Samsung’s global software solutions and IT services subsidiary, Samsung SDS, has now announced plans to move forward with a new digital financial business based on Blockchain and A.I. which it calls Nexfinance. The platform, which is built on a backbone of tech including A.I., blockchains, big data analysis, and intelligent process automation is not a standalone service for consumers. Instead, according to the head of Samsung SDS’ Financial Division Yoo Hong-jun, this appears to be a platform intended to be offered to other financial services providers. Those, in turn, would ultimately augment some of the services that they have on offer. Breaking down the foundation of Nexfinance, Samsung SDS says its platform will include providing secure digital identification methods, financial concierge services, and A.I.-driven automation for some other services such as filing insurance claims.
The blockchain in question will undoubtedly play a key role across the board but particularly for secure identification methods. That’s because blockchains, which is often used by cryptocurrencies and sometimes smartphones, currently represent the most secure and private platforms available. Of course, that means it will be much more difficult any data involved in the transactions to be stolen. Meanwhile, A.I. and big data analysis take a central role in the planned financial concierge services. For those who aren’t aware, those types of services typically fall under the umbrella of financial planning and management. As with almost any other use of A.I. to have already found its way into real-world use, that should equate to much higher efficiency and planning. Last but not least, the introduction of A.I. and automation should make filing an insurance claim a greatly simplified process.
As of this writing, there aren’t many more details to share about the new Nexfinance platform but more details about the Samsung subsidiary’s efforts will likely become available as the development of the new platform continues. In the meantime, according to Yoo Hong-jun, the underlying goal is to create a platform that allows financial institutions a much higher degree of both flexibility and security. As a result, those institutions should be able to quickly and easily implement new IT solutions to keep up with the ever-changing “IT environment.”