Mercantile Bank of Michigan has struck a partnership with Abe AI to build a chatbot; MercMoney is an AI based...
Source reports on the operational costs associated with loans and how automation and artificial intelligence (AI) can help reduce those costs; automation can now replace manual processes such as credit checks, data consolidation, onboarding, loan documentation, know your customer and more; robotics and AI are also assisting in risk analysis for SMEs; additionally, machine learning solutions have also been evolving to evaluate thousands of data points from various sources; as these solutions evolve, banks too will need to integrate greater automation to stay competitive. Source
Digital banking has taken off since the pandemic set in and Marcus by Goldman Sachs is looking to capitalize on...
Persona based intelligence startup Deep Labs secured $16mn from Serendipity Capital, Gramercy Ventures and Gunnar Overstrom of Corsair Capital; the...
A 2015 McKinsey report says today's technology is ready to replace approximately 45% of US jobs across a wide range of industries; federal and state governments have been receiving numerous inquiries about the effects of robot automation on the labor market however little has been done by legislators on the topic; Bill Gates has one suggestion for the economy; he suggests a tax for robot automation; a number of scenarios have come from Gates' robot tax suggestions, including: a company tax for robot automation that would contribute to social programs, designating government funds for salaried workers affected by robots, using taxes to provide a universal income for all citizens and a negative income tax. Source
Google's artificial intelligence unit, DeepMind, is using blockchain technology to build an auditing system for analyzing and storing healthcare data; the system will mainly focus on tracking all of a person's hospital health data and centrally storing it for access and ownership by individuals; DeepMind will also make its system available through open source software allowing for the technology to be utilized for broader solutions including auditing identities, financial records and private corporate data. 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
The running joke is that after Dodd-Frank banks have become compliance companies that happen to make loans. It is funny...
Financial Health Network CEO Jennifer Tescher hosted a panel featuring Federal Deposit Insurance Corp. Chairman Jelena McWilliams and acting Comptroller...
CB Insights reports on artificial intelligence (AI) startups that have been acquired since 2012; top acquirers include Google, Apple, Facebook and Intel; 200 AI companies have been acquired since 2012 and the first quarter of 2017 reported 34 AI acquisitions including the largest deal from Ford which acquired Argo AI for $1 billion. Source