Archive 25.09.2024

Augmented reality (AR) takes digital images and superimposes them onto real-world views. But AR is more than a new way to play video games; it could transform surgery and self-driving cars. To make the technology easier to integrate into common personal devices, researchers report how to combine two optical technologies into a single, high-resolution AR display. In an eyeglasses prototype, the researchers enhanced image quality with a computer algorithm that removed distortions.

Ultra Accuracy feature increases accuracy by ten times in GoFa™ cobot family vs. other cobots on the market. Path accuracy of 0.03 mm supports accurate production in electronics, automotive, aerospace, and metal fabrication industries

While engineers have developed increasingly advanced bio-inspired systems over the past decades, the sensing capabilities of these systems are typically far less advanced than those observed in humans and other animals.

Humans can grab a book from a shelf with little obvious thought. But it's a complex process for the brain that involves planning and navigating around obstacles, like other books or knickknacks. Robotics researchers have struggled to replicate this kind of human movement when their systems perform similar tasks. Known as motion planning, the process of training a robot to get an object from one point to another without hitting any obstacles takes time and resources because the robot can't react dynamically like humans in unknown environments.

Robots are widely used in the automotive industry and have started entering new application domains such as logistics in the last few years. However, current robots still face many limitations. They typically perform a single action or a fixed sequence of actions, repeating them the same way each time.

We’re releasing two updated production-ready Gemini models

We’re releasing two updated production-ready Gemini models

With two Tier 1 research institutions, CMU and the University of Pittsburgh (Pitt), Pittsburgh is uniquely suited to provide the skilled and talented workers necessary for companies looking to launch, scale and grow in a place that provides a soft landing.

The emerging low-altitude economy brings unconventional opportunities for urban and economic development, including revolutionizing parcel delivery. Researchers at the Hong Kong Polytechnic University (PolyU) have utilized cutting-edge technology to pioneer the extensive application of unmanned drones in different aspects of life.

Drones can make air freight cheaper and remote areas more connected. But tracking them will be key.

Drones can make air freight cheaper and remote areas more connected. But tracking them will be key.

Engineers working on Google's DeepMind project have announced the development of two new AI-based robot systems. One called ALOHA Unleashed was developed to advance the science of bi-arm manipulation. The other, called DemoStart, was developed to advance the capabilities of robot hands that have multiple fingers, joints, or sensors.

These seven use cases are just a sample of the ways manufacturers can improve their cobot operations with AI. Capitalizing on this potential today will help companies maximize their cobot ROIs and ensure success well into the future.

The Future of the Financial Industry: The Impact of Open Banking System

The financial industry has seen a significant transformation in recent years to match evolving customer needs and technological advancements. Among these changes, the open banking system had the most impact. This shift has redefined the way financial institutions operate and how consumers interact with their financial data.

An open banking system basically represents a linked, integrated ecosystem of data and services. At the core of an open banking system’s API integrations, connections among participating banks and third-party providers will establish a system where a wide range of financial services data is transferred and accessed safely and effectively for customers.

In this article, let’s explore what open banking is and the impact of an open banking system on the financial industry. Also, let us look at the benefits, challenges, and implications of open banking systems.

What is Open Banking

Open banking originated in Europe by adopting the Revised Payment Services Directive (PSD2). This has set a new benchmark for transparency in finance, allowing customers to share their financial data with third-party providers. This makes banking not just easier but also more effective.

There are two key ideas behind open banking, including data sharing and empowering consumers. Open banking creates a vibrant financial environment where businesses can thrive by giving customers access to their financial information. Regulatory frameworks like PSD2 ensure that banks provide this access through APIs, which help create competitive and tailored products.

The Role of APIs in Open Banking System

APIs are much like digital messengers that assist various software programs in communicating with each other and sharing information. In open banking, APIs enable banks and other financial institutions to connect and share data in an encrypted manner.

There are different types of APIs in use within Open Banking. Probably the most important ones are payment initiation APIs and account information APIs.

• Payment initiation APIs enable direct payments from a bank account through a third-party application.
• Account information APIs allow third-party applications to access details of a user’s bank account, such as the balance or transaction history, so they are able to offer relevant services to users.

The technical standards of these APIs in open banking ensure good interoperability to keep data safe. Open banking makes for a much more connected, flexible financial system by opening access to these two APIs. They help banks to deliver better services, while assisting new companies build innovative financial products that meet their customer needs. This eases the credit management and makes it more convenient, increasing control over financial life of customers.

Key Benefits of Open Banking APIs

Open banking APIs come with several benefits, both for consumers and financial institutions. Some of the key advantages include:

1. Improved Customer Experience

Open banking APIs help financial institutions access and utilize the banking information of customers and provide more personalized services. For instance, budgeting apps can track users’ spending and give them tips on how to save money. This makes it easier and far more delightful to manage finances.

2. Enhanced Financial Products and Services

Open banking enables banks and fintech companies to innovate financial products that could not have been conceived in the past. For example, they can build mobile applications that identify the best loans or investment opportunities for them according to their financial history. It will improve sales as well as customer loyalty.

3. Increased Competition and Innovation

Open banking APIs allow new companies to compete with traditional banks with intelligent approaches. They help companies deliver better services at lower costs to the end-customer, thereby improving brand value.

4. Operational Efficiencies and Cost Reductions

Open banking APIs help to increase efficiency and reduce operational costs for banks. Banks shift their focus to the area of enhancing the quality-of-service delivery in the wave of automation in data sharing activities. That is how consumers benefit from more efficient, quicker, and reliable services in banking. 

Challenges and Risks Associated with Open Banking APIs

While open banking APIs offer a lot of benefits, there are some challenges and associated risks that need to be dealt with.

1. Security and Data Privacy Concerns

Everyone using open banking APIs is worried about one thing: the safety of their financial information. There is always a chance of a data breach, or cyberattack, each time your information travels from one bank to another third-party provider. There are quite strict measures and protocols for ensuring security, but compliance at each end is always a difficulty.

2. Regulatory Compliance and Legal Considerations

Open banking regulations are oriented towards consumer protection and ensuring fair competition. For instance, open banking is regulated by very articulated rules under PSD2. So, it can be very complex and costly for financial institutions and third-party providers to comply with these regulations. Changes in the regulation can be monitored, and compliance with them may pose a significant challenge.

3. Consumer Awareness and Trust

For the bank to succeed in open banking, it is expected that customers be aware of the pros that come with it and eventually trust the process. There are still many doubts among people about sharing personal financial information with third-party providers due to a fear of losing privacy. For that reason, educating consumers on securing their data, coupled with the advantages for them of open banking, will be very fundamental in building trust and encouraging its adoption.

Future Trends and Predictions

The open banking API landscape is experiencing rapid growth, driven by technological innovation and changing consumer expectations. Here are some of the key trends and predictions that reflect the future of open banking systems.

Artificial intelligence (AI): AI technology helps companies analyze customers’ financial data and gives personalized insights into their money management, and product recommendations, etc. For instance, AI-driven chatbots can suggest finances in view of your transaction history and spending habits.

Blockchain: Blockchain technology can offer a secure and transparent way to manage financial transactions and data sharing. This would enhance the security and reliability of open banking APIs.

Internet of Things (IoT): IoT, from smart home systems and wearables to smart clothing, is able to be connected with open banking APIs.

Conclusion

Open banking APIs can drive innovation, a better customer experience, and market competition in the financial industry. Obviously, challenges relating to the security and regulatory compliance of the technology should not be taken lightly, but the benefits outweigh the risks. With knowledge and flexibility in front of these changes, financial institutions, FinTech companies, and consumers are all going to succeed in this new epoch of finance.

Get in touch if you would like to learn how the USM Business System helps ensure an AI-powered connected financial ecosystem.

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