In a highly regulated industry like banking, innovation always existed within silos bounded by strict regulations. The risks were just too high to think beyond. Besides exorbitant fines and a loss of operating licenses, banks faced reputational risk. Trust, after all, is what banks trade in. Else, customers will simply switch to a more trustworthy bank.
Traditional finance is infamous for its slow and underwhelming processes. Loans used to take weeks of queuing, filling, and waiting. Investing and portfolio management used to take a dozen people to manage. But finance is taking a turn for the better. An OpenText survey of finance professionals cited by Business Insider reports that around 75% of big financial institutions use AI to strengthen their banking capabilities.
Despite warnings for more than a decade, most financial institutions are unable to manage the data at their disposal or extract actionable insights, leaving money and opportunities on the table. To compete with fintech, big tech and the largest banks, financial institutions of all sizes will need to harness the power of data, making insight-driven decisions and delivering the level of experiences consumers and businesses have come to expect from the firms with the highest levels of data analytics maturity, like Amazon, Google, Facebook, Apple and others. In research done on behalf of Deluxe by the Digital Banking Report, it was found that many organizations have the ability to extract insights from various data sources, supporting foundational marketing decisions and creating segmented marketing programs. Where most organizations fall short, however, is in using data and artificial intelligence (AI) to power real-time decision-making throughout every aspect of the customer journey. The lack of data analytics maturity also hampers the ability create instantaneous learnings from marketing initiatives, using tools like machine learning (ML), that can improve marketing performance over time.
Artificial intelligence is poised to revolutionize the real estate industry and make the homebuying process much more transparent, AI-driven startup Localize believes. Headquartered in New York City, Localize was founded in Israel in 2012 and also has offices in Tel Aviv. The startup, which operates in Israel under the name Madlan, launched in the United States in 2019 and began working with real estate agents and brokerages earlier this year. It has developed an AI- and big data-based platform that enables both buyers and brokers to streamline house-hunting, a traditionally low-tech process. "Our goal is to reinvent homebuying," Localize President and Chief Operating Officer Omer Granot told The Media Line.
All the sessions from Transform 2021 are available on-demand now. The real estate industry isn't the first industry that usually comes to mind when discussing ways to apply machine learning algorithms. The seller wants to sell the property and the buyer wants to buy it -- it is just a matter of closing the deal. The stumbling block is agreeing on the price for that deal. Accurately assessing property value is a complicated process, and one that requires a lot of different data sources and scalable pricing models.
Smart technology is increasingly creating opportunities for the integration of speech recognition tools to improve customer/end-user experience. More and more smart gadgets and smart devices are coming to the market place with various speech and voice enabled tools. A previous CSW article took a look at advances in the automotive, healthcare, domestic appliance and banking sectors. The combined speech and voice recognition market is forecast to grow at a compound annual growth rate of 17.2% from 2019 to reach $26.8 billion by 2025.
In recent years, Mexican startups have emerged considerably, so much so that many of them have become benchmarks not only in the region, but throughout the world. The reasons are various, from the enormous talent and potential that entrepreneurs have to exploit new digital technologies, to the geostrategic position that the country has. Another factor that has a favorable influence is that currently in Mexico there are various supports, coming from both the private and government sectors, that promote the emergence of innovative and technological service startups . And it is that for the national economy to continue growing, industries must have businesses that bet on innovation and that implement 4.0 technologies such as: Artificial Intelligence (AI), Big Data, Robotics, Blockchain, Machine Learning, Cloud Computing, among other. From emerging companies That focus on fintech, e-commerce and retail solutions, there are many Mexican Artificial Intelligence startups with a global profile .
The future of technology is determined by a handful of venture capitalists. The world's 10 leading venture capital firms have, together, invested over $150 billion in technology startups. The venture capitalists who run these firms decide which startups today will develop the new platforms and technologies that will shape our lives tomorrow. There is a startling lack of diversity within the venture capital sector. This means that a small group of men -- mostly white men -- make decisions that affect all of us. Unsurprisingly, they all too often ignore the broader societal and human rights implications of these investment decisions.
Arturo, an AI-powered platform that derives property insights and predictive analytics from aerial and satellite imagery, has tapped Brett Antonides as vice president of apps, analytics and visualization and Dustin Montoya as vice president of platform infrastructure and engineering. With extensive industry knowledge and firsthand experience in geospatial technology, data analytics and artificial intelligence, these new executives will help refine Arturo's industry-leading technology and drive strategic initiatives and partnerships to support the company's continued expansion. "We recognize that a major factor in successfully scaling Arturo is our ability to add the best, brightest and most passionate people to our team," said Ben Tuttle, chief technology officer at Arturo. "We are thrilled to be able to make such strategic hires on the heels of our Series B fundraise that will help us continue to innovate our technology platform and grow our business. With the extensive technical and product backgrounds Brett and Dustin bring to the table, they will each play a major role in bolstering Arturo's capabilities and functionality, and will help drive the company's success in the years ahead."
ACCOUNTANTS have been slow to adopt technology in recent years, although sophisticated software, tools, and solutions are now on the verge of reinventing the profession entirely. If accountants want to keep their edge, they need to learn to use technology -- at least to automate simple tasks and put them back in the driver's seat when it comes to managing the organization's financial strategy. RPA or robotic process automation is one technology they can quickly benefit from. It's easy to implement, affordable, and very effective. The technology could easily make repetitive, monotonous tasks redundant and free them up to get involved with data interpretation and management, allowing them to investigate errors and anomalies in data which requires their time, energy, and attention and has the potential to save the business money.