Banking & Finance


Deutsche Bank boss says 'big number' of staff will lose jobs to automation

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The chief executive of Deutsche Bank has issued a stark warning about the impact of technology, saying a "big number" of his staff will lose their jobs as robots take over. In remarks reported by German publication Handelsblatt at a conference in Frankfurt, Cryan added: "The sad truth for the banking industry is, we won't need as many people as today." Cryan told the conference that Germany and Frankfurt had to decide how much they wanted to benefit from Brexit. While new finance jobs will be created in Dublin, Amsterdam and Paris – all vying for business leaving London – none of these have the infrastructure to take on the business.


How AI is defining insurtech strategy

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AI – which Margaris prefers to call "the influence of machine learning or deep learning" – is starting to be felt across the insurtech, fintech and associated industries, he said. "AI, through machine learning and deep learning, will eventually become the entrepreneur of the future--and we humans need to compete against it." A company still needs to have a compelling business case that attracts clients, but AI, machine learning and deep learning for sure will be part of the equation to compete successfully in their space." Margaris has reiterated what has been the most important technology lesson learned over the past four decades, and continues to be the lesson going forward with each new technology wave.


How artificial intelligence will reshape our lives

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"Over the next 20 years approximately 44 per cent of Australia's jobs, that's more than 5 million jobs, are at risk of being disrupted by technology, whether that's digitisation or automation," he said. "The sort of job losses that we did see in the manufacturing sector in Australia -- the car manufacturing sector -- are going to get into the administrative services and financial services sector in downtown CBD postcodes and that's the big challenge that lies in front of us," he said. Mr Thorpe agrees, adding that white-collar workers in Australia were "the big growth sector over the last 30 years". Mr Hajkowicz said the technology behind digital currency bitcoin -- known as blockchain -- also threatens to seriously shake up the industry.


The impact of AI on jobs is larger than you think

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In March this year, PWC released a report saying that 10 million UK jobs are at risk of being replaced by AI within 15 years. Insurance companies are already dinosaurs and while we will still need insurance, we don't need our current insurance companies. Those expensive on-site skilled jobs are gone forever, replaced by massive automation and AI from mining operations to plant operations to administration. Australia, as a home of the corporate oligopoly, suffers the associated elitism, complacency, lack of innovation and resistance to change which are characteristics of all oligopolies.


Banking's One-to-One Future is Finally Possible

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Almost a quarter century ago, a book was written about how organizations would focus on share of customer as opposed to share of market, building a personalized collaboration driven by big data. Instead of watching as non-banking organizations or fintech start-ups set expectations, the banking industry can now offer individualized engagement, integrating advanced analytics, artificial intelligence, machine learning, robotics and even blockchains to build a cognitive bank. The banking industry continues to be challenged be a low interest rate environment, intense competition from new market entrants, and heightened consumer experience expectations set by highly digital non-bank organizations. It is also proposed that cognitive systems can continually build knowledge and learning, providing the insight needed to increase efficiency and effectiveness throughout the organization.


How Big Data Is Empowering AI and Machine Learning at Scale

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As big data initiatives mature, organizations are now combining the agility of big data processes with the scale of artificial intelligence (AI) capabilities to accelerate the delivery of business value. Whereas statisticians and early data scientists were often limited to working with "sample" sets of data, big data has enabled data scientists to access and work with massive sets of data without restriction. Johnson previously held positions as senior vice president for Strategic Technology with Mellon Bank and served as the executive vice president and chief technology officer of Cognitive Systems Inc. (CSI), an early artificial intelligence company specializing in natural language processing, expert systems, case-based reasoning, and data mining. Participants in the most recent executive breakfasts have included chief data officers, chief analytics officers, chief digital officers, chief technology officers, and heads of big data for firms including AIG, American Express, Blackrock, Charles Schwab, CitiGroup, General Electric (GE), MetLife, TD Ameritrade, VISA, and Wells Fargo, among others.


Rise of the algorithms - Business News The Star Online

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Such softwares reduce or totally eliminate the need for human intervention in the investing or trading process that is present in the traditional human discretional approach through fund managers and brokers. CPG is one of the few quant fund operators in Singapore today with total assets under management at slightly below US$100mil (RM434mil). Locally, BIMB Investment Management Bhd, which is a unit of Bank Islam Malaysia Bhd, recently launched its fund using AI technology. Whether or not quant funds outperform the traditional discretionary approach of investing is still very much open to debate.


Analyzing 10 years of startup news with Machine Learning

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This is the final part in a series where we use machine learning and natural language processing to analyze articles published in tech news sites in order to gain insights about the state of the startup industry. Let's visualize the coverage per industry for all the articles published in the last ten years to find out: The most popular startup industry in the last ten years has been Mobile. Right when this industry started to gain visibility in 2013, Oculus Rift was the top keyword by a wide margin. The only way to perform an analysis like this is using machine learning and natural language processing, since there's no way we can get a person to read through and interpret 270,000 articles.


How Big Data Is Empowering AI and Machine Learning at Scale

#artificialintelligence

As big data initiatives mature, organizations are now combining the agility of big data processes with the scale of artificial intelligence (AI) capabilities to accelerate the delivery of business value. Whereas statisticians and early data scientists were often limited to working with "sample" sets of data, big data has enabled data scientists to access and work with massive sets of data without restriction. Johnson previously held positions as senior vice president for Strategic Technology with Mellon Bank and served as the executive vice president and chief technology officer of Cognitive Systems Inc. (CSI), an early artificial intelligence company specializing in natural language processing, expert systems, case-based reasoning, and data mining. Participants in the most recent executive breakfasts have included chief data officers, chief analytics officers, chief digital officers, chief technology officers, and heads of big data for firms including AIG, American Express, Blackrock, Charles Schwab, CitiGroup, General Electric (GE), MetLife, TD Ameritrade, VISA, and Wells Fargo, among others.


AI and insurance: Exchanging privacy for a cheaper rate

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Do you have car insurance? Chances are you are a customer of at least one insurance company and a policyholder on one or more types of insurance. If so, you should pay particular attention to the fact that the global insurance industry is seeking to harness artificial intelligence solutions. While the use of AI technologies in insurance has the potential to streamline company operations and reduce consumer prices, it also raises unprecedented new issues related to personal privacy. As with many discussions of artificial intelligence, understanding its impact starts with understanding data.