Financial Services


7 Ways AI is Transforming Financial Services

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In fact, after World War II, governments around the world worked with private and public entities to develop sophisticated financial computer infrastructure to improve economies. This trend continues today, and artificial intelligence and machine learning are having a major impact on finance. Here are seven ways artificial intelligence is transforming financial services. Computers are excellent at capturing and storing information, and the low cost of storage means financial companies are storing more than ever before. However, making sense of this information is difficult, as humans struggle with especially large data sets.


Machine learning seen as key to fighting fraud by financial services firms

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A majority of North American financial institutions plan to invest in machine learning analytics to help combat fraud, according to a new report by global research and advisory firm Aite Group and authentication and fraud prevention technology provider Iovation. It's clear that the threat environment continues to escalate, the report said, and effective fraud prevention is an increasingly competitive issue for financial institutions. The study was compiled from interviews with 28 senior fraud and data analytics executives at 20 North American financial institutions. The interviews were conducted by Aite between August and September 2017. "What this study highlighted is that those who are early adopters of advanced machine learning analytics will be able to greatly reduce fraud while also improving the customer experience, giving those [financial institutions] a decided edge over their competitors who lag in these advancements," said Julie Conroy, research director for Aite Group's Retail Banking & Payments practice.


AI Investment Advisors Won't Replace Real People, Standard Chartered Executive Says

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Artificial intelligence and Big Data are merely technical assistants to investment advisors, and will not completely replace advisors, David Leung, managing director of Standard Chartered Plc's [LSE:STAN] wealth department in China, told Yicai Global in an interview. The two technologies do help save time in facilitating our investment decisions and choosing where to put money, and they do make our work more accurate, Leung said. However, AI will never replace investment advisors. For example, in August last year, Standard Chartered released the first mobile trading platform among foreign-backed banks in China. The app offers direct advice to investors along with detailed explanations, but 90 percent of clients still choose to communicate directly with their own customer managers or advisors.


The Future of Artificial Intelligence and Machine Learning for…

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'What's the next thing we should be thinking about?' This is a question I get asked a lot when I work with customers... We keep hearing that robots will replace workers and work will change. The fundamental truth is that it will, and we have an opportunity to start planning for that, but, like anything else, it's unclear exactly when the tipping point will be. The reason for looking at these specific areas is to break some common misconceptions in order to really understand how far away we are from true AI and machine learning in business.


Robo Advisors Are Shaking Up The Personal Finance And Investment Sectors BCW

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Artificial intelligence is more than just a buzzword; it's an inevitable reality. While robots might not walk, talk and live among us, through automation technology they are still making their way into our lives, streamlining everything from our day-to-day routines to our business activities. Robo advisors are the new craze in the world of personal finance and investment… Okay, the term might be misleading as they really have nothing to do with robots – at least not in the traditional sense. However, they certainly emphasise a direction of travel, one which demonstrates just how powerful automation technology is becoming. Robo advisors are online investment platforms designed to take clients through the investment process automatically, so that independent financial advisors (IFA) can be bypassed.


The rise of the machines IOL Personal Finance

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NMRQL Research, the fintech company co-founded by Michael Jordaan, the former chief executive of First National Bank, this week launched South Africa's first unit trust fund powered by machine learning. The NMRQL SCI Balanced Fund, administered by the Sanlam Collective Investments platform, is a regulation 28-compliant collective investment scheme that invests in a diversified portfolio of domestic and international assets, where the asset allocation and stock selection are systematically managed using machine learning algorithms. Indie, a Sanlam-backed financial services business, has announced the launch of its first product: simple-to-use, transparent life assurance designed specifically for young adults that includes a "game" element. The Indie life assurance range includes income protection, debt protection, life cover, disability income, funeral cover and dread disease cover, and is bundled with a built-in investment.


Artificial Intelligence: The New Currency of financial services

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In Anti Money Laundering: Money laundering is the dark reality of financial services industry. As Conversational AI ala Chatbots: Probably due to intense market competition, far from being distant and impersonal institutions, banking and financial services institutions have woken up to the reality that personalization is key to winning and retaining more customers. For Algorithmic Trading: According to Investopedia, Algorithmic trading (automated trading, black-box trading, or simply algo-trading) is the process of using computers programmed to follow a defined set of instructions for placing a trade in order to generate profits at a speed and frequency that is impossible for a human trader. In fact, far from being an unproven technology, reportedly, 70% of the trading today is actually carried out by automated artificial intelligence systems.


How chatbots and artificial intelligence will save banks and the finance industry billions

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These companies' chatbot is their core product, unlike legacy banks that use it to supplement a core product. These companies are improving various financial services that provide their customers more than just automated savings. BI Intelligence, Business Insider's premium research service, has found that the technological advancements in AI has made leaps and bounds in recent years in financial services. Chatbot technology will continue to improve in the coming years, particularly thanks to robotics in banking and chatbot financial services.


Why Personal Finance needs Artificial Intelligence

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Financial advisors can provide high-quality planning and investment services. In actuality it is more like a team of advisors with exceptional abilities to process the vast amount of data and information that describes any individual's personal financial situation in the context of complex financial markets. Researchers at the University of Pittsburgh and Carnegie Mellon are using AI to develop personalized treatment plans. AI promises to drive down the cost of creating such plans, making cutting-edge treatment more accessible, even commonplace.


Beyond Big Data: Digital Transformation Comes to Financial Services

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We're now able to find signals in what previously would have been only a vast sea of noise. You can now use broad generic data sources to predict probable customer actions when on the surface there is no apparent connection between the data and the action. And in financial services, finding that signal--that connection hidden in the data--can be critical for broadening financial access to previously underserved consumers who have been shut out of traditional financial products such as DDA accounts and credit cards for many years. It can also be critical for reducing fraud in new channels such as mobile banking.