Finance Derivative Magazine Issue 4

Page 80

Technology

Why the future city is AI

T

he world around us is getting smarter every day. From the way we work to the way we travel, from our homes to our offices, technology can be found both at the forefront and in the background of our day to day lives. As this continues to evolve, what does it mean for our future cities?

However, flexibility will be key for this promised land of efficiencies and technology to run smoothly, as authorities continue to support the needs of a developing population while staying on budget.

In Edinburgh, for example, CGI is working with the council to develop a smart city system that utilises AI, Internet of Things (IoT) and analytics technologies to support the services and businesses within the community.

Business and citizen experience of the smart city

Simply put, the future is smart. Smart cities are soon to become the norm to offer a more efficient and connected environment for citizens, visitors, residents and employees alike. And what’s more, artificial intelligence (AI) is playing a huge role in how these cities will function.

What would an AI-driven smart city mean for business? The smart city can interact and support various businesses, from shops to cafés, offices to restaurants - and everything in between. While this may sound simple, when you consider the vast and varying needs of one business, then multiply that by dozens on one street, then by dozens of streets, and you begin to build a picture of how diverse and complex a network that is needed.

The smart city affords organisations a smoother process by harmonising interconnected aspects such as transportation and logistics. Our intelligent transport solutions, for example, work to improve customer service and loyalty and reduce customer churn and costs. From mitigating public transport delays to redirecting traffic to improve parking situations, a smart city should work to harmonise the environment around it.

Local authorities across the UK want to unlock the value of future-thinking and sustainable smart cities and connected communities. This can be achieved through a range of solutions which help them to make step changes in citizen centricity, increase improvements in operating cost and productivity, and establish innovative business models and improve environmental outcomes.

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However, the role of AI and machine learning (ML) in supporting businesses can go beyond the expected. Utilising factors such as gamification can increase footfall, direct customers, and encourage loyalty from clients will all support and expand the smart city concept.

What’s more, for the environmentally-conscious citizen, the integration of business and smart cities can unlock further emission reductions by utilising smart tech such as AI and IoT to limit waste. From issuing immediate back-office processes such as invoices to better storage through the cloud, an organisation looking to reduce waste and emissions can be more eco-savvy in a smart


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Articles inside

“Everyone can be a fintech”. Behind the Banking-as-a Service Boom.

4min
pages 82-84

CI Asset Management

1min
pages 78-79

Natural gas or green hydrogen heating? It’s not that simple

4min
pages 76-77

Bank guarantees: levelling up in the new digital age

5min
pages 72-75

Why the future city is AI

4min
pages 80-81

How European Merchants can take advantage of QR Code

4min
pages 66-67

How to grow wealth by using the stock market

7min
pages 68-71

The Fintech Revolution - How New Tech Can Transform

7min
pages 60-62

How virtual reality and digital twins are transforming

5min
pages 63-65

The importance of the CFO in investment and raising

4min
pages 58-59

The rising importance of software quality assurance in fintech

4min
pages 50-51

Automating business processes is essential to digital

4min
pages 46-47

Why should financial services choose cloud native?

4min
pages 48-49

Why technology is the key to improving agility for retail

5min
pages 42-45

The five tenets of an effective cybersecurity programme

4min
pages 36-39

Cash industry on road to sustainability

5min
pages 40-41

Network visibility: how banks can transform their IT

4min
pages 34-35

How to embed ESG into your M&A deal

4min
pages 32-33

How digital invoicing can help offer a better e-commerce experience

4min
pages 29-31

Transforming the reporting process for success

4min
pages 20-21

Digital Currencies: The next big financial experiment?

3min
pages 10-11

Business sustainability: is it too late for a business to

4min
pages 7-8

Interview with Dr. Herbert Wigwe,GMD/CEO, Access Bank Plc.

11min
pages 22-28

Unlocking the Power of Hyperautomation in Finance

5min
pages 16-19

Delivering an Effective Cybersecurity Strategy

6min
pages 14-15

Is cryptocurrency the new ‘digital gold?’

5min
pages 12-13

Sustainable investing. Can social aims and financial aims go hand in hand?

3min
page 9
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