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3 weeks ago | 
forbes.com | Michael Abbott
Stablecoins could flatten the world of finance and allow banks to offer clients a vastly improved ... More money transfer service that is both quicker and cheaper. But risks remain. gettyThe launch of a space rocket grabs everyone’s attention, yet few are aware of the steadily growing number of satellites that silently circle the globe, enabling much of life as we know it.
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2 months ago | 
forbes.com | Michael Abbott
It’s no secret that banks have been aggressive adopters of generative AI thus far. Some have used it to rewrite legacy code into more modern programming languages, while others have rolled out gen-AI powered tools to their employees for various use cases. But for all the excitement around how gen AI could take waste out and put value back into banking, the technology presents security risks that must be carefully managed.
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Mar 19, 2025 | 
forbes.com | Michael Abbott
When banks digitalized their customer interactions the benefits were huge: greater convenience for customers and vastly improved efficiency for the banks themselves. But this came at a cost that was underestimated, if it was anticipated at all. The removal of people as the interface between the bank and its customers, and their replacement with computer and mobile-phone apps, had far-reaching consequences.
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Mar 10, 2025 | 
bankingblog.accenture.com | Jared Rorrer |Accenture Banking |Keri Smith |Michael Abbott
Despite significant investments in cybersecurity, customers lack trust in the banking system’s ability to protect their data. "Trust is the bedrock of business.
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Feb 18, 2025 | 
forbes.com | Michael Abbott
The question I get all the time is will generative AI lead to a vast reduction of bank jobs. It’s easy for bankers to be nervous. Recent Bloomberg Intelligence research estimates that Wall Street banks will eliminate up to 200,000 jobs over the next three to five years due to AI. Meanwhile, a published last year said that more than half (54%) of bank jobs will be displaced. Our own research shows that 67% of working hours in the industry could be transformed by the technology.
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Jan 13, 2025 | 
forbes.com | Michael Abbott
As banks continue to reinvent themselves using AI, data, cloud and other technologies, the industry finds itself in a paradox. A quarter century of digital has completely transformed banking, making it faster, cheaper, and more efficient than ever, with customers moving money in seconds, 24x7, through the push of a button. But, as a result, it’s made banking impersonal and created a sea of sameness as banks become less differentiated and lose the human connection fostered at the branch level.
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Oct 30, 2024 | 
forbes.com | Michael Abbott
Banks continue to face a variety of risks: some are familiar and have been publicly scrutinized, while others are less predictable and lurk in plain sight. The banking landscape is only getting more complex, with the introduction of new technologies, including gen AI, heightened regulatory pressure and more sophisticated bad actors and security threats.
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Sep 3, 2024 | 
forbes.com | Michael Abbott
Much has been written about whether generative AI will conform with the familiar technology , and if so, whether the Trough of Disillusionment awaits. Fueling much of this debate is the current high cost of deploying, training and using the technology. I believe there are two factors that aren’t receiving enough attention in this discussion: credible projections of a sharp decline in cost, and the likely impact of generative AI on banks’ revenue.
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Jun 25, 2024 | 
forbes.com | Michael Abbott
Most people today take the internet for granted. Want to find an obscure report published years ago, or the best place to stay in Timbuktu? No problem. We forget that it wasn’t always that simple. In the early 1990s, if computers wanted to talk to each other, they often had to jump through different networking protocols. Most of the names have been lost to history: there was Novell NetWare, Systems Network Architecture (SNA) from IBM, even Apple had its own protocol – AppleTalk.
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Jun 13, 2024 | 
bankingblog.accenture.com | Jared Rorrer |Michael Abbott |Keri Smith |Chris Scislowicz
In May of 2024, the Aurora Borealis, also known as the Northern Lights were on full display for the largest proportion of the United States in decades. The Northern Lights are caused by geomagnetic flairs or “solar storms” from the sun, which can lead to extremely disruptive events on Earth. In 2003, an extreme solar storm knocked out power in parts of Sweden and damaged electrical transformers in South Africa.
