Intelligent Multimedia Technologies for Financial Risk Management: Trends, tools and applications
2: Chitkara Business School, Chitkara University, India
3: Benedict College, USA
4: Shiv Nadar University, Delhi-NCR, India
5: Faculty of Applied Sciences, University of Uşak, Turkey
6: Faculty of Business, Multimedia University, Malaysia
Multimedia technologies have opened up a wide range of applications by combining a variety of information sources such as voice, graphics, animation, images, audio, and full-motion video which can be successfully implemented in banking, financial services and insurance (BFSI) industries to support their activities and strategic goals.
This volume provides an overview of multimedia technologies in finance and banking, introduces suitable machine learning and deep learning techniques for financial data analysis, discusses fraud and cyber operation countermeasures for multimedia in financial services, presents concrete applications of natural language processing (NPR) for financial data, introduces robotic process automation technology from the financial market to technology implementation, explains how self-supervised, unsupervised and semi-supervised learning are driving the financial market revolution, and unlocks real-world case studies in multimedia banking across the globe.
The book is intended for professionals involved in multimedia systems and technology design and applications. It can also be used as an advanced text for courses on multimedia.
Inspec keywords: multimedia systems; Internet; banking; financial data processing; investment
Other keywords: investment; multimedia systems; financial management; financial data processing; Internet; bank data processing; social networking (online); blockchains; Big Data
Subjects: General and management topics; Information networks; Distributed databases; Multimedia; Financial computing; Data security
- Book DOI: 10.1049/PBPC060E
- Chapter DOI: 10.1049/PBPC060E
- ISBN: 9781839536618
- e-ISBN: 9781839536625
- Page count: 374
- Format: PDF
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Front Matter
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1 Applications of multimedia in diverse fields: an overview
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In this chapter, we discuss the preliminary concepts of multimedia and how this evolution of the Internet of Things (IoTs) has drastically driven a change in demand and needs. In a world where everything is connected, performance is reaching new heights; science fiction is becoming science fact. Self-driving cars and computers that can learn and think, a reality of today, were thought of as fiction not so long ago. The way we work and live today will never be the same. The skills we need are dramatically different. The exponential growth of multimedia technologies and applications has presented the computerised society with opportunities and challenges that, in many cases, are unprecedented. It is becoming more and more popular because of the effectiveness of its applications in all aspects of human life. The world is undergoing major upheaval, reorganisation, and a shift toward a disruptive new framework. This transformation is exponential. Everything that used to be dumb and disconnected is now wired or wireless, and smart - cars, cities, homes, ports, farms, even bodies. These amplify each other to create a perfect storm of change and disruption. Like everything else, we will need to wait and see; time will tell. This chapter will focus on the general applications of multimedia in various fields, such as art and science, the financial sector, education, healthcare, engineering, business, and scientific research.
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2 Evolution of multimedia banking and technology acceptance theories
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This research aims to investigate and expand knowledge on the development of multimedia banking acceptance theories and technologies. This research looks at the evolution of multimedia in the banking sector, the stages of multimedia technology, the models of the technology acceptance model (TAM), and the theory of reasoned action (TRA). We relied on secondary data to carry out this research. We attempted to gather information from both new and old studies and compare them. The findings of this study reveal that banks are now very close to their customers due to technological advancements; on the other hand, customers can access and use many services (almost all) online, which connects them more with the bank.
The rapid advancement of information and communication technology is regarded as one of the most significant breakthroughs, particularly since the end of the twentieth century. Computers, the Internet, video games, mobile phones, electronic banking, and digital satellite systems are devices established due to the innovation of information and communication technology. In interactive transactions, such as telebanking and teleshopping, the transaction is transferred to the relevant center in written and voice form, regardless of the person's language. NFC technology, social media networks, and mobile devices are all being used by financial institutions to improve efficiency and effectiveness. At the same time, the rise of new media increases consumer purchasing power and paves the path for non-banks and other financial organizations to compete more effectively. Even though multimedia banking is widely available in the market, many banks need help attracting visitors to their websites. Many of these phenomena have been attributed to traditional brick-and-mortar banking, which can assist bankers in attracting more consumers to the new wave. As a result, banks must also design a framework that combines the most modern technology components of multimedia banking.
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3 Banking, Fintech, BigTech: emerging challenges for multimedia adoption
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There is no denying that technological advancements are transforming the financial services business. Many of the enormous technology companies we associate with 'BigTech' operate in various sectors, but the most prominent are those centred on social media, telecom, Internet search and online retail. In this study, trends and patterns of BigTech entry into emerging markets and developing economies (EMDEs) were analyzed. Also this study depicts the case study of digital payment trends in India and further, presents the driver of BigTech activity in EMDE's, Pros and cons of BigTech firms entering the financial services, opportunities & risks for BigTech firms in EMDE's and the impact of COVID-19 on BigTech firms' activities. After all of us have received our vaccines, we will look back on 2022 as a turning point in our understanding of these goods and their influence on our society. We should be able to raise better questions about corporate policies and practices in the future, even if the economy has irrevocably altered. Some of us may even hurl our phones into a deep ravine and focus our attention and energy on something other than screens, such as attending real-life parties and concerts.
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4 Multimedia technologies in the financial market
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Over the course of the past decade, most businesses have been affected by the introduction of new technologies and innovations, which have caused varying degrees of disruption (with relation to technologies, goods and services already on the market, as well as existing modes of conducting business) and altered the competitive landscape. For instance, within the realm of financial services, there has been a growth in the number of retail banking propositions that are digital or available solely online. On the one hand, this has enabled existing businesses to enhance their efficiency and cut their overhead costs. On the other hand, it has also promoted new entrants into these businesses.
Banks must use new technology to handle long-term industry concerns such as shifting regulations, low interest rates, and pressure on returns. This is in order for banks to address long-term industry challenges such as these. In addition, banks struggle to meet the ever-evolving demands of their clients and to make effective use of emerging technologies in order to effectively develop innovative new products and services. This is a challenge for the banking industry. This chapter presents the results of an analysis of the significant technological and innovative trends affecting investment banking that are anticipated to have an effect on the industry. It also presents a vision for the investment bank of the future and highlights the ramifications for the industry as well as for future policy. Additionally, it provides a vision for the future investment bank.
This chapter analyzes the most important technological and innovative changes that will affect investment banks serving the capital markets, along with the opportunities and repercussions that these trends bring.
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5 Data analytics in finance
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The financial advisory business is rapidly transitioning from a conventional worldview to an advanced technological approach to engaging with customers. Both the monetary network operator and the client are experiencing digital transformations. For instance, the banking sector has progressed from a notebook and ledger entry model to data and analytics-driven financial transactions encompassing physical and digital consumer activity. This chapter explores numerous banking, finance, and insurance (BFSI) scenarios where big data analytics is becoming increasingly important. Our observations have significant consequences for audit committees and the apparent unwillingness to adopt useful big data approaches for fear of becoming too far advanced for the technologies that corporations ultimately use. Future study possibilities are also identified in scientific finance, real-time operational and financial intelligence, collaboration technologies, and peer-to-peer markets.
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6 Machine learning and deep learning for financial data analysis
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Supervised learning is commonly used in digital imagery, computational linguistics, and digital sound classification. Deep learning's astounding achievement as an online analytical approach has piqued the curiosity of the scientific establishment. With the rise of Fintech in current history, the application of machine learning (ML) in financial products and activities has become commonplace. However, there is a shortage of a systematic assessment of future research directions in finance and economics in the actual knowledge. This work evaluates the ability of the convolutional neural network in important financial and accounting areas to give a comprehensive study due to the advent, input variables, and parameter estimation. Finally, we address three factors that may impact the results of monetary neural network architectures. This study offers scholars and operators insight and perspective on the state-of-the-art deep teaching methods in accounting and investment banking.
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7 Self-supervised, unsupervised & semi-supervised learning for multimedia banking and financial services
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Qualitative research machine learning (ML) algorithms have been used to discern statements made in online user-contributed texts, with applicability in marketing and advertising, content marketing, and advanced analytics. Computing and data mining are computer programming study topics rapidly evolving due to breakthroughs in data analysis studies, expansion in the database business, and the accompanying commercial need for methods required to retrieve useful knowledge from enormous data stores.
Much research has been conducted in multimedia to address various elements of business intelligence, such as the collection, storage, categorization, mining, and retrieving of big multichannel data. However, quite a few published papers comprehensively assess the entire pine line of ML and data mining methodologies employed in research topics.
This review study provides a thorough overview of the most recent methods, algorithms, pattern recognition, and data mining in application domains.
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8 Natural language processing and multimedia applications in finance
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The innovation of multimedia apps has accelerated in recent years. Developing technology and techniques enable the construction of massive multimedia archives and the construction of new intervention techniques. This chapter presents an overview of multimodal applications that extensively use natural speech.
Conventional multifunctional systems often do not save explicit reconstructions of user input and merely manage mode integrating in an introductory manner. This chapter demonstrates how expanding techniques and conceptual representation frameworks established for natural linguistic structures can aid in resolving some of these issues.
It examines strategies for developing autonomous multimedia instructional systems based on lessons acquired while creating machine-creating synthesizers. Finally, it contends that using natural language technology can result in a quantitative upgrade of existing approaches for following form and interpretation.
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9 Digital disruption and multimedia technological innovations in the banking world
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Banks may link geographically dispersed areas and their respective financial markets using multimedia communication technology. The task of striking the correct balance between global and local is especially great for international banks. They need to determine what their local consumers want and provide it using global resources. This chapter describes the increasing prevalence of multimedia banking worldwide, illuminating the extent to which the banking sector has adopted and begun to benefit from such technologies. Information technology is crucial in connecting the world's many regions. Banks widely implement multimedia communication technologies to supply consumers with the best financial goods and services. Now more than ever, these networks allow for the coordination of widely scattered teams, sharing relevant knowledge and skills in times of need and establishing new connections with clients. Due to such platforms' proliferation, information technology's function in global banking has evolved significantly.
According to the available literature on multimedia banking, the Internet through a personal computer is the primary multimedia delivery channel in banking at the present moment. The literature frequently uses the words "multimedia banking," "Internet banking," "e-banking," and "online banking" to refer to the same type of technology. Online banking with multimedia features is not required. Mobile phones, personal digital assistances (PDAs; a handheld computer that serves as a tool for reading and conveying documents, electronic mail, and other electronic media over a communications link, as well as for organizing personal information. Like Tabs, i-pad, etc.), and other wireless devices increasingly have it built into their small screens. Customers may check their account balances and transaction histories, see visual representations of their investment portfolios, make payments or trade orders, and maintain two-way contact with their banks using data analytics, interactive electronic mail, and short message service (SMS). The future delivery platform is predicted to change from wired Internet connections to wireless mobile technologies, which would increase the significance of mobile and TV-based banking even though they do not appear to play a big part in banking at the present moment. This outlines some actual uses of multimedia banking and the opportunities and constraints those institutions confront.
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10 Fraud and cyber operation countermeasures for multimedia in financial services
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Cybercrime and malignant hacking have additionally strengthened. In financial wrongdoing, controllers constantly modify rules progressively to represent unlawful dealing and tax evasion, and states have tightened up the utilization of financial authorizations, focusing on nations, public and confidential substances, and even people. Digital empowered assaults are becoming more aggressive in scope and ubiquitous, dissolving the worth of individual data and security assurances. In the area of monetary wrongdoing, in the meantime, controllers consistently overhaul rules progressively to represent unlawful dealings and tax evasion, and legislatures have tightened up the utilization of financial assets, focusing on nations, public and confidential elements, and even people. Foundations find their current ways of battling such wrongdoings cannot agreeably deal with the numerous dangers and weights. The study includes the conceptual research of cyber frauds with multimedia technologies in the financial sector. Cybercrime in finance is becoming volumetric mostly using scams and the biggest reason for the downfall of the country's economy. This study shows the measures to overcome these terrible problems and technologies playing a major role in decreasing fraud. Cybersecurity is most important to save confidential data and information. Cybersecurity can vary from system to system. It depends on the information held by that particular system. So, this study helps to know about methods to reduce cyber fraud related to finance.
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11 Blockchain technology for the financial markets
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After gaining a thorough understanding of blockchain technology's many features, such as the sound foundation of the underlying technology, its benefits, wide range of applications, as well as the security, privacy, and scalability that such technology offers, there is a clear opportunity for its adoption in India and financial markets around the world. Despite its benefits, there still exist several barriers to the technology's mainstream adoption. Moreover, there still exists a great deal of skepticism in the investing world, making it understandable that seasoned investors and hedge fund managers would choose to take a "wait and see" approach with respect to the blockchain. Nonetheless, it is clear that cryptocurrencies (and thus the underlying blockchain technology) are here for the long haul. The technology addresses many of the requirements customers desire in currency today (e.g. decentralisation, transparency, and flexibility) with potential efficiency gains that extend beyond the possibility of traditional "fiat" currency. Moreover, the potential benefits extend beyond its role as an alternative currency, but offer applications across a range of industries and professions over and above financial markets, including the banking and insurance sectors. Major stock exchanges are also looking at the integration of blockchain solutions into their operations, and the potential to provide virtually instantaneous settlements and automate compliance through smart contracts, all while providing increased security and transparency. In Banking, for example, the use of distributed ledger systems could help to develop new business models through the automation of traditional processes, reduction in potential compliance, duplication errors and thus effectively reduce costs.
This study seeks to uncover and identify some of the most fascinating aspects of blockchain technology that have paved the way for the digital currency revolution. Moreover, this study also looks into the key features and applications of such technology, considering the potential it offers to disrupt a wide range of businesses in both the commercial and public sectors. This was done within the context of researching how the applicability of the blockchain can be improved and help to uncover the underlying reasons causing inefficiencies or barriers to entry for the technology within the fields of financial markets, banking, and other sectors.
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12 Automation to handle customer complaints: a grievance handling system
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Effective and rapid responses to client complaints are crucial indicators of the success of a service-oriented business, particularly for a chain of upscale restaurants. Food flavour, quality and amount, service speed, pricing, and attitude of the staff, as well as the atmosphere and hygienic element, are some factors that may be improved upon in a restaurant. Nowadays, customers want prompt redress to their grievances. Method reengineering was used in this article to solve the shortcomings of the present (as-is) complaint management process. A framework for a complaint management system for a Japanese fast-food chain is examined and built in this research. The interactions between the corporate headquarters and the regional offices are scrutinised to demonstrate the advantages of the suggested complaint-handling procedure. The as-is complaint reporting method is presented in the study's first phase. Models and processes for managing complaints will be developed in the second phase utilising an INCOME approach. Complaint registration, compensation diagnosis, and complaint analysis are part of the new structure. In addition, this chapter analyses the benefits of using an automated system to resolve customer complaints and demonstrate how this compares to present procedures: customers' happiness, complaint handling, and information retrieval.
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13 Robotic process automation applications area in the financial sector
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The world is becoming more and more digitally sophisticated. Transformation is a process that is always changing. Robotic process automation, or RPA, was added to the remodeling process. RPA is becoming a very useful tool in banks and other financial organizations. RPA has helped a variety of different organizations in many ways. The main goal of Robotic Process Automation in banking is to cut down on processes that are done again and over again. In banks and other companies, RPA has helped save operational expenses by 30-70%. RPA helps minimize the number of employees by putting Bot workers in charge, which lowers operational costs and makes jobs more efficient and accurate. Lenders are often put under pressure to cut their charges and speed up the process. So, the lender turns to automation to improve service speed and accuracy. With automation bots, lenders may automate loan processing by gathering information about customers, approving loans, keeping an eye on loans, and setting prices for loans on their own. With the aid of rule-based software bots, this can be done. Also, many lenders execute part of the procedure automatically and part of it by hand. To keep up with the newest security changes, banks and other financial institutions are turning to automation and training. This helps keep an eye on how payment habits change over time. For example, fraud is always a danger. This innovative RPA technology is used by banks, insurance firms, and other financial businesses. This is to find and stop fraud by gathering data from many service lines instead of making a lot of economic macros. The article speaks about how RPA may reduce the risk of fraud by doing things like reevaluating present procedures, getting rid of human mistakes, improving trade monitoring, automating threat identification, looking for outliers, and a lot more.
Similarly, a big banking institution does much of the engagement in a relatively robotic and some in a tactile manner. Banking and macroeconomic establishments are transitioning to automation and preparing to keep steady over recent security advancements. This assists with watching out for the developing patterns in the instalment space. Extortion, for example, is a constant danger. Banks, insurance agencies, and other monetary establishments utilize this new period of RPA innovation. This is to distinguish and counter fake pulling information from different assistance lines instead of making many financial macros. The paper discusses how RPA can moderate misrepresentation and takes a chance through various strategies, for example, reconsidering momentum processes, wiping out human blunders, upgraded exchange observing, robotized danger identification, looking for inconsistencies, and substantially more.
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14 Multimedia sustained benefits for financial services
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Technology plays a huge role in financial services and allows financial institutions to constantly attain new information to gain competitive advantages. The function of MMTs (Multi-Media Technologies) in financial services also enables clients to quickly execute online transactions, which improves confidence in finance, enables the growth of information technology, and at first results in a more quick and effective service. The rationale behind this study is to underline the sustained benefits of multimedia in financial services.
The study is based on secondary data. In this study, secondary data were used to supplement the published and unpublished studies as well as the current literature. The most efficient way to start a literature search for the most up-to-date overview is to use electronic databases.
Findings show that ICT and MMTs have brought a significant transformation in the financial services. MMTs are transforming how the financial sector does business. New business opportunities are being created by rapidly advancing technical advancements. The use of MMTs in the financial services offers several advantages, including enhanced client satisfaction, security, speed, and convenience. Different MMTs and ICT technologies have been applied in the sector. These include blockchain, big data and AI, cybersecurity tools, and digital banking.
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15 Extensive use of multimedia technologies: real-world case studies of multimedia banking
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The relationship between a consumer and a bank is redefined through multimedia communication as it helps to link distant locations and combine all their diverse market, which also improves international interaction and collaboration. Banks can create brand-new channels for distributing financial data and services in the multimedia market that use cutting-edge Internet tools and information exchange systems. Finding new clients might be challenging in today's cutthroat market. The in-branch banking process has become automated due to the introduction of advanced computing web application technology. Multimedia applications are used these days to notify bank consumers about transactions and other crucial financial information. The banks should determine the needs of client's requirements and float various financial schemes by exploiting the expertise and technology available worldwide. This chapter will highlight real-world case studies in multimedia banking across the globe, along with a detailed description of the extensive use of multimedia technologies in the banking sector. With the help of this chapter, we will find out the impact of multimedia technology on the banking sector of the economy. We will discuss real-world case studies where multimedia technology had some effect.
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16 Concluding remarks - fintech and technology of today and tomorrow
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Technology innovation is a superb instrument for advancing society. Banks and other intermediaries will be able to lower their costs and enhance the quality of their services as a result of the adoption of digital technology and more intense use of the vast amount of data now at their disposal. There are enormous potential benefits for customers, businesses, and the entire economy. A less effective player might not be able to endure the increased competition resulting from technology lowering entry barriers in the credit and financial services markets. In ten years, we predict that the structure of the banking and financial markets will be significantly different from what it is today, with non-bank operators likely playing a much larger role.
One of the causes contributing to increased income and wealth inequality in both developed and emerging market economies is the "technical unemployment" that Keynes predicted would occur in 193,016. It also raises the question of how to ensure confidentiality in connection to Big Data and how to use it within the constraints established by the laws and the wishes of our citizens, whose right to privacy must be protected in any event. The boundaries for the ethical and legal use of big data need to be more clearly defined. The worry has been raised by recent developments involving Cambridge Analytica and Facebook.
As of right now, we must carefully consider how to make these developments fully compatible with individual rights, how to balance the protection of our freedom with the rules that govern the operation of contemporary liberal democracy, and how to square the increasing availability of information on each of our private lives about our political beliefs, physical health, or sexual orientation (Panetta, 2018).
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Back Matter
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