Financial Services


Machine Learning & AI in Payments & Financial Services – Need for Design Thinking

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I was included in a meeting at Stanford recently on the topic of AI & Machine Learning for FinTech, conducted by AFT Lab, Stanford University. They have an industry-academia annual retreat with industry participation such as BBVA, JP Morgan, Stripe, and few others, including the US Treasury, and US Fed. Some key highlights that I could capture from this event are set out below. The talk centered around various use cases in two categories: front end (onboarding, KYC, vetting, etc) vs backend (fighting fraud, reduce risk). In summary, the day-long event covered interesting aspects, but key takeaway is, try to leverage data sets like transnational data, data collected through clever product instrumentation to train your Machine Learning models.


Machine Learning & AI in Payments & Financial Services – Need for Design Thinking

#artificialintelligence

I was included in a meeting at Stanford recently on the topic of AI & Machine Learning for FinTech, conducted by AFT Lab, Stanford University. They have an industry-academia annual retreat with industry participation such as BBVA, JP Morgan, Stripe, and few others, including the US Treasury, and US Fed. Some key highlights that I could capture from this event are set out below. The talk centered around various use cases in two categories: front end (onboarding, KYC, vetting, etc) vs backend (fighting fraud, reduce risk). In summary, the day-long event covered interesting aspects, but key takeaway is, try to leverage data sets like transnational data, data collected through clever product instrumentation to train your Machine Learning models.


Current trends in fintech and AI

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Artificial intelligence (AI) in the fintech industry is not about replacing live employees with robots. Instead, it's about using automation to carry out basic or routine tasks in order to let employees handle more complex issues. It's a way of giving employees more responsibility and the chance to work closer with the customers who truly need live help. AI is also ensuring that each transaction is accurate and it's making online transactions safer by automating regulatory compliance. When basic customer tasks are automated, such as simplistic banking transactions like depositing money, checking account balances or cashing checks, employees can have the time and mental energy to handle high-value tasks and troubleshoot difficult problems.


6 AI applications in finance spark partner opportunity

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The various AI initiatives offer tremendous opportunities for partners. "AI projects often run several months and are seven-figure engagements," Synechron's Huntsman said. "In cases where they migrate from a legacy to a new system, projects often run for several years." But deploying AI in financial services is not easy. Building a data model entails the right mix of art and science.


Nationwide is deploying AI for customer experience

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Nationwide is the latest financial services firm to lean on AI, as interest in the technology continues to gain momentum among companies in the sector. Last week, Nordic financial services giant Danske Bank enlisted machine learning tech from IBM to help it predict and fix IT systems failures before they impact customers, for example. And this interest is only going to continue picking up pace, with AI-enabled savings in the industry expected to total upwards of $1 trillion by 2030, per Autonomous. However, while the promise of the technology is substantial, we expect to see firms taking a progressive approach in deployment of the tech rather than instant transformation, not least because of the challenges and heavy costs associated with implementing new technologies: Last week, we reported on Bank of Ireland's struggles to rein in the costs of its IT revamp, for instance. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally.


Current trends in fintech and AI

#artificialintelligence

Artificial intelligence (AI) in the fintech industry is not about replacing live employees with robots. Instead, it's about using automation to carry out basic or routine tasks in order to let employees handle more complex issues. It's a way of giving employees more responsibility and the chance to work closer with the customers who truly need live help. AI is also ensuring that each transaction is accurate and it's making online transactions safer by automating regulatory compliance. When basic customer tasks are automated, such as simplistic banking transactions like depositing money, checking account balances or cashing checks, employees can have the time and mental energy to handle high-value tasks and troubleshoot difficult problems.


The Opportunities and Challenges for Artificial Intelligence in Financial Services

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Recent advances in Artificial Intelligence are creating huge opportunities for process improvement in the Financial Sector but do have some challenges. The financial services industry in Australia has not been without it's challenges in the last few years. Downward moving real-estate and investment markets in Australia, increased competition from global players and the recent high degree of inspection and intervention from Australian regulators has forced Financial Services companies to on the one hand focus more on customer service and doing the "right thing' for their customers. Whilst on the other hand this same environment is pushing these same companies to deploy new technologies to improve costs and to increase efficiencies to offset the additional burdens that new regulation is bringing. In an era of big data with large volumes of transactions the deployment of AI represents an opportunity for Financial Services organisations to improve their operations through increased cost efficiencies whilst at the same time providing better services to their customers.


AI and the rise of digital humans in financial services - IBM Banking Industry Blog

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"AI is not going to replace managers, but managers who use AI will replace the managers who do not," Rob Thomas, IBM General Manager of Data and AI predicted at IBM Think 2019.[1] Every type of work is undergoing a transformation. A 16 trillion dollar opportunity, artificial intelligence will fundamentally change every business process, every role, and how organizations will impact their industries. AI implementation grew by 270% in the past four years, and 37% in just the past year, according to a 2019 Gartner study. Gartner credits this to the "maturation" of AI capabilities and how rapidly AI has become an "integral part" of digital strategies.[2] Digitally reinventing themselves, financial services firms are leveraging AI to achieve superior customer experiences, create new revenue streams and lower costs.


Fintech: A Change in the Mortgage Ecosystem

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A new study or survey is released almost daily that suggests that artificial intelligence (AI) and machine learning (ML) will revolutionize our lives. This past summer, the Treasury Department released a report in which the agency recommended facilitating the development of AI due to the potential it holds for financial services companies and the overall economy. The agency also found that AI was one of the three biggest areas of investment for financial services companies last year. However, it's not just the Treasury Department that is backing AI and machine learning. The Federal Reserve has recognized the two concepts, as has the Financial Industry Regulatory Authority (FINRA), which noted that AI could help banks prevent money laundering and improve data management and customer service.


Financial services firms are lagging behind in digital transformation - No Web Agency

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A new report by the Capgemini Research Institute has found that financial services firms are lagging behind in digital transformation compared to other industry sectors. Financial services firms report falling confidence in their digital capabilities, and a shortage of the skills, leadership and collective vision needed to shape the digital future. The report, part of Capgemini's Global Digital Mastery Series, examines sentiment on digital and leadership capabilities among bank and insurance executives, comparing it to an equivalent study from 2012. Over 360 executives were surveyed from 213 companies whose combined 2017 revenue represents approximately $1.67 trillion. Compared to 2012, a smaller proportion of financial services executives said their organizations had the necessary digital capabilities to succeed – with the confident few falling from 41 percent to 37 percent.