It's clear that AI is transforming the way banks operate, but what's not always clear is how they can successfully implement and deploy AI projects. Experts recommend a shared, centralized infrastructure for AI--a full-stack solution that includes both hardware and software. This approach, known as AI as a platform, is ideal for three reasons. One, it consolidates expertise, productivity, and scale. And three, it drives down total cost of ownership with an efficient utilization of compute and storage resources.

Artificial intelligence has offered a plethora of benefits for businesses in every sector. The ecommerce industry is among those most benefiting from advances in AI. Therefore, it is no surprise that the market for AI-enabled ecommerce services is projected to be worth nearly $17 billion by 2030. Ecommerce giants like Amazon are finding creative ways to leverage AI. In 2018, Blake Morgan wrote an article in Forbes detailing how Amazon rebranded itself around AI. AI technology helped the online titan improve product forecasting, deliver a higher ROI on ads to sellers and make better product recommendations.

If you received this in your inbox, thank you for signing up and your vote of confidence. If you're reading this as a post on our site, sign up here so you can receive it directly in the future. Every week, I'll take a look at the hottest fintech news of the previous week. This will include everything from funding rounds to trends to an analysis of a particular space to hot takes on a particular company or phenomenon. There's a lot of fintech news out there and it's my job to stay on top of it -- and make sense of it -- so you can stay in the know.

Financial services can benefit greatly from this technology, so let's talk about the different ways that IoT affects banking and financial decisions. IoT does serve a great purpose in the financial industry. In 2018, IoT spending in the banking and finance industry averaged roughly $153 million. IoT has already positively impacted the financial sector and will only continue to in the future. IoT saves financial companies a lot of time and money by gathering and transferring data.

Artificial Intelligence (AI) has taken a major role in acting as the main driver of upcoming hi-tech future in the world. It is shifting the information age to a completely new digital domain where upgraded machines help to solve critical decisions and assist in diverse sectors of a country. The banking and financial sector is very keen in investing in AI to protect their customers against the competitors in this market. Thus depending on the current scenario, Goldman Sachs, a leading American multinational investment bank, is betting on AI to dive growth in the economy. It has a fund of $72.5 million exclusively for the investment in Artificial Intelligence algorithms and data analytics.

Fincase creates unique IT solutions in the real estate industry that allow you to fully optimize and automate the entire cycle of working with property. The company is using artificial intelligence and machine learning algorithms to transform the real estate appraisal market. The uniqueness of the company is in the creation of an approach to finding special solution for each partner. We do not come with a finished product, but create it together – applying the accumulated experience, and jointly identifying and solving problems. Fincase has been operating in PropTech sector since 2016.

As remote operations and contactless procedures are becoming the new normal, the Fintech sector has been experiencing a rising hunger towards moving to a 100% digital implementation of nearly all financial products and services. It has also accelerated the demand for must-have innovations and technologies that provide seamless and personalised banking experiences to its customers, as well as guarantee a near-flawless execution in managing fraud activities. Moreover, the pandemic outbreak has also evolved the consumer behaviour patterns and expectations, which forces the institutions to embrace and leverage technology that not only nurtures but also strengthens a customer-centric approach. A recent survey by Lightico in March 2020 found that 82% of customers were concerned about visiting their branch in person and that 63% of those polled were now more willing to try digital applications. As these shifts are expected to be long-lasting, organizations are now investing in new tools and technologies to speed up their business endeavours and be a step ahead from their competitors.

Financial Institutions rely on credit risk scores to make various lending decisions for unsecured credit, such as loan approval, interest charges, repayment tenure, among others. However, only 25% of the Indian population has a credit history, hence access to formal lending. While this may be of help for the larger banks and financial institutions, small and medium-sized companies that provide loans to student and early-stage professionals might find it challenging. Mounika Mydukur, head of analytics at mPokket took the audience through some of the challenges they face with credit scoring and how they leverage deep artificial intelligence and machine learning technologies to overcome them and identify new opportunities, at DLDC 2020. In her current role, she collaborates with business stakeholders to identify business needs and transform them into analytical models for behavioural predictions and predict the return on investment and collections.

Among the many benefits associated with AI, the most important is the ability to predict and recommend, ultimately benefitting every industry out there. Additionally, AI helps improve marketing efforts, initiates conversations with users, and also increases user engagement. We are already seeing intense and defining trends in 2020 that encompass AI and offer incredible solutions for businesses. Here are eight AI trends that will transform 2020 and beyond. Artificial Intelligence is dependent on deep learning and machine learning methods to introduce and enhance various systems.

The next great leap for computing may be a bit closer with the help of joint efforts between the U.S. government, the private sector -- and hundreds of millions of dollars. And along the way, we might see a benefit for the financial services sector in the form of reduced false positives in fraud detection. The U.S. Department of Energy said this week that it will spend $625 million over the next five years to develop a dozen research centers devoted to artificial intelligence (AI) and quantum computing. Another $340 million will come from the private sector and academia, bringing Uncle Sam together with the likes of IBM, Amazon and Google to apply the highest of high tech to a variety of verticals and applications. In an interview with Karen Webster, Dr. Stefan Wörner, global leader for quantum finance and optimization at IBM, said we're getting closer to crossing the quantum-computing Rubicon from concept to real-world applications. The basic premise behind quantum computing is that it can tackle tasks with blinding speed and pinpoint accuracy that aren't possible with "regular" computers.