Provenir, a global leader in AI-powered risk decisioning software for the fintech industry, has found in its latest study that fraud prevention is the biggest driver for investments in AI-enabled risk decisions this year. The survey, which offers the views of 100 decision-makers from fintechs and financial services firms across Europe, found that other major drivers for investments in AI-enabled risk decisioning include automating decisions across the credit lifecycle (68%), competitive pricing (65%) and cost savings and operational efficiency (61%). The survey highlighted the role that alternative data can play in the fight against fraud, with 68% of those surveyed choosing to incorporate alternative data for the purpose of improving fraud detection. It also found that access to data is the biggest challenge to an organisation's risk strategy (88%), closely followed by a lack of a centralised view of data across the customer lifecycle (74%). "The risk of fraud has heightened across the entire financial services landscape, and with attacks only becoming more sophisticated and widespread, it is positive to see that more firms are turning to AI-enabled technologies to minimise these threats," said Carol Hamilton, SVP, Global Solutions at Provenir.

Many predict, and warn, that the Artificial Intelligence (AI) Revolution will change the world – and possibly the very essence of mankind. But society-changing revolutions are not new. History is full of such revolutions. What can we learn from those previous revolutions that might provide an indication as to how this AI revolution might play out? We will examine two other revolutions – the Industrial Revolution and the Information Revolution – for valuable hints as to what we might expect, and how we can better position ourselves to exploit the value offered from these revolutions.

Many predict, and warn, that the Artificial Intelligence (AI) Revolution will change the world – and possibly the very essence of mankind. But society-changing revolutions are not new. History is full of such revolutions. What can we learn from those previous revolutions that might provide an indication as to how this AI revolution might play out? We will examine two other revolutions – the Industrial Revolution and the Information Revolution – for valuable hints as to what we might expect, and how we can better position ourselves to exploit the value offered from these revolutions.

Westpac CIO Dave Curran has revealed his bank's five-platform plan for IT, one that, just like any digital transformation in 2018, places the customer at the centre, followed by platforms for payments, staff, data, and infrastructure. Speaking at Oracle Cloud World in Sydney on Tuesday, Curran detailed Westpac's approach to simplifying the existing structure it has, setting the scene to allow for artificial intelligence (AI) to take centre stage. The next wave of IT innovation will be powered by artificial intelligence and machine learning. We look at the ways companies can take advantage of it and how to get started. The first platform is around the customer, with Curran noting that if the customer is going to be the centre of what an organisation does, the first platform must align.