Unit 1 The digital revolution Flashcards
What is digital risk?
Risk associated with digital business processes.
What is the fourth industrial revolution according to Klaus Schwab?
Fourth Industrial Revolution is to do with how digital technologies have started to interact with biology to break down the traditional distinctions between
the natural and the artificial and the physical and non-physical,
What is Moravec’s paradox?
Machines are good at mastering complex tasks such as Chess but struggle to simulate human movement ie sensory motor skills are harder to program than natural language processing,
What is SLAM?
Simultaneous localisation and mapping a problem for robots that humans solve all the time eg if we don’t know where we are we look around and retrace our steps
What is Kinect?
A sensing device which can be used with the Microsoft Xbox gaming device and essentially solves the SLAM problem
What is Waze?
A mapping app that plots a route relative to live real-time information about traffic
conditions transmitted by the smart phones of other Waze users
What is blockchain?
A distributed, open ledger that reduces the risk of fraud in transactions used as the infrastructure for bitcoin. An example of non mediated technology.
What is FinTech?
Financial technology such as online banking transactions
What is RegTech?
A technology that automates
compliance with regulation or identifies potential violations of it, therefore leaving some risk management to machines eg verifying a customer’s identity
What are two key properties of digital goods?
Non-rival - each individual
can have access to the same information at a time.
Cheaply reproducible
What is Moore’s law?
$1 will buy twice as much computing power two years (or perhaps eighteen months) from now as it does
today, and that this pattern will be repeated for quite a long time into the future.
List McKinsey’s 6 imperatives for FinTech attackers
Find Find opportunities for mass recruitment Reduce Reduce costs of serving customers Identify Identify new indicators of creditworthiness Target Target specific market segments Cooperate Cooperate with established financial service firms Anticipate and digitise Anticipate and digitise responses to regulatory requirements
Six ways McKinsey suggest FinTech attackers can be countered.
Use other analytics eg Facebook
Design customer interface to equal online retailing platforms
Acquire marketing skills of online retailing platforms
Reduce costs and exploit distributed ledger technologies
Tailor services to mobile phone access
Streamline organisation to allow implementation
