Over the next few years, AI will bring about game-changing developments for the banking sector, reports Scott Thompson. "I do not see AI technologies currently adding significant competitive advantages to banks – challenger or traditional," says Devie Mohan, co-founder and CEO of fintech research company, Burnmark. "There are very few data points of AI use cases in banks to come to a steady conclusion." Mohan's note of caution is refreshing in a technology realm defined by hype, and by inflated expectations of AI's ability to transform entire sectors, such as banking. However, over the next five years the majority of banks will adopt AI.
When Tom Blomfield, CEO of Monzo, told bobsguide "If we do our job right, we'll make some of the high street banks extinct", it sounded like a gutsy gauntlet to throw. Similar sentiment can be found with the likes of other challengers in the retail banking sphere: Atom, Starling, Revolut and Metro Bank are all looking to shake-up the banking landscape. But the UK's retail banking sector has long been has long been a hypercompetitive market, and established players have recently been shedding their restrictive legacy systems and creating agile new innovation departments, such as Barclays' Open Innovation incubator on Silicon Roundabout. That said, the next few years could provide a window of opportunity for the challengers. The new legislations (PSD2, Open Banking, GDPR) are working in their favour, and they have faster and more agile tech deployments built and developed by a new wave of bright technicians inspired by disruption and frustrated by legacy obstacles.
The world's most powerful person used to be Vladimir Putin. This year he was defeated by the Chinese president, Xi Jinping, according to the Forbes ranking of powerful people who make you question what you've been doing with your life so far. It's safe to say that Mr. Putin knows plenty about power, and he believes that advances in artificial intelligence (AI) will not only change the world as we know it, but the global balance of power as well. It looks like other world leaders agree, with China and the US fighting for AI supremacy and the EU scrambling to catch up. Real growth is fueled by cold hard cash, so we've put together a list of the 10 biggest artificial intelligence startups in the world by funding.
Artificial intelligence (AI) has become a critical aspect in financial services. Financial institutions around the world are making efforts to adopt AI for task automation, customer services, behavior analysis, as well as fraud finding, and are making large-scale investments in related technologies. The World Economic Forum (WEF) estimates the number to reach US$10 billion by 2020. In financial services, applications for AI technologies exist across nearly the entire spectrum of business, from algorithmic stock trading applications and credit card fraud detection, to auto investment advisors and market research and sentiment analysis. The following 10 AI fintech companies are some of Europe's rising stars to watch very closely: Swiss startup Parashift develops AI-based accounting document management technologies which it offers through a SaaS platform and APIs.