Throughout 2021 many banks and credit unions implemented AI and virtual agents for the first time, and many more plan to follow suit this year. While sometimes slow to adopt new technology like this, financial institutions needed to be more rigorous in their approach to problem-solving in a socially-distanced world. While AI started to permeate member-serving businesses even before COVID, its use in the financial sector is reorienting the digital trajectory of the industry as a whole. AI has allowed financial institutions to remain competitive and provide high-quality customer experiences throughout the disruption of the last two years. It is clear more than ever that member bases will continue to seek the digital-first experiences they've come to enjoy.
Financial services compliance is a big area. Prajit Nanu, CEO of B2B payments platform Nium, says it's in everybody's interest that payment transactions are as frictionless as possible, but many commonly used payment systems carry unnecessary layers of complexity, including when ensuring regulations and compliance. He says automation can help to resolve lags arising from risk and compliance checks, which can be a time-consuming and labour-intensive process, particularly for those dealing with cross region, cross country checks. An automated payment platform appropriately integrated with other business software can perform these checks much more seamlessly. Nanu says: "Digital tools, such as individualised transaction profiles, coupled with the output of machine learning processes, will be able to offer real-time solutions which significantly reduce the time required for risk and compliance checks, while still allowing effective identity verification and fraud detection checks."
"Data is the new oil." Originally coined in 2006 by the British mathematician Clive Humby, this phrase is arguably more apt today than it was then, as smartphones rival automobiles for relevance and the technology giants know more about us than we would like to admit. Just as it does for the financial services industry, the hyper-digitization of the economy presents both opportunity and potential peril for financial regulators. On the upside, reams of information are newly within their reach, filled with signals about financial system risks that regulators spend their days trying to understand. The explosion of data sheds light on global money movement, economic trends, customer onboarding decisions, quality of loan underwriting, noncompliance with regulations, financial institutions' efforts to reach the underserved, and much more. Importantly, it also contains the answers to regulators' questions about the risks of new technology itself. Digitization of finance generates novel kinds of hazards and accelerates their development. Problems can flare up between scheduled regulatory examinations and can accumulate imperceptibly beneath the surface of information reflected in traditional reports. Thanks to digitization, regulators today have a chance to gather and analyze much more data and to see much of it in something close to real time. The potential for peril arises from the concern that the regulators' current technology framework lacks the capacity to synthesize the data. The irony is that this flood of information is too much for them to handle.
Tractian, a machine intelligence company offering one of the most advanced industrial monitoring systems on the market, announced $15 million in Series A funding led by Next47, a global venture capital firm specializing in building category-defining B2B technology businesses. YCombinator and other previous investors also participated in the round. The new capital will allow the company to consolidate its position in the global market by extending operations from Brazil to Mexico and the U.S. and continuing rapid development of industry-leading products. "We know the industries that empower their frontline workers with best-in-class productivity tools have superpowers compared to others, and Tractian appears as the right arm of maintenance managers to manage their routines around the world" Tractian has developed streamlined hardware-software solutions designed to give maintenance technicians and decision-makers comprehensive oversight of their operations. With ease of installation and quick value generation at the heart of its customer approach, Tractian is democratizing access to sophisticated monitoring and analytics.
Keelvar, a global pioneer of intelligent sourcing and automation solutions, announced it has raised $24 million in Series B funding to simplify and radically improve procurement, the world's most inefficient trillion-dollar marketplace. Keelvar's sourcing technology – which leverages AI, data science and smart sourcing bots that run on autopilot – empowers customers to make crucial supply chain decisions quickly and confidently amidst ongoing change and disruption. Costs are out of control, capacity is scarce and disruptions are everywhere. This dynamic makes it incredibly difficult for buyers and suppliers to remain agile, manage risk and strike deals" The investment – which brings Keelvar's total capital raised to $43 million – was led by 83North. Series A investors Elephant, Mosaic and Paua doubled down on their investment. Bastian Nomichacher, the co-founder and co-CEO of Celonis, also joined as a minority investor. Keelvar's Series B builds off a period of rapid growth and expansion for the company, which increased its headcount by 200% since the start of 2021 and grew ARR by 113% last year. Costs are out of control, capacity is scarce and disruptions are everywhere. This dynamic makes it incredibly difficult for buyers and suppliers to remain agile, manage risk and strike deals," said Alan Holland, founder and CEO of Keelvar.
Elastic is a free and open search company that powers enterprise search, observability, and security solutions built on one technology stack that can be deployed anywhere. From finding documents to monitoring infrastructure to hunting for threats, Elastic makes data usable in real-time and at scale. Thousands of organizations worldwide, including Barclays, Cisco, eBay, Fairfax, ING, Goldman Sachs, Microsoft, The Mayo Clinic, NASA, The New York Times, Wikipedia, and Verizon, use Elastic to power mission-critical systems. Founded in 2012, Elastic is a distributed company with Elasticians around the globe. The Machine Learning team is responsible for developing and integrating statistical tools and machine learning models in ElasticSearch and Kibana.
This Chemicals Stocks forecast is designed for investors and analysts who need predictions of the best chemical stocks to buy for the whole Chemistry Industry (see Chemicals Stocks Package). Package Name: Chemicals Stocks Recommended Positions: Long Forecast Length: 1 Year (5/23/21 – 5/23/22) I Know First Average: 41.59% For this 1 Year forecast, the algorithm had successfully predicted 9 out of 10 movements. OXY was the top-performing prediction with a return of 160.43%. Additional high returns came from VHI and MOS, at 79.37% and 72.02% respectively.
When Hugging Face first announced itself to the world five years ago, it came in the form of an iPhone chatbot app for bored teenagers. It shared selfies of its computer-generated face, cracked jokes and gossiped about its crush on Siri. It hardly made any money. The viral moment came in 2018--not among teens, but developers. The founders of Hugging Face had begun to share bits of the app's underlying code online for free.
We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – 28. By 2025, the World Economic Forum estimates that 97 million new jobs may emerge as artificial intelligence (AI) changes the nature of work and influences the new division of labor between humans, machines and algorithms. Specifically in banking, a recent McKinsey survey found that AI technologies could deliver up to $1 trillion of additional value each year. AI is continuing its steady rise and starting to have a sweeping impact on the financial services industry, but its potential is still far from fully realized. The transformative power of AI is already impacting a range of functions in financial services including risk management, personalization, fraud detection and ESG analytics.
We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. By 2025, the World Economic Forum estimates that 97 million new jobs may emerge as artificial intelligence (AI) changes the nature of work and influences the new division of labor between humans, machines and algorithms. Specifically in banking, a recent McKinsey survey found that AI technologies could deliver up to $1 trillion of additional value each year. AI is continuing its steady rise and starting to have a sweeping impact on the financial services industry, but its potential is still far from fully realized. The transformative power of AI is already impacting a range of functions in financial services including risk management, personalization, fraud detection and ESG analytics.