May 16

Wonders & Blunders: Facebook Friends Blockchain

 

 
OUR CRITICAL ANALYSIS OF THE WEEK’S NEWS
Blockchain technology received another vote of confidence when Facebook announced a new internal team of top executives dedicated to exploring its viability. Will a cryptocurrency payments system emerge? Or a more secure encrypted messaging platform? Keep an eye on this development!
 
The American government created a committee dedicated to artificial intelligence in order to keep up with the AI initiatives of other countries. It appears to be a step in the right direction to embrace the benefits of new technology.
 
Big data can cause big problems for banks, but the deluge of information can be used to a company’s and customers’ advantage. How is your company leveraging the increasing amounts of customer data available? Tweet your answer to @kcdpr!
 
 
Facebook Builds Blockchain Team
 
Facebook appointed three top executives to start a new internal blockchain team. David Marcus, former CEO of PayPal and current head of Facebook Messenger, will lead the group, joined by Instagram executives James Everingham and Kevin Will. The department shakeup acknowledges that blockchain technology could have a real purpose at large companies. The announcement also highlights blockchain as a potential threat to Facebook, such as blockchain messaging service Telegram and Jason Calacanis’ Open Book Challenge providing funding for building a Facebook replacement.
American AI Task Force Introduced
 
Michael Kratsios, deputy assistant to the president and deputy chief technology officer, announced a new AI task force during a White House event for AI experts, government leaders and industry representatives. The creation of a new committee signifies the administration now takes AI seriously. Kratsios stated the Select Committee on Artificial Intelligence could help transform closed factories in struggling areas of the country into “the cradle of America’s future” similar to Robotics Row in Pittsburgh. Kratsios said the government may also look into making taxpayer data more accessible to AI algorithms, similar to what has been done in other countries.
Big Data Without Big Banking Problems
Wonder or Blunder: What banks can do to avoid drowning in data – Bryan Yurcan in American Banker.
 
More than 12 million petabytes (a million gigabytes) will flow through the global financial system in 2018. How can banks organize and use the information to their advantage instead of drowning in the flood of data? Banks should not look at customers from just a transactional view, but should use the available data to create a “full financial picture” of customers. This holistic approach should aim to help customers make better financial decisions. Regulations and collaborations could make this full banking picture a reality, with GDPR allowing citizens to control their own data and data aggregators announcing open APIs and data sharing networks.
» IN THE NEWS
Wealth Management reports that Atria Wealth Solutions
is acquiring Cadaret Grant, an independent broker-dealer.
Bankless Times features an article by Rachel Carpenter, CEO of Intrinio, about accessible data and AI.
» BOTTOM LINE: Are Alternative Investments The Key to Diversification?
Last month, following the Dow’s wild roller coaster ride, I wrote on how wealthtech can help investors and financial professionals make smart investment decisions amid market volatility. Though the markets haven’t dropped to the same low as we saw in March, volatility is ongoing. The good news? There are many types of assets not tied to the stock market!
» FEATURED CASE STUDY: Noble Gold
Noble Gold Investments (“Noble Gold”) is a precious metals IRA investment firm located in Los Angeles. The firm had the exclusive rights to the first gold depository located in Texas and approached KCD PR to assist with the rollout of this announcement. Despite this significant news, Noble Gold was competing in a challenging environment and struggling in terms of driving national media awareness for its business. Furthermore, the firm’s marketing initiatives were sporadic, uncoordinated and executed without a strategic approach.
 
 
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