Which Emerging Technologies will Kill the Traditional Bank? Crowdsourcing, Big Data, Social Commerce, Artificial Intelligence?

Friday, February 3rd, 12:10-13:30

New technologies can serve as tools to improve efficiency and reach new heights in today’s businesses. But they can also be a reason why current business models cease to exist. This panel is going to discuss which emerging technologies will kill the traditional bank. The focus will be on the four following areas:

Crowdsourcing is the act of sourcing tasks traditionally performed by specific individuals to a group of people or a community (crowd) through an open call. Jeff Howe established that the concept of crowdsourcing depends essentially on the fact that because it is an open call to a group of people, it gathers those who are most fit to perform tasks, solve complex problems and contribute with the most relevant and fresh ideas.

Big Data are datasets that grow so large that they become awkward to work with using on-hand database management tools. Difficulties include capture, storage, search, sharing, analytics, and visualizing. This trend continues because of the benefits of working with larger and larger datasets allowing analysts to spot business trends, prevent diseases, combat crime.

Social Commerce is a subset of electronic commerce that involves using social media, online media that supports social interaction and user contributions, to assist in the online buying and selling of products and services. More succinctly, social commerce is the use of social networks in the context of e-commerce transactions.

Artificial Intelligence is the intelligence of machines and the branch of computer science that aims to create it. AI textbooks define the field as “the study and design of intelligent agents” where an intelligent agent is a system that perceives its environment and takes actions that maximize its chances of success. John McCarthy, who coined the term in 1956, defines it as “the science and engineering of making intelligent machines.”

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