Financial Services


To Re-Skill For AI, Put Your Imagination To Work

Forbes Technology

A recent survey of 1,200 executives across the financial services industry by Accenture finds 74% of executives see artificial intelligence reshaping their industry. The report's authors, lead by Ellyn Shook, estimate that between 2018 and 2022, banks that invest in AI and human-machine collaboration at the same rate as top-performing businesses could boost their revenue by an average of 34 percent and their employment levels by 14 percent. But it takes investment in people – AI is taking over many tasks, but skilled people are needed to either create or train these systems, or to augment them. Tellingly, there has been precious little movement to provide the right training to bring these skills about with the current workforce. The Accenture survey finds only three percent plan to significantly invest in re-skilling the people in their workforces for this AI-driven future.


Exclusive: 61% of financial services companies will use AI this year

ZDNet

Financial services and insurance companies are delivering on digital transformation promises faster than other industries, according to a Thursday report from Adobe and Econsultancy. Of 700 senior industry leaders surveyed, the majority (61%) are either already using artificial intelligence (AI), or plan to adopt the technology within the next 12 months--putting the industry far ahead of other sectors (44%). Among the 20% of financial service companies already using AI, 43% said they are tapping the technology for data analysis, the report found. A sizeable number of others are already using AI for on-site personalization, optimization, testing, and automated campaigns (about 20% each). SEE: IT leader's guide to the future of artificial intelligence (Tech Pro Research) AI has become one of the great, meaningless buzzwords of our time.


What banking services are needed by rural areas and How fintech tools and technology could enable them ?

#artificialintelligence

Experts believe that technologies like Artificial Intelligence, Blockchain, Internet of things, Cloud Computing, Cloud Robotics, Automation, Biometrics and Quantum Mechanics would change how we tackle our daily chores and services. Let's take a closer look at these advanced technologies that could shape the Fintech Scenario of remote villager's life. Knowing the fact that the unbanked population could also be uneducated and could only converse in the local language, the agent banking has been flourishing. But how about an AI-based app that could help you provide answers to all your banking needs via voice? Simple queries like – What's my savings account balance or Transfer funds to my kid school account would not only help rural people use the banking services but would also make human involvement redundant.


Artificial intelligence (AI) 'transforms financial services'

#artificialintelligence

Financial firms have always been early adopters of new technology, including relational databases and the mainframe computer. Now, artificial intelligence (AI) is helping the sector by applying methods derived from human intelligence to improve results and engage with customers in new, technical, ways. More and more financial services are using AI to process information on customers; save time and money; monitor behaviour patterns; assist money making decisions; asses credit quality; automate client interaction; analyse the market; and asses data quality as well as fraud detection. "AI will have an impact as big as electricity and will transform every single industry", said Terry Cordeiro, Head of Product Management at Lloyds Banking Group at London Tech Week. "It has completely transformed how the finance industry works, with the vision at Lloyds being to use smart machines for extending human capabilities while using data to respond."


Visa's (V) Unit Boosts Artificial Intelligence With Finn Al

#artificialintelligence

Visa Canada, a unit of Visa Inc. V, recently announced a strategic collaboration with Finn Al, to add new stimulus to its conversational banking chatbots and artificial intelligence (AI), powered by the Visa Developer Platform. Stocks to Consider Investors interested in the Financial Transaction Services industry might take a look at some better-ranked stocks, namely Cardtronics plc CATM and WEX Inc. WEX, both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here . Cardtronics offers automated consumer financial services through its network of automated teller machines (ATMs) and multi-function financial services kiosks. The company managed to come up with an average four-quarter positive surprise of 27.17%.


How can artificial intelligence assist the financial services industry?

#artificialintelligence

There is huge amount of noise currently about the use of artificial intelligence (AI) in the financial services sector. Every fintech application or new piece of banking software must be accompanied by bold claims about its use of AI, even though in many cases they are simply upgraded algorithms. It would certainly be beneficial if we had an AI application that could cut through the spin and present us with only what is relevant to the specific requirements of our job or organisation. In truth, such advanced filtering applications are already available. They are just one of the AI-driven applications that are going to transform the way customers view financial organisations, especially in the retail banking and lending sector.


Getting to Trusted Data via AI, Machine Learning, and Blockchain

#artificialintelligence

Establishing trust in data is an essential requirement for businesses and entities for whom credible, reliable information is the lifeblood. As enterprises seek to manage data as an asset, it becomes increasingly vital that data sources are trusted and verifiable. I wrote a few weeks ago about the MIT initiative to establish a framework for trusted data, and the resulting position paper, "Towards an Internet of Trusted Data: A New Framework for Identity and Data Sharing". The authors highlight the criticality and need for "trustworthy, auditable data provenance" where "systems must automatically track every change that is made to data, so it is auditable and completely trustworthy". One of the key recommendations of the study was to improve the process and quality of data sharing.


Getting to Trusted Data via AI, Machine Learning, and Blockchain

#artificialintelligence

Establishing trust in data is an essential requirement for businesses and entities for whom credible, reliable information is the lifeblood. As enterprises seek to manage data as an asset, it becomes increasingly vital that data sources are trusted and verifiable. I wrote a few weeks ago about the MIT initiative to establish a framework for trusted data, and the resulting position paper, "Towards an Internet of Trusted Data: A New Framework for Identity and Data Sharing". The authors highlight the criticality and need for "trustworthy, auditable data provenance" where "systems must automatically track every change that is made to data, so it is auditable and completely trustworthy". One of the key recommendations of the study was to improve the process and quality of data sharing.


Getting to Trusted Data via AI, Machine Learning, and Blockchain

Forbes Technology

Establishing trust in data is an essential requirement for businesses and entities for whom credible, reliable information is the lifeblood. As enterprises seek to manage data as an asset, it becomes increasingly vital that data sources are trusted and verifiable. I wrote a few weeks ago about the MIT initiative to establish a framework for trusted data, and the resulting position paper, "Towards an Internet of Trusted Data: A New Framework for Identity and Data Sharing". The authors highlight the criticality and need for "trustworthy, auditable data provenance" where "systems must automatically track every change that is made to data, so it is auditable and completely trustworthy". One of the key recommendations of the study was to improve the process and quality of data sharing.


AI in Finance: The latest news & tech

#artificialintelligence

What comes to mind when you think of AI in Finance? AI has already undoubtedly made huge contributions to the efficiency and accuracy of many financial practices, but there are also lots of new ways that AI is being implemented to alter traditional methods within retail and commercial banking, insurance and many more industries within the financial landscape. On 6 - 7 September, RE•WORK are hosting the AI in Finance Summit where we will be showcasing the latest breakthrough technologies and their application in the financial sector. Research institutions, large corporations as well as emerging startups will be discussing new AI systems and innovative ways AI can assist financial services. We're taking a look at the latest news and updates in the world of AI in Finance to give you a taster of what we will be covering at the summit: 'Sony Bank is set to start using an AI application which was originally developed by the bank itself, to automate preliminary screenings for mortgage loans from May 10, 2018.