Banks can now tap IBM Watson to fight financial crime

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Who will be the first to implement the new suite of Watson services? From the newly formed Watson Financial Services division, IBM has released the first suite of services covering regulatory requirements, financial crime insights, and financial risk modelling. These cognitive tools have been made possible following IBM's 2016 acquisition of global consulting operation, Promontory Financial Group. Promontory was originally working to provide support to banks dealing with the growing and tightening regulation and risk management within the financial services. It was the knowledge and expertise accessed in this acquisition that brought life to the new financial services-focussed Watson services, with regulation and risk accounting for two thirds of the suite, and a financial crime tool completing the set.


Artificial intelligence powers digital medicine

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While this reality has become more tangible in recent years through consumer technology, such as Amazon's Alexa or Apple's Siri, the applications of AI software are already widespread, ranging from credit card fraud detection at VISA to payload scheduling operations at NASA to insider trading surveillance on the NASDAQ. Broadly defined as the imitation of human cognition by a machine, recent interest in AI has been driven by advances in machine learning, in which computer algorithms learn from data without human direction.1 Most sophisticated processes that involve some form of prediction generated from a large data set use this type of AI, including image recognition, web-search, speech-to-text language processing, and e-commerce product recommendations.2 AI is increasingly incorporated into devices that consumers keep with them at all times, such as smartphones, and powers consumer technologies on the horizon, such as self-driving cars. And there is anticipation that these advances will continue to accelerate: a recent survey of leading AI researchers predicted that, within the next 10 years, AI will outperform humans in transcribing speech, translating languages, and driving a truck.3


Artificial Intelligence Beyond The Buzzword From Two Fintech CEOs

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AI seems to be well on its way to becoming the most overused buzzword of the tech industry, but don't be put off by the hype. Some fintech companies in Asia are actually making use of natural language processing or machine learning for detecting fraud and making investment decisions. I recently interviewed two CEOs--Simon Loong from the Hong Kong unicorn WeLab and Jianyu Tu from MioTech--to better understand some of the recent developments in AI in Asia's fintech industry. Philippe Branche: First, could you describe your company in a few words? Simon Loong: WeLab is a fintech company providing seamless digital financial services.


How science can help us make AI more trustworthy

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Stories about racist Twitter accounts and crashing self-driving cars can make us think that artificial intelligence (AI) is a work in progress. But while these headline-grabbing mistakes reveal the frontiers of AI, versions of this technology are already invisibly embedded in many systems that we use everyday. These everyday uses include everything from fraud detection systems that monitor credit card transactions to email filters that learn not to swamp your inbox with spam. You've probably already interacted with an AI system today without even knowing it and probably enjoyed the experience. One increasingly common form of AI can be found in chatbots, a type of software that lets you interact with it by having a conversation.


How science can help us make AI less creepy and more trustworthy

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Stories about racist Twitter accounts and crashing self-driving cars can make us think that artificial intelligence (AI) is a work in progress. But while these headline-grabbing mistakes reveal the frontiers of AI, versions of this technology are already invisibly embedded in many systems that we use everyday. These everyday uses include everything from fraud detection systems that monitor credit card transactions to email filters that learn not to swamp your inbox with spam. You've probably already interacted with an AI system today without even knowing it and probably enjoyed the experience. One increasingly common form of AI can be found in chatbots, a type of software that lets you interact with it by having a conversation.