This is reflected in the latest data from the Consumer Financial Protection Bureau's complaint database. Since the database was opened to the public in June 2012, Americans have aired more grievances about collections than about any other aspect of their financial lives. As of June, the CFPB had received 316,810 complaints about debt collection. "Continued attempts to collect debt not owed," cited by 39% of filers. The CFPB has said it plans to hold banks and other first-party creditors responsible for accuracy of their consumer debt data even after it's sold to third parties, which may accelerate the trend for lenders to bring debt collection back under their roof.
The idea of artificial tends to strike fear in the hearts of workers who suspect they'll be replaced by robots. The reality is more nuanced. There is no question some jobs will be lost. But others will be created, and still others will morph into something different -- bot designer, bot supervisor, soother of the most irate customers. In some cases, AI will just take on extra work nobody wants to do.
This image may be a bit blurry – apologies – but we thought the infographic put together by CB Insights bore coverage for our readers, so we encourage you to check it out. Artificial intelligence is the lead story for financial technology in 2017, in our opinion, and CB Insights always does a terrific job of putting information like this together in an easily digestible form. "Funding to AI startups reached record highs in 2016 and applications for artificial intelligence technologies exist across nearly the entire spectrum of business. Highlighted here are the top 100 AI startups selected by CB Insights operating across numerous industry verticals. Using the CB Insights database, we expanded upon our AI 100 analysis to identify companies that use AI in financial services and mapped them according to the areas where they're operating.
Startups are using AI to improve and expand credit offerings, insurance options, personal finance services, and regulatory software. From auto tech to healthcare, startups are transforming industries with artificial intelligence. Look for Artificial Intelligence in the Collections tab. Using CB Insights, we expanded upon our AI 100 analysis to identify companies that use AI in financial services and mapped them according to the areas where they're operating. In broad terms, our analysis includes companies whose core offering includes the application of AI to serve the financial services industry, including commercial banking and credit offerings, insurance, asset management, accounting & personal finance, as well as regulatory & compliance services.
Artificial intelligence (AI) is everywhere these days as more companies look to automate repetitive tasks to save money and reallocate staff to more meaningful work. We wanted to explore some of the current use cases for AI based technologies in financial services and where the industry is heading in the coming years. Cut through the hype and you will find financial firms have started to implement AI in a few different areas. Back office operations and data management has been the biggest beneficiary as companies can run algorithms across full data sets and cut out repetitive tasks. A new report by Capgemini states that the financial services industry can add more than $500bn in revenue by implementing automation.