It is widely reported that in the early 1800s, the Rothschild banking family of France set up a vast network of pigeon lofts spread across Europe and deployed a prized coop of racing pigeons to fly between its financial houses, carrying the latest news. From the pigeons, Nathan Rothschild was reportedly the first to learn of the British victory at Waterloo. The story goes that while other traders on the stock exchange prepared for a British loss, he went long and made millions. At the time, pigeons were the fastest way to send and receive information ahead of the competition.
Fast-forward a few hundred years and the financial services community is still on the forefront of using newer and more sophisticated technologies for competitive advantage. Banks, credit card companies, hedge funds, brokerages, and insurance firms are all aggressively testing and deploying the latest cutting-edge technologies to enable real-time analytics and AI use cases. Their primary goals are to reduce risk, execute smarter trades, increase profitability, and eliminate fraud.
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