Applications of information technology

One of the projects of the Sustainable Finance Committee is the integration of FinTech. An Abstract below:

The Sustainable FinTech TAG aims to integrate FinTech with financial sustainable development (e.g. environmental, social/societal,  governance issues, specific sustainable development goals) via the following strategic goals:

• Liaison / collaboration function with other groups (mainly but not exclusively inside ISO). This function should work closely with TAG 1 in ISO/TC 68 Financial Services. As pointed in TAG1 TC68 Terms of Reference: “TAG enables a proactive dialogue with FinTechs on financial services standards matters and acts as a portal in which the FinTechs community can discuss their standard’s needs. The FinTech TAG provides FinTechs a means to cooperate, exchange views and share information related to standards on a regular basis” (the TC322 TAG has a focus on Sustainable Finance).
• To support and engage FinTech experts and TC 322 committees/working groups. The goal is to build in as part of the sustainable finance agenda, a tech savvy culture that helps develop “standards for the future”.
• This function will also work closely with TAG1 TC68 “to support and engage with the Fintech community on standards requirements, for the effective and efficient use and development of standards to support FinTechs and the broader financial services industry”.

The term FinTech is a portmanteau of the terms “finance” and “technology” and refers to any business that uses technology to enhance or automate financial services and processes. Similar to TAG1 in TC68, Sustainable FinTech “aims to increase customer benefits in terms of usability, efficiency, transparency and automation” but in addition with the focus on integrating sustainability/sustainable development aspects of financial/financing activities, in particular products and services.

(Source: https://committee.iso.org/sites/tc322/home/projects/ongoing/sustainable-fintech.html)

Emerging Fintech

Some months ago a blog written in MakeanappLike listed 10 Emerging Technologies in Financial Services:

1. Blockhain
2. Machine Learning
3. RPA 
4. Artificial Intelligent
5. Chatbot for Banking and Finance
6. Smart Contracts
7. Digital banking
8. Big data management
9. Sensors and Internet of Things
10. Python
11. Predictive Behaviour Analytics
12. Java

To read more about it have a look here: https://makeanapplike.com/trending-technologies-in-financial-services-industry-fintech-trends/

In a recent Forbes Magazine Article [LINK] Bernard Marr stated the Smart Homes were were to be the "face of the Internet of Things". He goes on to state that the "smart home device market is set to grow from $55 billion in 2016 to $174 billion by 2025", so we can take it that increased AI in the Home will become the norm rather than the exception over the next 5 years. This new era of "Smart-Everything" is exciting and challenging, with increased capability comes increased exposure. There will be a greater need for international standardization to maintain not only interoperability of these new "Smart-Elements" but also quality and safety issues. European Standards Development Organisations (SDOs) need to constantly monitor the ever changing AI technology landscape so they can co-evolve a dynamic and reactive ever evolving AI Standards ecosystem.