Goto

Collaborating Authors

How AI is transforming the future of fintech

#artificialintelligence

"Breaking: Two Explosions in the White House and Barack Obama is injured." At the time of the tweet, AP's account had around two million followers. The post was favourited, retweeted, and spread. At 13:13, AP confirmed the tweet was fake. Three minutes later, then-White House press spokesman, Jay Carney, confirmed that there had been no explosion and that the president was alive and well.


How AI is transforming the future of fintech

#artificialintelligence

These use neural networks to predict behaviour, financial indicators and so on. "In the history of finance there has always been fraud," says WIRED Money 2017 speakerJoern Leogrande, executive vice president of mobile services at Wirecard. But from a retailer's perspective, you have to do something about this because what we see - and this is pretty obvious - is the kind of power and investment technology companies like Amazon are stepping into… There is tremendous change coming." Fintech aspires to the same promise, and services like Wirecard, Nutmeg, Schmidhuber's lab's work on AI that can outthink a human banker or trader by a thousand-fold, are examples of how it can deliver.


Chatty bots and AI bank managers: getting inside fintech's future

#artificialintelligence

Fintech might have started life as a buzzword, but now it's a powerful reality. The ongoing digital revolution and the irresistible rise of technologies such as machine learning and cloud computing are on course to disrupt one of the world's most complex sectors: banking and financial services. Tech startups on shoestring budgets are increasingly carving a space for themselves in the financial-services industry, developing apps or online tools that provide new and engaging ways of saving or investing. Although many recent fintech successes – such as Funding Circle and Transferwise – mainly focused on optimisation rather than wholesale transformation, this is the calm before the storm. Over the next five years financial services are going to be revolutionised, as the sector's large incumbents seize the opportunity to embrace change.


Chatty bots and AI bank managers: getting inside fintech's future

#artificialintelligence

Fintech might have started life as a buzzword, but now it's a powerful reality. The ongoing digital revolution and the irresistible rise of technologies such as machine learning and cloud computing are on course to disrupt one of the world's most complex sectors: banking and financial services. Tech startups on shoestring budgets are increasingly carving a space for themselves in the financial-services industry, developing apps or online tools that provide new and engaging ways of saving or investing. Although many recent fintech successes – such as Funding Circle and Transferwise – mainly focused on optimisation rather than wholesale transformation, this is the calm before the storm. Over the next five years financial services are going to be revolutionised, as the sector's large incumbents seize the opportunity to embrace change.


7 Uses of Machine Learning in Finance

#artificialintelligence

It has been said that to give a man a fish is to feed him for a day, whereas to teach a man to fish is to feed him for life. Forward-looking financial service companies are similarly finding that giving computers instructions is not nearly as fruitful as teaching them to write their own. From assessing credit risks to beefing-up the security of their own networks, fintech startups, in particular, are turning to machine learning finance-based solutions in order to work smarter rather than harder. Considering that over 200 leading financial institutions will attend the upcoming October 2016 Machine Learning Fintech Conference, investment in this subset of artificial intelligence (AI) seems to be a wise move, indeed, for companies that don't want to be left behind. With leading banks starting to invest in AI, and machine learning in particular, fintech companies will be significantly disadvantaged if they fail to do likewise.