Banking & Finance


How technology and AI are set to transform compliance

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Up until recently, compliance has mainly relied on people. And as a result of the significant increase in regulatory reporting requirements for financial institutions over the last decade, demand for compliance professionals has surged. Companies have had no choice but to hire more and more compliance staff, in an effort to tackle the growing regulatory burden. However, over the last few years, technology has begun to play a much larger role within compliance. Financial institutions and regulators have realised that by harnessing the power of technology, and more specifically, the power of artificial intelligence (AI) and machine learning (ML), a considerable proportion of the compliance function can actually be automated, reducing the burden on institutions and compliance professionals.


The state of transformation in 2019: IIoT, artificial intelligence & blockchain

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The first wave of digital transformation was built upon leveraging cloud, mobile and big data, to create a platform for organisations to achieve greater operational efficiencies, better business insights, and deeper customer engagements. These efforts helped provide competitive advantages for organisations as they started to work smarter and more efficiently. The commitment to digital transformation is as strong as ever. According to IDC, global enterprises will spend $1.7 trillion on digital transformation in 2019. As manufacturers continue digital transformation journeys they are now looking to enter the transformation 2.0 phase, in which they will use new technologies to create even more opportunities and address new challenges on the factory floor.


Artificial intelligence may soon cause unprecedented disruption

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A prominent Chinese venture capitalist, Kai-Fu Lee, has been proselytizing for the advancement of artificial intelligence for some time. He is the chief executive of an influential investment firm called Sinovation Ventures based in Beijing that specializes in artificial intelligence, also known as AI, and as such he has an interest in promoting the idea that it will change our world. However, he may end up scaring us more than astonishing us. You see, Lee now claims that up to 40 percent of jobs will be "displaceable" because of AI within 15 to 25 years. This past weekend, Lee appeared on a well-known American news television show to discuss AI, whereupon he stunned the reporter with his claim.


How Banks Can Turn Millennials Into Lifelong Customers

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By answering common questions, helping customers fill out forms, and educating people on products and services, Pepper reduces wait times and frees up staff for more important tasks.SoftBank Robotics America Smart banks know that the future generation of growth depends on a very specific group of consumers - Millennials. As a group, Millennials are lost at sea when it comes to managing their personal finances, with 34 percent reporting they are unsatisfied with their current financial situation, and over 60 percent burdened by debt. Unfortunately, while Millennials need the support of financial institutions and leaders, this generation has traditionally shown disdain for big banks, and a skepticism about financial wellness in general. Only 27 percent of Millennials have sought professional financial advice in the last five years, and four of the leading banks were ranked by Millennials as a least loved brand. But while Millennials may have little interest in personal banking today, as this audience grows and matures, so will their financial needs.


AI is at risk of bias due to serious gender gap problem

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AI needs to be created by a diverse range of developers to prevent bias, but the World Economic Forum (WEF) has found a serious gender gap. Gender gaps in STEM careers have been a problem for some time, but it's not often the end product matters what gender it was developed by. AI is about to be everywhere, and it matters that it's representative of those it serves. "The equal contribution of women and men in this process of deep economic and societal transformation is critical. More than ever, societies cannot afford to lose out on the skills, ideas and perspectives of half of humanity to realize the promise of a more prosperous and humancentric future that well-governed innovation and technology can bring."


STAC Floats ML Benchmark for Financial Services Workloads

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"This study was designed to illustrate how STAC Benchmarks for machine learning (ML) can be constructed and used. It is also intended to help data scientists and data engineers know what to expect when using the data science tools and cloud products of this project and how to avoid common pitfalls. The workload is topic modeling of SEC Form 10-K filings using Latent Dirichlet Allocation (LDA), a form of natural language processing (NLP)," according to the report. STAC's foray into ML/DL benchmarking was presented with both caution and ambition: "While we hope these results are informative, it is important to understand what they are not. They are not competitive benchmark results of the sort readers are accustomed to finding in STAC Reports. No vendors contributed to optimization of the SUTs, so we can be fairly certain that they don't represent the best possible results. As soon as the [STAC] Council adopts these or other benchmark specifications for ML, the competitive benchmark numbers will begin to flow."


Why companies investing in AI today should expect a revenue spike by 2020 - AI News

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Organisations investing in artificial intelligence (AI) anticipate a 39% revenue rise by 2020, while faster growing firms are more likely to be further ahead in their AI initiatives, according to a study from IT consulting firm Infosys. The survey, which polled 1,600 senior business decision makers at large organisations globally, found that alongside the revenue rise, businesses which forge ahead with AI will expect a 37% reduction in costs by 2020. More than three quarters (76%) of respondents said they see AI as'pivotal' to their organisation's future success. The study also looked at how the rise of AI will affect employees. Given the recent story of Fukoku Mutual Life Insurance, which plans to utilise IBM's Watson Explorer AI and make 34 workers redundant in the process, it's perhaps reassuring to find from this report that 80% of organisations surveyed plan to retrain or redeploy employees affected by AI taking their jobs.


Art 4.0

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Tech artist Jordan Wolfson is the author of a controversial simulation of virtual reality, explicitly titled Real Violence, in which the viewer, located in New York (United States), observes how the author strikes a man to death. Rachel Rossin manages to take the audience to a point diametrically opposite in Man Mask, a meditation exercise guiding us through the video game Call of Duty: Black Ops without appreciating the slightest sign of aggressiveness. Between the anguish generated by Wolfston's beating and the surrealist paradise of Rossin, there are many examples in which the fundamental innovations of the fourth industrial revolution are put at the service of cultural creation: blockchain, robotics, the internet of things, virtual reality and increased, etc. Alex Reyval became interested in photography in 2012 thanks to drones. Since then he has managed to reflect with his snapshots views that are just unthinkable without the assistance of these unmanned aerial devices. The renowned sculptor Anish Kapoor has come to reduce - virtually - the audience on a microscopic scale so that it can travel the human body.


Differences Between AI and Machine Learning and Why it Matters

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The term "artificial intelligence" came to inception in 1956 by a group of researchers including Allen Newell and Herbert A. Simon [9], AI's industry has gone through many fluctuations. In the early decades, there was a lot of hype surrounding the industry, and many scientists concurred that human-level AI was just around the corner. However, undelivered assertions caused a general disenchantment with the industry along the public and led to the AI winter, a period where funding and interest in the field subsided considerably. Afterwards, organizations attempted to separate themselves with the term AI, which had become synonymous with unsubstantiated hype, and utilized different terms to refer to their work. For instance, IBM described Deep Blue as a supercomputer and explicitly stated that it did not use artificial intelligence [10], while it actually did.


Robots, AI And Blockchain: How Tech Pioneers Are Exploring New Frontiers In Davos

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World leaders and prominent CEOs are likely the first people you picture in Davos at the World Economic Forum's Annual Meeting each January. While you may be more likely to hear these higher profile CEOs weigh in on pressing global issues, these headlines only show a small section of those who attend Davos. Who you're less likely to read about are the thriving groups of smaller business leaders who attend each year. However, these up and coming cross-industry emerging leaders are out in full force at the meeting in Davos each year. One excellent example of how up-and-coming innovators are included in our annual meeting is in our Technology Pioneers.