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AI Most Likely to Replace Traditional Retail Banking Jobs, Jianpu Technology Founder Says

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With the widespread application of artificial intelligence (AI) in financial fields, more and more related practitioners are beginning to worry about their jobs, especially in the traditional retail banking sector, said David Ye, founder of Jianpu Technology Inc [NYSE:JT], a US-listed financial technology company, at the Yicai Media Annual Summit yesterday.


Machine Learning, AI and the Future of Data Analytics in Banking

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Here's why banks and credit unions should believe in artificial intelligence and invest in the power of advanced data analytics. Traditional retail banking providers, weighed down by monolithic legacy systems and ponderous regulations, are in uncomfortable territory. Advancements in fintech have upended the industry, enticing both large financial firms and smaller tech startups to apply disruptive technologies in ways that threaten the status quo. To become more agile and remain relevant, traditional retail banking providers find themselves exploring their technological options with focused intensity. New innovations in data analytics empower financial institutions with systems that are so smart, they learn on the go, automatically refining their algorithms and improving their results over time.


Machine Learning, AI and the Future of Data Analytics in Banking

#artificialintelligence

Here's why banks and credit unions should believe in artificial intelligence and invest in the power of advanced data analytics. Traditional retail banking providers, weighed down by monolithic legacy systems and ponderous regulations, are in uncomfortable territory. Advancements in fintech have upended the industry, enticing both large financial firms and smaller tech startups to apply disruptive technologies in ways that threaten the status quo. To become more agile and remain relevant, traditional retail banking providers find themselves exploring their technological options with focused intensity. New innovations in data analytics empower financial institutions with systems that are so smart, they learn on the go, automatically refining their algorithms and improving their results over time.


How Artificial Intelligence Will Change Retail Banking

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With technological advancement, artificial intelligence is set to touch and modify the financial sector, specifically retail banking in many different ways. A Narrative Science survey highlighted that 32 per cent of financial executive participants utilizes AI technology, such as voice recognition and predictive analytics. Moreover, an Accenture survey noted that 76 per cent of those surveyed believe most banks will use AI interfaces primarily for customer interaction by 2020. But AI is changing retail banking in more ways than one. IT costs are a pain point of retail banking, as they can account for as much as 10 to 15 per cent of a bank's total annual expenditures.


US FinTech Hazeltree acquires ENSO Financial Analytics

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Hazeltree, a New York-based provider of treasury management and portfolio finance solutions, has acquired ENSO Financial Analytics, a portfolio analytics provider. Financial terms of the transaction have not been disclosed. IHS Markit, London-based global information, analytics, and solutions provider, participated in the investment, alongside existing investors. As a part of the acquisition, ENSO's brokerage, asset management, technology, and data specialists will be integrated with Hazeltree's team to focus on customer support and product innovation, according to a statement. "…our combined talents in the treasury, portfolio finance, data, and technology will offer unparalleled expertise and support to investment managers, empowering them with greater data insights, better transparency, improved workflows, and efficient execution to capture unrealized value," Sameer Shalaby, President and Chief Executive Officer of Hazeltree said.