Collaborating Authors


Is Artificial Intelligence Becoming a Tool for Financial Advisors?


Financial advisors are starting to be big fans of artificial intelligence (AI)--not only because it can automate administrative tasks like data entry but also because it is starting to have a significant impact on the client-advisor relationship. "Against increasingly challenging market conditions, AI has the potential to help wealth managers sustain and drive new growth, create operating efficiencies, and transform the customer experience through more hyper-personalized insights and products," said Scott Reddel, who leads the North American wealth management practice at consulting firm Accenture. "Now isn't the time to take your foot off the pedal. Firms can overcome adoption speedbumps with continued commitment from management, focused applications that deliver business value, and--perhaps most critically--collaboration across business lines." Accenture recently released new research, "AI in Wealth Management: A Financial Advisor Study," after surveying 500 licensed financial advisors in the United States and Canada earlier this year who work at major wealth managers, banks, insurers, and independent wealth firms.

Data Operations Analyst


Addepar's purpose is to maximize the positive impact of the world's capital. More than 700 of the world's leading financial services firms trust Addepar to unlock the power and possibility of informed, data driven investing and advice. These family offices, wealth managers, banks and institutions use Addepar's purpose-built SaaS platform and associated Marketplace to deliver exceptional value to their clients in a modern, scalable and secure way. Our clients use Addepar to manage and advise on more than $3.5 trillion in assets, and we've been adding more than $15 billion per week for many consecutive quarters, making us one of the fastest growing companies in fintech. Our board and investors are some of the best in the business: D1 Capital, WestCap, 8VC and Valor Equity Partners have led our last few rounds.

FICO Announces Winners of Inaugural xML Challenge


FICO, the leading provider of analytics and decision management technology, together with Google and academics at UC Berkeley, Oxford, Imperial, UC Irvine and MIT, have announced the winners of the first xML Challenge at the 2018 NeurIPS workshop on Challenges and Opportunities for AI in Financial Services. Participants were challenged to create machine learning models with both high accuracy and explainability using a real-world dataset provided by FICO. Sanjeeb Dash, Oktay Gu nlu k and Dennis Wei, representing IBM Research, were this year's challenge winners. The winning team received the highest score in an empirical evaluation method that considered how useful explanations are for a data scientist with the domain knowledge in the absence of model prediction, as well as how long it takes for such a data scientist to go through the explanations. For their achievements, the IBM team earned a $5,000 prize.

How artificial intelligence became financial advisors' favorite new tool


Advisors are using artificial intelligence to expand access to wealth management insights. Traditional financial plans often required multiple meetings between advisors and clients with frameworks left to stagnate outside the meetings, but the inclusion of AI has allowed that conversation to become continuous, Sam Palmer, managing director and head of strategy, digital wealth planning & advice for JPMorgan Wealth Management, said during a panel discussion at Financial Planning's INVEST conference in June. "What has started with clients having to interact with an advisor, even to be able to trade stocks moving over through access to digital tools and automation, is [now] more tools in the hands of consumers for financial planning and financial health," Palmer said. "We are able now to have continuous monitoring as an individual [and] as a consumer of my cash flow." This eliminates the need for simple one-off conversations with an advisor.

Senior Machine Learning Scientist


Apex Fintech Solutions (AFS) powers innovation and the future of digital wealth management by processing millions of transactions daily, to simplify, automate, and facilitate access to financial markets for all. Our robust suite of fintech solutions enables us to support clients such as Stash, Betterment, SoFi, and WeBull, and more than 20 million of our clients' customers. Collectively, AFS creates an environment in which companies with the biggest ideas in fintech are empowered to change the world. We are based in Dallas, TX and also have offices in Austin, New York, Chicago, Los Angeles, Portland, and Belfast. If you are seeking a fast-paced and entrepreneurial environment where you'll have the opportunity to make an immediate impact, and you have the guts to change everything, this is the place for you.

AI In Fintech Market to be Worth $41.16 Billion by 2030: Grand View Research, Inc.


The global artificial intelligence in fintech market size is expected to reach USD 41.16 billion by 2030, growing at a CAGR of 16.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. Artificial intelligence (AI) is widely used in financial organizations to improvise their precision levels, enhance their efficiency and instant query resolving through digital banking channels. AI technology like machine learning can help organizations raise their value by improving loan underwriting and eliminating financial risk. Organizations are also using it to build more robust fraud detection and prevention systems and help accelerate risk assessments and fraud detection. Get more Insights from 100-pages market research report, "Artificial Intelligence In Fintech Market Size, Share & Trends Analysis Report By Component (Solutions, Services), Deployment (Cloud, On-premise), By Application (Fraud Detection, Virtual Assistants), And Segment Forecasts, 2022 - 2030", published by Grand View Research. The AI in fintech market is expected to increase in the coming years due to advancement in technology that is boosting financial service providers' business processes.

The case for placing AI at the heart of digitally robust financial regulation


"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.

Bye-bye, megabank: More young adults are adopting digital banking to manage their money


Marc Wojno has been a writer and editor in the financial field for more than two decades. A new report published this month by data analytics firm FICO shows that a growing percentage of younger U.S. consumers -- specifically Gen X, Millennial and Gen Z groups -- consider digital banks, such as Cash App, Chime and PayPal, as their primary checking account provider, not traditional megabanks such as Bank of America, JPMorgan Chase and Wells Fargo. The report identified five competitive threats to traditional banks and credit unions, and what those companies need to do to stay competitive: Overdraft; savings and investing; buy now, pay later (BNPL); niche neobanks; and open banking. The report, Counterattack: Banks Field Guide to Fintech Disruption, in conjunction with research from Cornerstone Advisors, notes that although many US consumers are pleased with the quality and services of traditional banks and credit unions, the percentage of those three younger generations who chose fintechs over brick-and-mortars as their primary banks have doubled, at 12% of customers since 2020. FICO's report stated that for Millennials and Gen X-ers, the percentages dropped by nearly half during that same period.

Career roadmap: Machine learning scientist


Like machine learning engineers, machine learning scientists are in high demand in today's job market. That's because organizations are eager to adopt machine learning-powered tools to enhance the value of their data and analytics and add automation to processes. Amy Steier, principal machine learning scientist at the developer tools provider, Demand for machine learning technologies is on the rise, according to market research. Potential applications include customer segmentation and investment prediction in the financial services sector; image analytics, drug discovery and personalized treatment in healthcare; and inventory planning and cross-channel marketing in retail.

McKinsey's Global Banking Annual Review


It is better to launch products off a leaner base and, should a bank seek an acquirer, a lower cost base would also help strengthen valuations. While the jury is still out on whether the current market uncertainty will result in an imminent recession or a prolonged period of slow growth, the fact is that growth has slowed. As growth is unlikely to quicken in the medium term, we have, without question, entered the late cycle. Compounding this situation is the continued threat posed by fintechs and big technology companies, as they take stakes in banking businesses. The call to action is urgent: whether a bank is a leader and seeks to "protect" returns or is one of the underperformers looking to turn the business around and push returns above the cost of equity, the time for bold and critical moves is now.