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Transforming Financial Services with Data-Driven Insights - HPCwire

#artificialintelligence

Banks and financial services institutions face increased competition not only from peer organizations within the industry, but also now from FinTech startups, Neobanks, and others. The way to compete is to deliver highly personalized services and innovative offerings. And increasingly, the way to do that is using AI/ML to derive data-driven insights upon which those services and offerings can be based. Financial services institutions increasingly have sought to use new data sources to expand their traditional risk analysis and make more personalized offerings to a larger customer base. Many have gone beyond traditional methods (e.g., using FICO scores, credit history, salary, and more) and developed new risk models and highly individualized creditworthiness ratings based on the analysis of additional data sources.


Forecasting: theory and practice

arXiv.org Machine Learning

Forecasting has always been at the forefront of decision making and planning. The uncertainty that surrounds the future is both exciting and challenging, with individuals and organisations seeking to minimise risks and maximise utilities. The large number of forecasting applications calls for a diverse set of forecasting methods to tackle real-life challenges. This article provides a non-systematic review of the theory and the practice of forecasting. We provide an overview of a wide range of theoretical, state-of-the-art models, methods, principles, and approaches to prepare, produce, organise, and evaluate forecasts. We then demonstrate how such theoretical concepts are applied in a variety of real-life contexts. We do not claim that this review is an exhaustive list of methods and applications. However, we wish that our encyclopedic presentation will offer a point of reference for the rich work that has been undertaken over the last decades, with some key insights for the future of forecasting theory and practice. Given its encyclopedic nature, the intended mode of reading is non-linear. We offer cross-references to allow the readers to navigate through the various topics. We complement the theoretical concepts and applications covered by large lists of free or open-source software implementations and publicly-available databases.


LightAutoML: AutoML Solution for a Large Financial Services Ecosystem

arXiv.org Machine Learning

In particular, our ecosystem has the satisfying the set of idiosyncratic requirements that this ecosystem following set of requirements: has for AutoML solutions. Our framework was piloted and deployed in numerous applications and performed at the level of - AutoML system should be able to work with different types the experienced data scientists while building high-quality ML of data collected from hundreds of different information models significantly faster than these data scientists. We also compare systems and often changes more rapidly than these systems the performance of our system with various general-purpose can be fully documented using metadata and painstakingly open source AutoML solutions and show that it performs better for preprocessed by data scientists for the ML tasks using ETL most of the ecosystem and OpenML problems. We also present the tools.


Seven challenges for harmonizing explainability requirements

arXiv.org Artificial Intelligence

Regulators have signalled an interest in adopting explainable AI(XAI) techniques to handle the diverse needs for model governance, operational servicing, and compliance in the financial services industry. In this short overview, we review the recent technical literature in XAI and argue that based on our current understanding of the field, the use of XAI techniques in practice necessitate a highly contextualized approach considering the specific needs of stakeholders for particular business applications.


How AI is powering the future of financial services

#artificialintelligence

Financial institutions are using AI-powered solutions to unlock revenue growth opportunities, minimise operating expenses, and automate manually intensive processes. Many in the financial services industry believe strongly in the potential of AI. A recent survey by NVIDIA of financial services professionals showed 83% of respondents agreeing that AI is important to their company's future success. The survey, titled'State of AI in Financial Services', also showed a substantial financial impact of AI for enterprises with 34% of those who replied agreeing that AI will increase their company's annual revenue by at least 20%. The approach to using AI differed based on the type of financial firm.


Breaking 'bad data' with machine learning

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All the sessions from Transform 2021 are available on-demand now. "An underlying issue that most enterprise organizations struggle with is that their data is a disaster," noted Anthony Deighton, chief product officer at AI-powered data unification company Tamr. Deighton was moderating a panel at VentureBeat's Transform 2021 event today, which delved into practical and academic perspectives on how companies -- particularly financial institutions -- can use machine learning (ML) to improve the quality and reliability of their data. Deighton was joined by Tamr cofounder Michael Stonebraker, winner of the 2015 Turing award and a renowned computer scientist who specializes in database research; and Jonathan Holman, head of digital transformation at financial services company Santander U.K., a Tamr customer. So what is the problem that Tamr, ultimately, is setting out to solve?


The Role of Social Movements, Coalitions, and Workers in Resisting Harmful Artificial Intelligence and Contributing to the Development of Responsible AI

arXiv.org Artificial Intelligence

There is mounting public concern over the influence that AI based systems has in our society. Coalitions in all sectors are acting worldwide to resist hamful applications of AI. From indigenous people addressing the lack of reliable data, to smart city stakeholders, to students protesting the academic relationships with sex trafficker and MIT donor Jeffery Epstein, the questionable ethics and values of those heavily investing in and profiting from AI are under global scrutiny. There are biased, wrongful, and disturbing assumptions embedded in AI algorithms that could get locked in without intervention. Our best human judgment is needed to contain AI's harmful impact. Perhaps one of the greatest contributions of AI will be to make us ultimately understand how important human wisdom truly is in life on earth.


Algorithms in the Financial Services industry - The right choice for the right problem

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Optimization problems: this is still a bit of an unexplored and immature domain, with little (user-friendly) tooling available, like I also mentioned in one of my previous blogs. Interesting names to look at are JuMP (based on Julia language), ADMB, GLPK, OpenMDAO, Motulus, OptaPlanner… However all those tools are still rather complex and therefore still difficult to use for non-specialized developers.


A conversation on artificial intelligence and gender bias

#artificialintelligence

The world celebrated Women's History Month in March, and it is a timely moment for us to look at the forces that will shape gender parity in the future. Even as the pandemic accelerates digitization and the future of work, artificial intelligence (AI) stands out as a potentially helpful--or hurtful--tool in the equity agenda. McKinsey recorded a podcast in collaboration with Citi that dives into how gender bias is reflected in AI, why we must consciously debias our machine-human interfaces, and how AI can be a positive force for gender parity. Ioana Niculcea: Before we start the conversation, I think it's important for us to spend a moment assessing the amount of change that has taken place with regard to AI, and how the pace of that change has accelerated over the past few years. And many people argue that in light of the current COVID-19 circumstance, we'll feel further acceleration as people move toward digitization. I spent the past eight years in financial services, and it all started with data. Datafication of the industry was sort of the point of origin. And we hear often that over 90 percent of the data that we have today was created over the past two years. You hear things like every minute, there's over one million Facebook logins and 4.5 million YouTube videos being streamed, or 17,000 different Uber rides. There's a lot of data, and only 1 percent of that is being analyzed, as said today.


How does AI affect the legal and financial sector? -OVLG

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Emails changed the way financial services and law firms used to do business years ago. Now, artificial intelligence is creating a new revolution in the way how law firms and financial institutions work. It is helping to speed up the business process, provide prompt customer service, boost productivity, reduce the workload on human minds, and minimize mistakes. Today, we will discuss how artificial intelligence is helping law firms and financial institutions to boost productivity, reduce expenses, and provide better services to their clients. Artificial intelligence is gradually becoming an indispensable virtual assistant for the lawyers.