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Machine Learning And Big Data Know It Wasn't You Who Just Swiped Your Credit Card

International Business Times

You're sitting at home minding your own business when you get a call from your credit card's fraud detection unit asking if you've just made a purchase at a department store in your city. It wasn't you who bought expensive electronics using your credit card – in fact, it's been in your pocket all afternoon. So how did the bank know to flag this single purchase as most likely fraudulent?


Everything you want to know about how AI is transforming banking but were too afraid to ask

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The rise of artificial intelligence (AI) is set to change the way banks and financial services operate, as well as the way consumers approach their personal banking. Powerful AI can replace humans with machines, improve customer experience and provide simplified cost-effective solutions for businesses. AI is the science of creating intelligent machines and computer programs that can replace human tasks. Computer programs have vast capabilities to execute tasks quicker than humans can, with embedded algorithms that leave less chance to make human error. Robert Smith, Chairman and CEO of Vista Equity partners said at The World Economic Forum: "Since the invention of computers, we have envisioned that computer systems will take the best of what we think and deliver real time solutions that are more efficient.


Machine Learning in Fintech- Demystified

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In 1959, Arther Samuel gave very simple definition of Machine Learning as "a Field of study that gives computer the ability to learn without being explicitly programmed". Now almost after 58 years from then we still have not progressed much beyond this definition if we compare the progress we made in other areas from same time. A Decentralized Autonomous Organization (DAO) is a process that manifests these characteristics. It's code that can own stuff. Self-driving car is an excellent example for this.


Machine learning and big data know it wasn't you who just swiped your credit card

#artificialintelligence

You're sitting at home minding your own business when you get a call from your credit card's fraud detection unit asking if you've just made a purchase at a department store in your city. It wasn't you who bought expensive electronics using your credit card – in fact, it's been in your pocket all afternoon. So how did the bank know to flag this single purchase as most likely fraudulent? Credit card companies have a vested interest in identifying financial transactions that are illegitimate and criminal in nature. According to the Federal Reserve Payments Study, Americans used credit cards to pay for 26.2 billion purchases in 2012.


The Economic Benefits of Emerging Technologies

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The following address was given by Cylance Chief Security & Trust Officer Malcolm Harkins to the United States Senate in March 2017. We believe it's important enough to share with the public and start a dialogue so that we can band together to find the solutions we so clearly need in order to secure our vastly-changing future. The march of technology can be viewed as a succession of major waves, each lasting roughly 100 years (Rifkin 2013). Each wave has brought transformative benefits to society, but also significant challenges. The first wave, starting in the 1760s, included steam power, railways, and early factories, as well as mass education and printing.


Everything you want to know about how AI is transforming banking but were too afraid to ask

#artificialintelligence

The rise of artificial intelligence (AI) is set to change the way banks and financial services operate, as well as the way consumers approach their personal banking. Powerful AI can replace humans with machines, improve customer experience and provide simplified cost-effective solutions for businesses. AI is the science of creating intelligent machines and computer programs that can replace human tasks. Computer programs have vast capabilities to execute tasks quicker than humans can, with embedded algorithms that leave less chance to make human error. Robert Smith, Chairman and CEO of Vista Equity partners said at The World Economic Forum: "Since the invention of computers, we have envisioned that computer systems will take the best of what we think and deliver real time solutions that are more efficient and efficient.


10 Big Data and IoT Predictions for 2017

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Blockchain transforms select financial service applications. In 1998, Nick Szabo wrote a short paper entitled "The God Protocol." Szabo mused about the creation of a be-all end-all technology protocol, one that designated God the trusted third party in the middle of all transactions. This trust protocol provides a global distributed ledger that changes the way data is stored and transactions are processed. The blockchain runs on computers distributed worldwide where the chains can be viewed by anyone.


6 Disruptive Trends That Take Public Cloud To The Next Level

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When it comes to the public cloud, launching VMs, provisioning storage, and configuring networks is no more cutting edge. The core building blocks of IaaS have gone past the evolution phase to become stable. With enterprises adopting public cloud at a rapid pace, we cannot expect further disruption to the cloud infrastructure services. Mainstream providers will only add newer VM type, additional regions and zones, and optimized storage and network services. With IaaS hitting a plateau, what will take public cloud to the next level?


How Banks Use Machine Learning to Know a Crook's Using Your Credit Card Details

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You're sitting at home minding your own business when you get a call from your credit card's fraud detection unit asking if you've just made a purchase at a department store in your city. It wasn't you who bought expensive electronics using your credit card – in fact, it's been in your pocket all afternoon. So how did the bank know to flag this single purchase as most likely fraudulent? Credit card companies have a vested interest in identifying financial transactions that are illegitimate and criminal in nature. According to the Federal Reserve Payments Study, Americans used credit cards to pay for 26.2 billion purchases in 2012.