banking & finance


NetSuite rapidly grows global footprint, adds new features and tools

ZDNet

The theme for NetSuite's annual SuiteWorld conference this week is "ready, set, growth." It's a theme that the Oracle-owned company is applying to its own business, as well as its customers. The company, which makes a suite of cloud-based business software products, is announcing native localizations for six of the largest world economies, including Germany, France, China, Japan, Brazil and Mexico. Just last year, NetSuite launched distribution in 13 different countries. Oracle finalized its $9.3 billion acquisition of NetSuite about a year-and-a-half ago, giving the company resources to expand more quickly.


How Artificial Intelligence is Transforming Financial Services – Analysis from Autonomous Research

#artificialintelligence

LONDON--(BUSINESS WIRE)--Autonomous Research, a global research firm focused on financial services, has announced the publication of Augmented Finance and Machine Intelligence, an in-depth look at the way artificial intelligence is transforming the financial services industry. Autonomous estimates that over $1 trillion of today's financial services cost structure could be replaced by machine learning and AI. This would affect 2.5 million employees in the US alone. This shift will impact operations across all functions and segments of the financial industry, from bank tellers to portfolio managers to insurance underwriters. By 2030, Autonomous expects $490 billion in costs to be exposed to AI in distribution, $350 billion in the middle office, and $200 billion in financial product manufacturing.


AI may join banker and machine - Banking Exchange

#artificialintelligence

Have you ever shopped online for a mattress? Then you know the drill. For weeks after you made a decision, and perhaps even after you took delivery, you still see ads following you around the internet, promoting this mattress manufacturer or that. You think, "if this is a sample of artificial intelligence, then where's the intelligence?" AI and efforts to make digital services more personalized remain "a fairly blunt instrument," says Alan McIntyre, senior managing director, Accenture Global Banking, in an interview with Banking Exchange.


China on mind, Modi goes all out on AI to bolster India's hunt for high tech

#artificialintelligence

NEW DELHI: In a concerted effort towards making India a leading nation in the field of artificial intelligence, Prime Minister Narendra Modi has asked Niti Aayog to familiarise all ministries with the high-end technology and explain how it can be leveraged to address the country's socio-economic problems. Central ministries will be required to set up dedicated artificial intelligence cells and eventually they will all be integrated to help scale up the performance of all social indicators. Following this directive from the PM, the government's think-tank is likely to periodically review the progress made on AI across ministries. The Aayog has already initiated pilot projects on adoption of AI across health, education and agriculture. By May end, it will formulate a national strategy/policy on AI, outlining the scope of research, adoption and commercialisation of the technology.


Chqbook uses AI and ML to offer loans, financial products - IncubateIND Media

#artificialintelligence

Chqbook is a Gurgaon based financial technology start-up that allows customers to explore, compare, book and get personal finance products such as home loans, personal loans, and credit cards. Chqbook is a marketplace for financial products -- that brings suppliers (banks and NBFC's), distributors, and customers onto a single platform -- both online and offline. The startup currently offers 23 options from the country's leading banks & NBFC's for home loans. It also offers customers a choice of 16 institutions for personal loans and has over 35 credit cards. Chqbook is currently operational in 14 cities for home loans and personal loans through its 400 plus verified experts on its platform.


Artificial Intelligence in Marketing Market Trends, Regulations and Competitive Landscape Outlook to 2025

#artificialintelligence

The report also provides a professional and in-depth analysis on the global market while formulating industry insights into its current state of affairs. The report offers details on the pricing structure and channels of distribution of equipment suppliers in the global industry. Factors such as low penetration, rapid advances in technology, and high fragmentation are inducing high competition in the market. Most of the market is still untapped and there are considerable growth opportunities for new players entering this industry. However, owing to high fragmentation the competition is expected to intensify in the coming years.


Google Parent Posts Surge in Profit, but Expenses Also Jump

WSJ.com: WSJD - Technology

The earnings growth was Alphabet's strongest since the fourth quarter of 2009. Advertising revenue, which accounts for nearly all of the company's top line, soared 24% to $26.6 billion. Revenue from "Other Bets," a segment which includes Waymo self-driving cars, totaled $150 million, an increase of 14% from the same period last year. The results landed while regulators in Washington are considering getting tougher on internet privacy. While most of the attention on the issue has focused on Facebook Inc., many observers believe Google's dominant role online means the firm will also be subject to tougher scrutiny.


A futuristic networking platform launching in UAE

#artificialintelligence

Quid Pro Quo (QPQ) International, an innovative networking platform embraces three biggest trends of the future - sharing economy, Artificial Intelligence and blockchain principles Dubai, UAE: QPQ International, an innovative online networking platform that embraces three of the biggest trends of the future including sharing economy, artificial intelligence and blockchain principles would be launching in the UAE this week. The state-of-the-art platform will cater to established business owners, entrepreneurs, SME's, influencers and high-net worth individuals, to help them network and collaborate on investments, projects, and grow their business in a safe, secure and trusted environment. The new business referral network is the result of research and development by serial entrepreneur, Oksana Tashakova, who is also the founder of Wealth Dynamics Unlimited, a premier entrepreneurship education company. QPQ has been Co-Founded by Omair Saoud Arar Al Dhaheri, who has spent 22 years as Director of Real Estate at the Abu Dhabi Investment Authority (ADIA), Chairman of Bin Arar Holding & Midein Energy of the UAE along with Global Strategic Partner Jason Michaud, who is also a partner at Canada-based Luiza Artificial Intelligence Technologies. Ahead of the official launch of the platform, Oksana Tashakova, Co-founder of QPQ said: "In today's world, networking is a necessity.


Artificial intelligence will wipe out half the banking jobs in a decade, experts say

#artificialintelligence

Advances in artificial intelligence and automation could replace as many as half the nation's financial services workers over the next decade, industry experts say, but it's going to take a big investment to make that happen. James D'Arezzo, CEO of Glendale, Calif.-based Condusiv Technologies, says that's where things are headed. And the process will be complicated. "Unless banks deal with the performance issues that AI will cause for ultra-large databases, they will not be able to take the money gained by eliminating positions and spend it on the new services and products they will need in order to stay competitive," he said. Intensive hardware upgrades are often cited as an answer to the problem, but D'Arezzo said that's prohibitively expensive.


Artificial Neural Networks: Some Misconceptions (Part 3) - DZone AI

#artificialintelligence

The learning algorithm of a neural network tries to optimize the neural network's weights until some stopping condition has been met. This condition is typically either when the error of the network reaches an acceptable level of accuracy on the training set, when the error of the network on the validation set begins to deteriorate, or when the specified computational budget has been exhausted. The most common learning algorithm for neural networks is back-propagation, an algorithm that uses stochastic gradient descent, which was discussed earlier on in this series. The are some problems with this approach. Adjusting all the weights at once can result in a significant movement of the neural network in weight space, the gradient descent algorithm is quite slow, and the gradient descent algorithm is susceptible to local minima.