payment


7 Chatbots in the Financial Industry – Paypal, Kasisto, and More Emerj

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Kasisto has an AI platform called KAI that they claim can help financial institutions create chatbots for their customers to ask questions and use to make payments and review account details. The company also claims KAI chatbots can help users manage their funds from multiple accounts. The software can send a chatbot's conversation to a human customer service employee in cases where it cannot solve a customer's problem. The company also claims to have a deep learning tool for business banking chatbots that helps train new machine learning models, however, they do not offer a detailed explanation of how multiple neural networks would work to make a chatbot more effective These chatbots can purportedly converse with customers about financial tasks such as applying for credit cards, product discovery and managing funds. They can also fulfill some requests directly within the chatbot interface.


REPORT: 22 Payments Execs Get Real About AI PYMNTS.com

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For artificial intelligence, beyond the buzzwords and the breathless anticipation lies the reality. Data exists everywhere, of course -- and in the payments space, the data is effectively a deluge. Increasingly, companies across all links of the commerce value chain are harnessing machine learning and artificial intelligence (AI) in a bid to mine that data, and to make actionable decisions in real time measured in milliseconds. AI, some argue, means all sorts of jobs will be replaced. Others argue that it poses a danger that computers will think for themselves, with all sorts of unintended consequences.


ML: innovations for fighting financial crime in an Open Banking era

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The fight against financial crime is changing and banks are struggling to keep up. Financial institutions are already losing ground in the adoption of open banking initiatives like PSD2. Coupled with the increasing market demands for compliance and transparency brought on by regulations like the GDPR, it's clear that banks have a lot to deal with. The financial industry is quickly shifting towards real-time payments and instant services, two key aspects of a frictionless customer experience. However, these frameworks present serious challenges to the security side of things – particularly where financial crime is concerned.


The Guardian view on automating poverty: OK computers? Editorial

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Across the world, governments are investing in machines that they hope will run their social security systems and other services more cheaply and effectively than humans. The Guardian's Automating Poverty series includes reports from the US, Australia and India as well as the UK. The roles played by technology in these countries are all different. But taken together, the articles reveal how automation, machine learning and artificial intelligence are extending their reach into people's lives through the delivery of public services. As with all automation processes, speed and efficiency provide the rationale.


Metro Bank Launches New Game-Changing Digital Insights Tool for Businesses

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Metro Bank has announced the launch of'Business Insights' – its artificial intelligence-led, in-app account insights tool for business customers. By generating smart tips and alerts for customers who opt-in to the service, Business Insights will enable businesses to make more data-driven decisions and help them manage their cash flow and forthcoming payment obligations better. Insights include end-of-month cash flow analysis, notifications when latest payments to service providers are higher or lower than normal, and notifications about upcoming scheduled payments. Just the sort of helpful insights SMEs need to better manage their business. The development comes as part of Metro Bank's efforts to inject much needed competition into the small business banking market following the £120 million funding it was awarded from the Capability & Innovation Fund.


Metro Bank Launches New Game-Changing Digital Insights Tool for Businesses

#artificialintelligence

Metro Bank has announced the launch of'Business Insights' – its artificial intelligence-led, in-app account insights tool for business customers. By generating smart tips and alerts for customers who opt-in to the service, Business Insights will enable businesses to make more data-driven decisions and help them manage their cash flow and forthcoming payment obligations better. Insights include end-of-month cash flow analysis, notifications when latest payments to service providers are higher or lower than normal, and notifications about upcoming scheduled payments. Just the sort of helpful insights SMEs need to better manage their business. The development comes as part of Metro Bank's efforts to inject much needed competition into the small business banking market following the £120 million funding it was awarded from the Capability & Innovation Fund.


Digital dystopia: how algorithms punish the poor

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All around the world, from small-town Illinois in the US to Rochdale in England, from Perth, Australia, to Dumka in northern India, a revolution is under way in how governments treat the poor. You can't see it happening, and may have heard nothing about it. It's being planned by engineers and coders behind closed doors, in secure government locations far from public view. Only mathematicians and computer scientists fully understand the sea change, powered as it is by artificial intelligence (AI), predictive algorithms, risk modeling and biometrics. But if you are one of the millions of vulnerable people at the receiving end of the radical reshaping of welfare benefits, you know it is real and that its consequences can be serious – even deadly.


Digital dystopia: how algorithms punish the poor

The Guardian

All around the world, from small-town Illinois in the US to Rochdale in England, from the Pacific shore of Perth, Australia, to Dumka in northern India, a revolution is under way in how governments treat the poor. You can't see it happening, and may have heard nothing about it. It's being planned by engineers and coders behind closed doors, in secure government locations far from public view. Only mathematicians and computer scientists fully understand the sea change, powered as it is by artificial intelligence (AI), predictive algorithms, risk modeling and biometrics. But if you are one of the millions of vulnerable people at the receiving end of the radical reshaping of welfare benefits, you know it is real and that its consequences can be serious – even deadly.


AI: The Core Fabric for "NextGen Banking"

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In the current decade, the world has achieved an enormous amount of technological advancement and skyrocketing progress in mass Digitization, Data Science and FinTech. In fact, we are currently living in the golden era of AI & FinTech. With the advent of fast computing speed and low-cost storage for the enormous amount of data that is available for everyone, Artificial Intelligence has become paramount in our daily lives. Things are changing at a soaring pace in every sector and the banking & finance sector is on the brink of a positive and widespread technological transformation owing to the enormous power and potential of these cognitive technologies. Technology powered by AI and Machine Learning has seeped deep into the fiber of our modern existence and with its firm foundations in the BFSI sector.


Mastercard braces for retail's AI-fueled future

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The rise of cashless and cardless retail transactions suggests consumers are growing comfortable with paying for products from accounts linked to portable devices. How quickly these commerce modalities go mainstream is an open question, but Mastercard is leaving nothing to chance. The global payment network is not only preparing for digital commerce ruled by recommendation systems fueled by machine learning systems but also war-gaming for the arrival of 5G, as well as the proliferation of IoT and AI, says Jorn Lambert, Mastercard's executive vice president of digital solutions. Get the latest insights with our CIO Daily newsletter. This short- and long-term view sketches out a vision of payments revolutionized by machine-to-machine commerce and hyperpersonalized transactions, a reality Lambert expects will become mainstream in the next three to five years.