Technology Banking
Introduction
The business entails a private in the financial services industry specialized in banking. The firm is established at threshold employees numbering ten due to both a need to reduce operational cost while utilizing the capital intensive blockchain technology. The firm targets a global market eventually making an initial public offer upon the establishment of its operations.
Section one
The firm is set to utilize the blockchain technology as part of artificial intelligence to carry out financial transactions with the consumers. The initial plan will call for the outsourcing of the blockchain hosting by the Coinbase since their servers are well established. The technology comes along higher levels of security hence, in case of a breach, the customers’ transactions shall be retrieved from the firms’ database that is linked to the Coinbase servers. An audit will then be carried out to offset any complaints by the customers.
Section two
A different option is based on the likelihood of maintaining a hash developing server. The server will be less expensive since the firm is smaller thus not requiring an intensive set of variably multiple chains. The customers will be provided with institutionally linked hashed codes developed from an open clouding upon their mobile devices. To ensure conformity as well as security, consumers will be offered Microsoft enabled devices. Alternatively, consumers will be hashed from variable mobile devices that can access the open cloud. It is however risky carrying out the transaction over such clouds since some lost clientele data pertaining security cannot be retrieved.
Section three
The firm understands that there is a rising trend of a need to meet specific consumer demand. Statistics indicate that at least 58% of the youths, as well as the emerging markets, rely on digital consumption behaviors. A consumer relationship management (CRM) system is thus embraced to meet the consumers’ demand for technological convenience and security majorly due to the cyber threat.
Section four
The firms’ blockchain systems will capture the time, date, and amount of transaction carried out by each consumer stored in the blocks. The digital signature shall thereafter be assigned to every transaction rather than individuals implying a comprehensive development of blocks that identify to a single chain. The complexity of the transaction will call for storage of the data in a data warehouse. The data is also expected to grow as the number of consumers increase. There will thus be challenges of managing, validating, and securing the collected data.
Section five
The blockchain banking process will essentially require no monitoring since securities are embedded in cryptography. It is from the perspective that fewer employees will be involved under minimal surveillance since the firm acts as a participant in the transactions rather than a middle affiliate.
Section six
Social media will be an optimal platform for interacting with our clients. Platforms will thus be established for communication with our clients whether on inquiries or customer support. It is however expected that some social media commentators will fail to understand the role of a banking firm in a blockchain series of transactions. The customer care representatives will at such points issue tutorials on the role of the firm in enhancing secure and third parties transactions. The firm will entail a hybrid of both a physical location and an online presence to enhance banking for both online clients and brick and mortar oriented players.
Section seven
Machine language is expected to be on the rise within the next ten years. The aspect is based on the rampant development of artificial technology whose application is projected to reduce the cost of banking by at least 500 billion dollars. The firm is set to consider the use of chatbots as an alternative to the customer representatives. Such a system is set to reduce the operational cost thus improving profitability. It will also reduce inaccuracies due to the utilization of artificial intelligence. They will also enhance security due to the prevention and detection of possible frauds.
Section eight
A robot is a computer programmed system that can automatically accomplish some tasks without human intervention. Automation systems are set to be utilized in the firm based on the affiliated lower operation costs. Some of the functions will include the implementation of enormous transactions upon initiation by clients. Such automated systems will ensure that clients are served around the clock without excuses for the firms working program. The aspect will thus provide a competitive advantage of convenience to consumer experiences.
Section nine
The firm management has identified the role played by third parties in the implementation of transactions. As a result, an innovative measure is designed to take charge of automating transactions for our clients in their transactions with third parties. The systems will, however, be dependent on the robots which will collect transaction history and prompt projections of such transactions. It is expected that consumers will appreciate the ease of their schedules as well as reducing their costs of implementation of the process hence a competitive advantage. The application of complex machine languages is also meant to meet a prepared team with a financial set up for learning as well as adopted of the newly required systems. The firms are also set in preparation for any future pandemic that would result in a shock in the labor market through the adoption of capital intensive systems.
Automation is indicated to reduce the cost of the regulatory process by 50%.