banking & finance


Singapore looks to prep financial workforce for data analytics, automation era

ZDNet

Employees then will need to assume new or expanded tasks that require a higher level of judgement and creativity, while tasks that are repetitive and rules-based will be automated. These jobs were projected for the financial services industry across key sectors that included banking, capital markets, asset management, and insurance, and were part of a study released by the Ministry of Manpower. Conducted by Ernst & Young, the report was commissioned by the Institute of Banking and Finance Singapore (IBF) and Monetary Authority of Singapore (MAS) to assess how data analytics and automation would likely transform the local financial sector over the next three to five years. Country's government has introduced initiatives to train 12,000 people in artificial intelligence skillsets, including industry professionals and secondary school students. In conjunction with the release, the IBF and Workforce Singapore (WSG) also introduced a programme that encompassed structured training and attachment schemes with financial institutions to help professionals start a career in technology.


UK-based energy tech startup wants to stop climate change with AI & blockchain

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Verv, the Google-mentored energy tech startup behind the smart energy hub and green electricity sharing platform, recently announced that it has raised over £6.5 million (€7.5 million) in its Series A round led by environmental fund Earthworm. Earthworm has invested £5 million in Verv's pioneering IoT and renewable energy trading technology that could drive down household electricity bills and carbon emissions by over 20%. Other investors in the round include European innovation engine for sustainable energy, InnoEnergy, Crowdcube and international energy and services company, Centrica. Earthworm's investment is an important backing of Verv's vision to make millions of homes more green with a global network of smart hubs that offer a real-time breakdown of key appliance use and spend, as well as enable the trading of domestic renewable energy between communities. At Earthworm we are driven by sustainability and Verv represents a brilliant example of'enabling' technology.


Facial recognition : 7 trends to watch (2019 review)

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Few biometric technologies are sparking the imagination quite like facial recognition. Equally, its arrival has prompted profound concerns and reactions. With artificial intelligence and the blockchain, face recognition certainly represents a significant digital challenge for all companies and organizations - and especially governments. In this dossier, you'll discover the 7 face recognition facts and trends that are set to shape the landscape in 2019. Let's jump right in .


What fintech is available to develop my small business?

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Running a small business is extremely challenging and not getting any easier. Research published in October 2017 from the Enterprise Research Centre indicates that just 53.7pc of UK businesses founded in 2013 survived past the three-year mark. Small businesses in the UK, which account for 60pc of private sector employment and 52pc of turnover, according to the Federation of Small Businesses, face a range of challenges in 2019, with economic growth forecast to remain sluggish and continuing uncertainty about how Brexit will play out. In such circumstances, it is vital that small businesses keep their operations as efficient as possible, making the best use of resources and keeping up with the competition. Fortunately, several key innovations in financial technology have revolutionised how businesses operate in the past 15 years, with the benefits felt across the board, from multinationals worth billions of pounds to local businesses with just a handful of employees.


New Business Models on the Intersection of IoT, AI and Blockchain

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Have you ever thought about how could you make money with the Internet of Things (IoT) or Artificial Intelligence (AI) and of course with Blockchain? What would happen if you could use the three of them in a new business model? In the next sections, I provide information on some business models achieved with these three technologies. As IoT moves past its infancy, certain trends and economic realities are becoming clear. Perhaps the most significant of those is the realisation that traditional hardware business models just don't work with the Internet of Things.


Opinion Insurers Want to Know How Many Steps You Took Today

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Before the A.C.A., data brokers bought data from pharmacies and sold it to insurance companies, which would then deny coverage based on prescription histories. Future uses of data in insurance will not be so straightforward. As machine learning works its way into more and more decisions about who gets coverage and what it costs, discrimination becomes harder to spot. Part of the problem is the automatic deference that society has so often given to technology, as though artificial intelligence is unerring. But the other problem is that artificial intelligence is known to reproduce biases that aren't explicitly coded into it.


AI-Driven Predictive Analytics: New Opportunities for Financial Institutions -

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One can argue that even the most innovative banking institutions are bureaucratic enough, and their slow decision-making causing banks to lose their premium over fintech applications, peer to peer lending marketplaces, and payment processors. At the same time, many expanded into the business of micro-lending. Banking services are no longer a monopoly of banks, and traditional financial institutions have to innovate in order to survive. The era of non-traditional financial services providers such as Amazon Payments, PayPal Payments and PayU, has risen. The launch of the Payment Services Directive II in Europe unlocks new dynamics for FinTech and Payment Services.


The most overlooked path to commercialize AI is for companies to do it themselves

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The Bessemer Process patented in 1856 by Sir Henry Bessemer is one of the inventions most closely associated with catalyzing the second industrial revolution. By reducing the impurities of iron with an innovative oxidizing air blast, the process ushered in a new wave of inexpensive, high-volume steelmaking. Bessemer decided to license his patent to a handful of steelmakers in an effort to quickly monetize his efforts. But contrary to expectations, technical challenges and monopolistic greed prevented large steelmakers from agreeing to favorable licensing terms. In an effort to drive adoption, Bessemer opened his own steel making plant with the intention of undercutting competitors.


Will AI kill developing world growth?

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Artificial intelligence (AI) could displace millions of jobs in the future, damaging growth in developing regions such as Africa, says Ian Goldin, professor of globalisation and development at Oxford University. I have spent my career in international development, and in recent years have established a research group at Oxford University looking at the impact of disruptive technologies on developing economies. Perhaps the most important question we have looked at is whether AI will pose a threat - or provide new opportunities - for developing regions such as Africa. Optimists say that such places could use rapidly advancing AI systems to boost productivity and leapfrog ahead. But I am becoming increasingly concerned that AI will, in fact, block the traditional growth path by replacing low-wage jobs with robots.


How U.S. Bank Uses A.I. and Machine Learning to Deeply Personalize Your Banking Experience

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With more than 300M people in the United States, no one has the same fingerprint. Similar to your fingerprint, U.S. Bank realizes that your banking and financial needs and expectations are uniquely yours. Yet too often, banks and finance institutions apply broad brush-strokes to target your perceived needs and wants instead of monitoring the breadcrumbs and signals that customers give every day that infer what they want. Seeking to understand what makes you unique and your journey to improving financial success, U.S. Bank is using AI and ML to predict and deeply personalize the banking experience for its customers, bringing new products and better solutions to their financial needs, ultimately being one step ahead of their customers. If you have ever been a victim of suspected fraudulent activity on your account, you know it is a frustrating and disruptive experience.