The decentralized system of blockchain technology is antithetical to the inherently centralized system of operation in use today. By employing a form of decentralized database architecture, the record and authentication of certain operations are contingent upon the agreement of several parties rather than a single authority. Compared to other centralized technologies, blockchain technology makes operations safer, faster, and more transparent. The impact of this technology has been experienced in the financial sector already with cryptocurrencies like Bitcoin, Ethereum, and Litecoins making the news. The application has also been extended to other areas such as advertising, healthcare, business logistics, security, etc.
It's a moment most people have experienced. Their required to show their ID for something and then wait as the person studies both their face and the photo on the driver's license, passport, or other document, making sure the person is not an impersonator trying to pull a fast one. These days, artificial intelligence is playing a role similar to that security person, with software that allows validation of IDs remotely through digital document verification. This method allows doing business through a smartphone, and someone on the other end can make sure the person is who they say they are and that a thief hasn't stolen the identity. And that's especially important at a time when identity theft has been on the rise, says Stephen Hyduchak, CEO of Aver (www.goaver.com),
In addition, Banks likely constrained given higher capital preservation requirements 2020 will be challenging for FinTechs to navigate, but prosperous times remain ahead post crisis where Disruptive winners take it all and demand for AI, Tech and IoT companies that help financials transform to a digital and Data driven interaction will surge.
One subject never fails to light up the eyes of senior bankers and regulators when they're questioned about their efforts to end the money laundering-related scandals that have spread across northern Europe over the last two years: technology. There can be no more damning indictment of the integrity of a bank, or its host nation, than the public revelation that a licensed institution is being used as a laundromat for ill-gotten gains. And what is more enlivening for money-laundering supervisors and bank-compliance officers than showing your firm and country is at the forefront of a technology that could make these troubles disappear? Some of the biggest actors in Europe's financial sector are converts. The UK's Financial Conduct Authority is particularly enthusiastic about using technology to fight money laundering.
OneConnect, a leading technology-as-a-service platform serving financial institutions in China, is pleased to announce that its artificial intelligence research institute, Gamma Lab, won the FinTech Team of the Year award for its strong technical prowess, wide range of deployment scenarios across the financial sector and high-speed growth at The Asset Triple A Digital Awards 2020 held by international authoritative media The Asset. The Gamma O platform was awarded the Best Digital Financial Project for its success since launch in providing one-stop solutions that empowered financial institutions and technology service providers in connecting with each other. The Asset was founded in 1999, with its Triple A awards gaining a high level of influence and authority in Asian and international financial markets. For two consecutive years, Gamma Lab won the FinTech Team of the Year award, demonstrating OneConnect's industry leading position in both AI technology R&D and deployment. OneConnect's information extraction technology led at the international AI competition SemEval 2020, representing another world first for Gamma Lab in new AI technologies beyond the successes that the institute had achieved in terms of performance in the areas of microexpression recognition, facial action unit recognition, machine reading comprehension, natural language generation, emotion recognition and deep learning model inference.
Artificial Intelligence (AI) brings massive opportunity for FinTech. Artificial intelligence with Machine Learning is aimed at high frequency challenges traditional methods of information gathering that are used by even the largest firms. It uses Deep Learning that is based on datasets. This dataset and model is continuously being updated and provides guidance, recommendations, and prediction. The technology enables machines to learn and improve themselves, and to make more efficient decisions.
What seemed like science fiction a few short weeks ago is now very real. Movies such as Outbreak, Contagion and Virus are looking more like documentaries every day. As we battle COVID-19, a major issue that will only increase is disruption to supply chains. This disruption has been as devastating as it has been swift. There is unprecedented demand for some products (hand sanitiser has never been so popular), just as production of other products grinds to a halt due to lack of parts.
ResoluteAI, the Connect to Discover company, announced the addition of a News dataset to their Foundation search platform for scientific content. In partnership with FinTech Studios, the leading AI-based intelligent search and analytics platform for Wall Street, the News database provides ResoluteAI's clients with a robust offering of timely scientific content. Foundation is a multi-source research hub that allows public scientific content to be searched as if it's single-source. ResoluteAI applies the most sophisticated artificial intelligence and machine learning to unstructured content. This AI-driven solution creates structured metadata and organizes it into datasets that include Companies, Patents, Grants, Clinical Trials, Technology Transfer, and Publications.
Many governments worldwide are looking at using Artificial Intelligence (AI) and other cognitive technologies as part of making their operations more efficient, better serving their citizens, and increasing the range of ways they can meet their missions. It's no surprise then that the US Government and forward thinking leadership is making investments into AI technologies. Additionally, some agencies such as the US Department of Health & Human Services (HHS) are also seeing how other emerging technologies such as blockchain can help. Jose Arrieta, the CIO at the US Department of Health & Human Services (HHS), interviewed on a recent AI Today podcast episode while he was the associate Deputy Assistant Secretary for Acquisition at HHS is one such leader who sees how AI and blockchain can have a big impact at the agency. He became a program manager to build IT systems to use machine learning to analyze biographical information about people.
Avaloq and Personetics are entering into a strategic partnership to connect Avaloq's global banking clients with Personetic's AI-powered personalized engagement solutions. Personetics, a global provider of data-driven and personalized engagement solutions for bank customers, is joining the Avaloq.one This partnership gives Avaloq's banking clients access to Personetics Engage, a business solution that offers deep analysis of customers' financial data in real-time, understands their financial behaviour, anticipates their needs and acts accordingly on their behalf. Personetics Engage provides data-driven day-to-day personalized insights, financial advice and wellness programmes, tailored to mass market, affluent as well as small business customers. Personetics Engage is supported by a rich set of tools used to help banks create Personalization IP for market differentiation while delivering significant business impact.