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How artificial intelligence makes financial services institutions more efficient


The financial landscape has been rapidly evolving with the rise of financial technology (fintech) companies and startups that are more agile and technologically advanced. This has led financial services institutions (FSIs) to revise their business models and evaluate how they can integrate technology into their operations. Robotic process automation (RPA) is no longer a foreign term in the financial field. Pairing RPA with artificial intelligence (AI) creates intelligent process automation (IPA) that works as a catalyst in digital transformation in FSIs. Like many other industries, the financial field is heavily reliant on documents and legacy systems.

Three big questions about AI in financial services Lexology


To ride the rising wave of AI, financial services companies will have to navigate evolving standards, regulations and risk dynamics--particularly regarding data rights, algorithmic accountability and cybersecurity. The success of artificial intelligence (AI) algorithms hinges on the ability to gain easy access to the right kind of data in sufficient volume. Put more simply, AI depends on good data. Even Google--which is famous for the pioneering work in AI that underpins its standard-setting search-based advertising business--makes no bones about the critical role of data in AI. Peter Norvig, Google's director of research, has said: "We don't have better algorithms, we just have more data." Companies increasingly realize that data is critical to their success--and they are paying striking sums to acquire it. Microsoft's US$26 billion purchase of the enterprise social network LinkedIn is a prime example. But other technology companies are also seeking to acquire data-related assets, typically to acquire more than just identity-linked information from social media sources by focusing instead on vast troves of anonymized consumer data.

How artificial intelligence will transform financial services


As artificial intelligence, innovation and digitalization continue to grab headlines, the one thing that sparks deep discussions is the subject of disruption. An ongoing theme that continues to affect individuals, industries and governments globally, disruption isn't solely a shift in economics, products or market trends (though it continues to be a key influencer), but it also has consequences for the new age customer, shaped by very different needs, behaviors and demands. So how does technology evolve financial services? What types of disruptions will emerge to reshape the entire industry? What does the future of financial services look like?

Japan's Financial Services Agency to check financial institutions' readiness for any emerging market swings

The Japan Times

The Financial Services Agency plans to check if Japan's banks and other financial institutions are prepared to deal with any impact from sharp swings in emerging markets, sources with direct knowledge of the matter said Wednesday. This readiness is expected to be a key part of the annual oversight policy for the FSA during its business year that started in July, said the sources, who did not want to be named as they were not authorized to discuss the matter. It is expected to be announced within days. The FSA's move reflects growing concerns about a potential fallout from market turmoil in emerging economies such as Turkey, whose lira currency has plunged 40 percent this year on concerns about the credibility of the central bank. The agency will check the risk management and compliance of major banks' overseas operations, such as Mitsubishi UFJ Financial Group, the sources said.

Walker Appoints Risch to Head Financial Institutions

U.S. News

Risch was a lobbyist for the bankers group for four and a half years before joining the state Department of Financial Institutions in February 2015. He also previously worked as an aide to state Sen. Alberta Darling and former Sen. Cathy Stepp, who is now secretary of the Department of Natural Resources.