Banks and Credit Unions Frightened by Fintech

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Global banking executives fear that up to a quarter of consumer banking and payments business could be at risk within 5 years from emerging fintech firms. The impact of digital technology and the digital consumer is transforming the way consumers access financial products and services. Beyond simple transactions, such as checking balances, the intersection of finance and technology (fintech) is impacting virtually all categories of financial services at an increasing rate, reshaping the industry's status quo. Technology-focused start-ups and new market entrants are reshaping the banking, payments, insurance and wealth management sectors through innovation and a consumer-focused digital mentality. The impact, according to an analysis of companies included on PwC's DeNovo platform, is that funding of fintech start-ups more than doubled in 2015 reaching $12.2bn, up from $5.6bn in 2014.


How banking is adopting and using AI technology IDG Connect

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The pace at which companies are investing in artificial intelligence (AI) continues to gain momentum and the financial sector is not immune to this trend. According to research by global management consultancy Accenture, banks that invest in AI and human-machine collaboration tools could boost their revenue by over a third (34 per cent) by 2022. AI is considered one of the most important disruptive technologies for today's banks, with a recent PwC survey revealing that 72 per cent of senior management see AI and machine learning (ML) as key sources of competitive advantage. The survey also highlighted that 52 per cent of companies in the financial services sector are already making substantial commitments to AI, with 66 per cent projecting significant investments by 2020. The finance sector has been using AI in very specific areas for some time, but we're now seeing a rapid growth in take-up due to increasing market competition, the need to reduce overheads and the benefits of harnessing increasing volumes of data.


Machine learning mostly used to fight fraud among UK financial firms

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Machine learning technology is poised to be huge thing in financial services. In fact, two-thirds of UK-based firms are already using it. That is according to two of the UK's top financial regulators. The Financial Conduct Authority (FCA) and the Bank of England have taken a deep dive into how the financial services industry in the country is using machine learning. The research is based on a survey sent out to 300 firms, including banks, credit brokers, e-money institutions, financial market infrastructure firms, investment managers, insurers, non-bank lenders and principal trading firms.


The FCA and the Bank of England find that two-thirds of UK banks and financial service firms use machine learning

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Machine learning technology is poised to be huge thing in financial services. In fact, two-thirds of UK-based firms are already using it. That is according to two of the UK's top financial regulators. The Financial Conduct Authority (FCA) and the Bank of England have taken a deep dive into how the financial services industry in the country is using machine learning. The research is based on a survey sent out to 300 firms, including banks, credit brokers, e-money institutions, financial market infrastructure firms, investment managers, insurers, non-bank lenders and principal trading firms.


HSBC uses IBM to automate the processing of 100 million document pages

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HSBC is using IBM artificial intelligence (AI) technology to process documents related to international trade. Banks are automating manual processes at a rate of knots as AI technology becomes more trusted in the sector, with the technology helping to cut costs without reducing compliance. HR and IT departments have begun to work closely together over the last few years. While HR historically has often received limited attention, companies now understand the key role the department plays in the business. You forgot to provide an Email Address.