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Artificial Intelligence is an integral part of our day-to-day lives, but it still struggles to process the world’s second-most spoken language: Spanish.
We need to train existing algorithms to understand Spanish and its numerous dialects in order to reinforce the digitalization and digital preservation of an entire cultural, linguistic, and historical heritage.
Read moreData in Finance
How individuals and organizations can benefit from open data
The Covid-19 pandemic showed the worth of digital financial infrastructures, especially in how they provided a cushion for businesses from the ensuing economic shock. This progress can be enhanced through the creation of an ecosystem of open data in finance, as the data below shows.
Estimates of potential gains from open data for finance by 2030
INCREASED ACCESS TO FINANCIAL SERVICES
12800
640
4025
20
THOUSAND INDIVIDUALS
GREATER USER CONVENIENCE
175
1
29
9
MILLION HOURS SAVED PER YEAR
IMPROVED PRODUCT OPTIONS
7
133
87
126
$ PER ACCOUNT PER YEAR
INCREASED OPERATIONAL EFFICIENCY
2.0
3.3
5.6
2.9
% OF FINANCIAL SECTOR REVENUE
BETTER FRAUD PROTECTION
3.8
0.7
1.2
0.9
% OF BANKING REVENUE
IMPROVED WORKFORCE ALLOCATION
60
92
495
24
THOUSAND HOURS SAVED PER YEAR
IMPROVED WORKFORCE ALLOCATION
31
27
39
19
PERCENTAGE
INDIA
UK
US
EU
INCREASED ACCESS TO FINANCIAL SERVICES
THOUSAND INDIVIDUALS
INDIA
12800
UK
640
US
4025
EU
20
GREATER USER CONVENIENCE
MILLION HOURS SAVED PER YEAR
INDIA
175
UK
1
US
29
EU
9
IMPROVED PRODUCT OPTIONS
$ PER ACCOUNT PER YEAR
INDIA
7
UK
133
US
87
EU
126
INCREASED OPERATIONAL EFFICIENCY
% OF FINANCIAL SECTOR REVENUE
INDIA
2.0
UK
3.3
US
5.6
EU
2.9
BETTER FRAUD PROTECTION
% OF BANKING REVENUE
INDIA
3.8
UK
0.7
US
1.2
EU
0.9
IMPROVED WORKFORCE ALLOCATION
THOUSAND HOURS SAVED PER YEAR
INDIA
60
UK
92
US
495
EU
24
IMPROVED WORKFORCE ALLOCATION
PERCENTAGE
INDIA
31
UK
27
US
39
EU
19
Source: McKinsey & Company: Financial data unbound, The value of open data for individuals and institutions.
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