You work. You get money. You take money and invest it. If you are lucky, it becomes larger. Otherwise, it becomes smaller. If you have a lot of money, you can either start a company or not. If you start a company, you invest in your own ability to influence outcomes and in your own transformation function. There are other, personal utility functions also being satisfied in executing the transformation function. Alternately, you focus on the work of getting capital into other companies. For this allocation and selection work, you are rewarded. To this, you can add the capital of others, until you are doing selection on their behalf.
'The real power is that AI can actually predict or detect patterns of behavior and suspicious activity that would take a lot longer for traditional methods to uncover.'
The increased use of AI in financial services is inevitable, but for it to fully flourish, many issues must be addressed, including legal, educational and technological ones. As they get resolved, several factors will still increase use in the interim.
Glia's voice banking solution extends its Al-powered virtual assistants to banking customer phone calls, replacing menu-based IVR technology.
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The image is taken from an AI paper which explains how to use generative adversarial networks (i.e., GANs) to hallucinate hyper realistic-imagery. By training on hundreds of thousands of samples, the model is able to create candidates representing things like “just a normal dude holding a normal fish nothing to see here”, and then edit out the ones that are too egregious.
The reason the stuff above is so scary is actually that you can mathematically transition in the space between images. So for example, you could move between “a normal dude” and “just a normal fish” and have nightmare fish people. Or you could create a DNA root for an image which is part dog, part car, and part jellyfish. Check out the video below and the very accessible https://www.artbreeder.com/ website to see what I mean.
By leveraging the benefits of artificial intelligence and looking at cash flow issues from the consumer’s perspective, Beem has grown to be one of the 50 most-downloaded financial apps in the world.
Lenders gravitate towards using artificial intelligence (AI), so they must be dedicated to removing biases from their models. Luckily there are tools to help them maximize returns and minimize risks.
Focusing increasingly on customer-facing AI tools, Brex has launched an employee expense assistant that integrates into employees' day-to-day.
In this conversation, we have a really cool conversation on fintech, crypto assets, payments and all the things around it with Ivan Soto-Wright, the CEO and Co-founder of MoonPay.
More specifically, we discuss Liability-driven Investment (LDI), the proliferation of AI in personal finance to drive sound decision-making, innovation in finance is following the same trajectory that resulted in VOIP for the telecommunication industry, the geographical maze of crypto KYC, payment networks, and crypto payment processing.
Hyperpersonalization is the next frontier for consumer engagement in financial services. Traditional FIs may be facing a disadvantage.