A senior Chinese regulatory official said the country needs to come up with better legislation to monitor the market; "FinTech innovations that feature internet, big data and artificial intelligence are exerting profound influence on capital markets," said Huang Wei, assistant chairman of the China Securities Regulatory Commission, at a forum reported by Xinhua; the regulations need to catch up with innovation and ensure that investors are protected. Source.
According to a 2019 study by Forrester about half of financial services and insurance firms around the world are already...
AI occupies executives’ thoughts in many ways, according to the results of Sopra’s third annual Digital Banking Experience Report.
With AI and machine learning technology becoming better banks of all sizes have started to employ chatbots with more regularity; Crowdfund Insider takes a look at 5 banks employing the technology; banks include Bank of America’s Erica, Swedbank’s Nina, Capital One’s Eno, SEB’s Aida and Wells Fargo; in most cases the chatbots help with simple tasks like checking balances, paying bills and finding the closest ATM. Source.
Chinese fintech startup Yongqianbao has developed an artificial intelligence (AI) solution that automates credit underwriting through data-mining algorithms and AI; the fintech company will offer the service to the under-served sector; the company is currently training an AI model with over 1,000 factors for credit underwriting assessments; the firm is planning for a Series C investment round and will offer 24/7 automated credit when the platform's model is fully developed. Source
According to Kai-Fu Lee, founder of venture capital firm Sinovation Ventures, robots could replace 50% of all jobs in the next decade; artificial intelligence capabilities such as rapidly dispersing loans or recognizing millions of faces at the same time can make businesses much more efficient; while humans will still represent a significant portion of the labor market, specifically in service jobs, the efficiencies of artificial intelligence solutions make them hard to overlook. Source
BBVA has a staff of over 150 data scientists, engineering and department heads near their Madrid HQ specifically focused on...
Personetics Act will be offered to banks as a way to help their customers pay off their student loans ahead of schedule; the tool will use the Nudge Theory by identifying students who can repay loans quicker and helping them to do so or automatically pay more than the usual payment for them; David Sosna, Personetics’ co-founder and CEO tells Banking Technology, “we’re able to identify windows of opportunity for customers to make these extra payments with no effort on their end.” Source.
Robots have begun helping to take over menial tasks at banks and now there is talk that a full back office operation is not far away; "I think we're going to see it move from a few narrow functions to across the enterprise," said Alan McIntyre, the industry managing director for banking at Accenture; making these changes will help banks to cut costs and improve efficiency, at least when times get extremely busy; banks won't yet fully remove the human component but the trend is moving in the direction of more automation when running the back office. Source
Artificial intelligence (AI) is everywhere these days as more companies look to automate repetitive tasks to save money and reallocate...