Microsoft Corp. MSFT, 1.32% is making a huge bet on artificial intelligence by sinking $1 billion into AI startup OpenAI, the companies announced Monday. Under a partnership, OpenAI will run all of its services on Microsoft's Azure cloud platform and use Microsoft as its preferred partner for commercializing new AI tech. On its website, OpenAI says its mission is "to ensure that artificial general intelligence (AGI) -- by which we mean highly autonomous systems that outperform humans at most economically valuable work -- benefits all of humanity." Microsoft, which is currently the only U.S. company valued at more than $1 trillion, recently reported strong earnings growth driven by Azure. Shares were up 1.2% to $138.19 in recent trading Monday, compared with a flat Dow Jones Industrial Average DJIA, 0.07% a 0.3% gain in the S&P 500 index SPX, 0.28% and a 0.7% gain in the tech-heavy Nasdaq Composite Index COMP, 0.71%
In the finance industry, firms run and thrive on innovations and customizations, which are derived from cutting-edge technologies. FREMONT, CA: Fintech is synonymous to innovations and high accessibility in the world of finance. Equipped with Artificial Intelligence (AI), the core purpose of fintech is enabling the masses to get benefits from the mainstream financial system. Being aware of these market dynamics, banking institutions are adopting AI and its applications. The range of AI applications are broad and lies across all industries ar several levels.
Personal relationships have always been the lifeblood of wealth management, but the pressure to intensify personalization has increased dramatically, according to Capgemini's most recent World Wealth Report. In fact, there is a "measurable correlation linking high-net-worth clients' personal connection to their firm and advisor and the financial performance of firms," according to the report. Despite a dip in investment performance last year, 88% of wealthy clients in the U.S. and Canada with investable assets of $1 million or more said they still had faith in their advisors, Capgemini found. "Personal connections are still the differentiating factor," says Chirag Thakral, an analyst with Capgemini. What do wealth managers need to do to strengthen their ties to clients in the digital age?
GO Market has made the decision to include a-Quant's trading signals to selected clients. This means clients can use artificial intelligence (AI) to forecast the movement of their asset portfolios. AI has been utilized in the financial trading world for a while but has only recently seen more traction in the retail industry due to the demands of traders wanting tools to maximize their gains. GO Market has promoted this recent change to the public and state that they are happy that their clients can quickly deploy the signals a-Quant services provide, by using this cutting-edge technology. GO Market made the headlines earlier this year by adding stocks from the Australian Stock Exchange to be traded on MT5.
NEW DELHI: Andhra Bank has partnered with Floatbot to offer an Artificial Intelligence-powered virtual assistant for online banking users. The AI chatbot named "ABHi" --made by Floatbot-- is integrated with Core Banking Servers (CBS) of Andhra Bank and will automate customer support for 5 crore Andhra Bank account holders. Floatbot will also develop a chatbot for over 20,000 internal employees of Andhra Bank to automate on-boarding and training. Floatbot is incubated at NASSCOM Center of Excellence DS-AI, an initiative of the Department of IT, BT and S&T, Government of Karnataka. "Floatbot has launched the chatbot for Andhra Bank after going through end to end security audit and a rigorous user acceptance testing (UAT). More than 50,000 queries were tested before the final sign-off," the company claimed in a statement.
Artificial Intelligence is not hypothetical – it is real. Artificial Intelligence (AI) is an area of the science relating to computers that focus on the development and creation of intelligent machines that are expected to work and react like humans. AI enabled computers are designed to include speech recognition, learning processes and planning. AI is awkwardly opposite to natural intelligence; the earlier is a human creation and the latter is a divine blessing. The spirit behind the development of AI is to reduce human input or in other words it is designed to take over, the element of human discretion; the machine assumes the discretion to itself.
Machine learning, machine intelligence, thinking machine, electronic brain – whatever you want to call it, artificial intelligence is here to stay. Although, machines haven't completely taken over, they have slowly but surely crept into our lives affecting the way we live, communicate and ultimately work. From voice-driven assistance on a mobile phone, suggestive searches to autonomous driverless cars, we will continue to see fast-evolving technologies in the coming years. At ACCA we have a deep interest in how technology impacts the accountancy profession and how it will continue to do so in the future. This year will see the 30th anniversary of the worldwide web – meaning we are firmly part of the digital revolution; technology is something accountants cannot shy away from or avoid.
Where once banks and credit unions routinely left technology to specialists, the subject now has become elevated to the highest-ranking issue impacting retail banking. Research by The Economist Intelligence Unit (EIU) for Temenos finds that coping with new technology is the top concern of retail bankers, ahead of changing consumer behavior, political and economic instability and dealing with bad loans, among other factors. No institution can afford to ignore the combination of new competition from fintechs and big technology companies, multiple new technologies, and soaring consumer expectations is bringing unprecedented change to retail banking that And few are ignoring it, as the EIU survey indicates. However, the how quickly and how extensively organizations respond varies sharply by institution and sometimes even by country. In a study of 161 publicly traded banking institutions around the world, Accenture found that just over half are "digital laggards," with no plans to go digital or just "half-hearted efforts."
Small and medium-sized businesses are the keystone of the modern-day labor market. In the United States alone, small businesses employ almost 50% of the private workforce, and recent data shows that companies with fewer than 20 employees have added 1.2 million net new jobs. But although their growth is vital to a sustainable global economy, SMBs continue to struggle to get the funding they need. The traditional lending system simply isn't set up to meet the smaller capital needs of these types of enterprises: taking into account the risks and the long review process, small business loans typically don't pay off for banks. Chances of being accepted are incredibly low for businesses that aren't already well-established, and they rarely have the structure to carry them through the long review process anyway.
AI is making its way into many areas of the payments and financial services industries from helping banking and credit card systems detect and spot fraudulent activity, to enhancing customer service, providing hyperpersonalized credit scores and offers, and driving new forms of transactions like stores with no cashiers. In this infographic from Cognilytica we explore 6 ways AI is enhancing payments.