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How will artificial intelligence ultimately benefit the financial services sector?

#artificialintelligence

Bank transfers, debit cards, credit cards, e-wallets and mobile wallets: all are used to process the one hundred and twenty-two billion digital transactions made each year in the European Union. At its simplest, the ubiquity of AI enables digital payments by allowing consumers to more easily buy goods and services through services such as digital assistants or recommendation engines, which run on machine learning. But this explosion in the number of the digital payments creates a problem which will also need AI to solve. The increase in web-payments, brings with it the unavoidable risk that volumes of digital-payment fraud will also rise. And that won't simply rise in proportion to the growth of payments as a whole.


The Politics of Artificial Intelligence in Financial Markets

#artificialintelligence

Technology is and has always been a crucial part of finance. From the first promissory notes (banknotes) in the Netherlands and China, there was a race with counterfeiters that parasitically undermined trust. As in political communication, technology is the message, rather than merely "a tool": when it comes to money, trust is not just instrumental, it is fundamental. With cashless payments being the norm and social media platforms weαving an additional layer of involvement in our social data web – Amazon, Google, Facebook, Apple – Artificial Intelligence (AI) is already in our wallets, business, and financial affairs. In a non-western setting, one may refer to the Chinese "social rating" system, which allows the state to value and evaluate social behaviour patterns, creating a link to individual credit rating.


German banking startups, stalwarts betting on artificial intelligence

#artificialintelligence

Machine learning will make banking easier before it makes it better, say German fintechs and banks. Customers might not yet notice it, but Germany's banks are slowly waking up to artificial intelligence. They hope thinking computers can help them sort through regulatory jungles, fight money laundering or even help analyze customers. "In the next few years, the increase is likely to be driven mainly by efficiency improvements, and later new products and services could have a greater effect," says Christian Kirschniak, a data expert and partner at PwC. The consultancy believes AI's contribution could be similar to that of the first computer revolution and contribute $2 trillion (€1.73 trillion) to global GDP by 2030, in part by relieving financial sector employees of tedious, monotonous tasks that traditional computers can't perform.


Are You Creditworthy? The Algorithm Will Decide.

#artificialintelligence

Money2020, the largest finance tradeshow in the world, takes place each year in the Venetian Hotel in Las Vegas. At a recent gathering, above the din of slot machines on the casino floor downstairs, cryptocurrency startups pitched their latest coin offerings, while on the main stage, PayPal President and CEO Dan Schulman made an impassioned speech to thousands about the globe's working poor and their need for access to banking and credit. The future, according to PayPal and many other companies, is algorithmic credit scoring, where payments and social media data coupled to machine learning will make lending decisions that another enthusiast argues are "better at picking people than people could ever be." There's now a whiff of a hope that big data might finally shore up the risky business of consumer credit. Credit in China is now in the hands of a company called Alipay, which uses thousands of consumer data points -- including what they purchase, what type of phone they use, what augmented reality games they play, and their friends on social media -- to determine a credit score.


Credit card companies: You can soon skip signing receipts for most card purchases

USATODAY - Tech Top Stories

Carrying cash is apparently not what it used to be….Buzz60's Nick Cardona has that story. Mastercard plans to get rid of signatures for credit and debit purchases in April 2018. The checkout lanes at your favorite stores should soon move more quickly, thanks to an industry move away from signing for purchases. Major credit card companies Mastercard, Visa, American Express and Discover are eliminating the need for shoppers to sign receipts for credit and debit sales beginning April 14. That means most merchants in the U.S. or Canada can decide whether or not to require signatures.


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.


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

#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.


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.


Baidu invests in ZestFinance to develop search-powered credit scoring for China - Artificial Intelligence Online

#artificialintelligence

Baidu has made its second investment in a U.S. fintech company inside a month after it put an undisclosed sum of money into ZestFinance, a big data firm specializing in credit scoring. Baidu, which operates China's dominant search platform, took part in a 60 million round for payments firm Circle in June. The deal is part of an agreement that will see Baidu use ZestFinance's technology to develop a credit scoring platform that is based on its search data. That's important in a market like China because traditional credit systems are broken there. There's precious little formalized credit history data while many people don't use banks heavily or are unbanked.


A new app wants to help you beat the credit card companies

Mashable

Our increasingly automated world should make driving safer. It could also make things safer for your checkbook. And just like with cars, it takes a healthy amount of trust to let the machines take over. SEE ALSO: 7 can't-miss apps: MuseCam, Summit, Yammo and more "[It's] kind of like a self driving car for your credit card," said Jason Brown, cofounder of Tally. Tally is a new app that offers the ability to automate your credit card payments, ensuring you'll never again be hit with a late fee.