Digital Financial Reporting

The World Economic Forum published a 167 page report, The New Physics of Financial Services – How artificial intelligence is transforming the financial ecosystem, which you can download. (This is a direct link to the report.)

Artificial intelligence is fundamentally changing the physics of financial services. It is weakening the bonds that have held together the component parts of incumbent financial institutions, opening the door to entirely new operating models and ushering in a new set of competitive dynamics that will reward institutions focused on the scale and sophistication of data much more than the scale or complexity of capital.

A clear vision of the future financial landscape will be critical to good strategic and governance decisions as financial institutions around the world face growing competitive pressure to make major strategic investments in AI and policy makers seek to navigate the challenging regulatory and social uncertainties emerging globally.

Building on the World Economic Forum’s past work on disruptive innovation in financial services, this report provides a comprehensive exploration of the impact of AI on financial services.

Wow!  That is all I can say right now.

Scratch, the popular software application created by MIT, provided a significant amount of inspiration for the expert system a software engineer and I built for creating financial reports.

While you could fiddle with some of the ideas of Scratch using the browser-based Blockly, also inspired by Scratch, you could not run what you create.

But now you can run what you create and do even more fiddling.  Scratch is now available as a browser-based application. Here are some videos that help you understand how to use Scratch.

Now, I speculate that most people will wonder what I am talking about and how Scratch relates to financial reporting.  But some will likely get what I am trying to point out.

No worries.  Ultimately you will be able to fiddle with real financial reports and then what I am trying to communicate will be more clear.  But, I cannot do that just now; we have a little more work to do with our application.