banking & finance


Evolution of AI: Past, Present, Future

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Although the concept of artificial intelligence has been around for centuries it wasn't until the 1950's where the true possibility of it was explored. A generation of scientists, mathematicians and philosophers all had the concept of AI but it wasn't until one British Polymath, Alan Turing, suggested that if humans use available information, as well as reason, to solve problems and make decisions -- then why can't machines do the same thing? Although Turing outlined machines and how to test their intelligence in his paper Computing Machinery and Intelligence in 1950 -- his findings did not advance. The main halt in growth was the problem of computers. Before any more growth could happen they needed to change fundamentally -- computers could execute commands, but they could not store them.


PYMNTS.com

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Visa has rolled out internal data that indicates its artificial intelligence (AI)-based Advanced Authorization (VAA) security product has helped issuers prevent an estimated $25 billion in annual fraud. VAA is a risk management tool that monitors and evaluates transactions over VisaNet in real time to helps issuer "see" fraud as it happens and shut it down based on its ability to spot emerging fraud patterns and trends. Over 127 billion transactions flowed across VisaNet in 2018 between merchants and financial institutions on VisaNet last year, and AI was used to analyze 100 percent of those transactions. Each bit of analysis and fraud ranking takes about one millisecond -- so financial institutions can approve legitimate and bounce bad ones without the customer ever feeling a delay. "One of the toughest challenges in payments is separating good transactions made by cardholders from bad ones attempted by fraudsters without adding friction to the process," said Visa Senior Vice president and Global Head of Data Products and Solutions Melissa McSherry.


Price Forecasting: Applying Machine Learning Approaches to Electricity, Flights, Hotels, Real Estate, and Stock Pricing

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TWIP is a digest of pricing focused news, thought leadership, events, jobs, training and certification resources for pricing professionals. This Edition is brought to you by: Vistaar Vistaar is leading SaaS software provider that enables companies to optimize pricing, promotion, configuration, and rebate management.


The 5 Current Trends That Can Help Disrupt The Insurance Industry

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The global insurance market is in the midst of a game-changing course correction that will re-define'business as usual.' A'digital first' urgency is sweeping across the landscape, driven by a new generation of consumers, data, automation and Artificial Intelligence (AI). Let's take a look at the current trends that are shaping the insurance industry and how digital technologies are driving irreversible change. The digital economy will make usage-based, on-demand and'all-in-one' insurance lifestyle products more relevant. Customers will prefer personalized insurance covers instead of the one-size-fits-all products currently available.


5 Benefits Artificial Intelligence Brings to HPC - HPCwire

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According to findings from Hyperion Research, simulation is primarily responsible for expanding the global HPC market from $2 billion in 1990 to a projected $38 billion in 2022. And one of the fastest-growing components of that forecast is high performance data analysis -- using HPC systems for data-intensive simulation and analytics. HPC simulation began in government and academic research organizations, to tackle daunting problems in the "hard sciences": physics, chemistry, biology, astronomy/cosmology and geology. Even within academia, the use of HPC simulation now extends to disciplines including cultural anthropology and archeology, historical linguistics and the social sciences. The use of HPC systems primarily for integer-based, data-intensive computing, as opposed to floating point-based simulation, began in the intelligence/defense community in the 1960s, at the start of the supercomputer era, and spread to large investment banks in the financial services industry in the 1980s.


Impact of Artificial Intelligence on the Future of Labor Market

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Disruptive changes to business models are having a profound impact on the employment landscape and will continue to transform the workforce for over the coming years. Many of the major drivers of transformation currently affecting global industries are expected to have a significant impact on jobs, ranging from significant job creation to job displacement, and from heightened labour productivity to widening skills gaps. In many industries and countries, the most in-demand occupations or specialties did not exist 10 or even five years ago, and the pace of change is set to accelerate. Artificial Intelligence (AI) is changing the way companies used to work and how they today. Cognitive computing, advanced analytics, machine learning, etc. enable companies to gain unique experience and groundbreaking insights.


AI & biometrics - Major trends that redefine the online banking market

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If the financial industry has taught us anything in the past, it is that we can no longer postpone digital transformation in banks. Today, consumers expect to perform banking transactions from anywhere and anytime. The technological advancements that offer improved interface and inclination of customers for convenience drive the market of online banking. According to a research firm, Allied Market Analytics, the global online banking market is expected to reach $29.98 billion by 2023, with a compound annual growth rate (CAGR) of 22.6% during the period 2017–2023. The increased demand for digital versions of the traditional bank has caused several financial institutions to seek out better solutions to securely digitalize their offering and transactions while maintaining low costs.


Hedge funds embrace machine learning--up to a point

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ARTIFICIAL intelligence (AI) has already changed some activities, including parts of finance like fraud prevention, but not yet fund management and stock-picking. That seems odd: machine learning, a subset of AI that excels at finding patterns and making predictions using reams of data, looks like an ideal tool for the business. Yet well-established "quant" hedge funds in London or New York are often sniffy about its potential. In San Francisco, however, where machine learning is so much part of the furniture the term features unexplained on roadside billboards, a cluster of upstart hedge funds has sprung up in order to exploit these techniques. These new hedgies are modest enough to concede some of their competitors' points.


AI Plus Human Intelligence Is The Future Of Work

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We are living in interesting times, where digital assistants schedule meetings, chatbots work alongside humans as teaching assistants, and your suitcase can now become self driving luggage as showcased at CES, 2018. The implications are just starting to be felt in the workplace. In 2017, I wrote about how The Employee Experience is the Future of Work. Now, as we enter 2018, the next journey for HR leaders will be to leverage artificial intelligence combined with human intelligence and create a more personalized employee experience. As we increase our personal usage of chatbots (defined as software which provides an automated, yet personalized, conversation between itself and human users), employees will soon interact with them in the workplace as well.