transformed banking of all stripes — and nowhere is that clearer than with artificial intelligence.

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HOW OPEN BANKING IS CATALYZING PAYMENTS CHANGE

Article | March 30, 2020

Since the adoption of PSD2 by the European Parliament in 2015, there’s been growing momentum behind Open Banking. This is set to reach new levels in 2020, as Open Banking catalyzes innovation and efficiency across the world of payments. That makes it one of the most important trends in the industry right now. Open Banking regulations require banks to open up their systems and data to third-party providers. This is causing banks to reinvent their payments business models and build ecosystems of services

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Spotlight

Finvest World

Finvest World is a wealth management organisation where we guide, advise and invest your money in order to provide you returns on your investments which beat inflation and give you financial freedom. We offer a range of investment products for our clients from derivatives and equities to distribution of mutual funds, bonds, insurance, etc. We also provide tax consultancy services like filing of GST, Income Tax, TDS Returns, etc

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