SET Training - Banking and Fintech : AI

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How artificial intelligence hides in plain sight

We're living through an inflection point for artificial intelligence: From generated images and video to advanced personal assistants, a new frontier of technologies promises to fundamentally change how we live, work, and play.

And yet for all the buzz and concerns about how AI will change the world, in many ways, it already has.

From spam filters and sentence suggestions in our email inboxes to voice assistants and fitness tracking built into our phones, countless machine learning tools have quietly weaved their way into our everyday lives. But when we're surveyed about which everyday technologies use artificial intelligence and which don't, we aren't particularly good at knowing the difference. Does that matter?

How Artificial Intelligence Is Reshaping Banking

Artificial intelligence is transforming the banking industry, with far-reaching implications for traditional banks and neobanks alike. This transition from classic, data-driven AI to advanced, generative AI provides increased efficiency and client engagement never seen before in the banking sector.

According to McKinsey’s 2023 banking report, generative AI could enhance productivity in the banking sector by up to 5% and reduce global expenditures by up to $300 billion. But that’s not even half of the picture.

Read the full story HERE .

AI & Business Efficiency

Artificial intelligence is transforming the way businesses operate, and many are seizing the opportunity to gain a competitive edge through automation.

Although forward-thinking businesses are embracing AI to streamline their operations, others are approaching this emerging technology with caution. And by doing so, they may be overlooking the potential benefits, especially if they continue relying on outdated systems and manual processes.

In a recent PaymentsJournal webinar, Ahsan Shah, Senior Vice President, Data Analytics, at Billtrust, and Christopher Miller, Lead Analyst of Emerging Payments at Javelin Strategy & Research, delved into just how far AI has come over the past few years, particularly in the realm of generative AI and deep learning, and how businesses can successfully leverage AI within their operations.

The 50 Hottest FinTech Startups That Are Driving The Industry

The past year has been painful for the financial technology industry, with publicly traded fintech stocks languishing 50% below their late 2021 peak, even as the S&P 500 has surged to new highs. Venture capital funding for fintech startups is even more depressed–it fell more than 70% from $141 billion worldwide in 2021 to $39 billion in 2023, according to CB Insights. Both layoffs and fire sales have spread.

Yet Forbes' new 2024 Fintech 50 list is packed with extraordinary entrepreneurs who have adapted and flourished in this environment. Three categories that primarily serve other businesses—Payments, Wall Street & Enterprise and Business to Business Banking–made the strongest showing, accounting for 27 of our 50 picks and seven of the 13 first-time honorees on this year’s list, Forbes ninth annual honor roll of the most innovative private businesses in fintech.

Forbes Senior Editor, Jeff Kauflin, and reporter Emily Mason sat down in studio to break down this year's list and highlight some of its newcomers and trends.

Fintech's 50 Hottest Startups

Despite the industry’s funding woes, some startups–particularly those serving others business—are thriving. Here’s the Forbes Fintech 50 for 2024.

Get the details HERE.

Blockchain - How Do We Make It As Popular As AI?

Blockchain is still viewed with suspicion and ONLY associated with crypto. Ask your neighbour about the problems blockchain can solve or explore your child's school curriculum, searching for any mention of blockchain. In both cases, you're likely to find a void...

Read the full article HERE.

Big Tech Under the Microscope: The AI Power Grab in Focus

The Big Brain is being dissected. The US Federal Trade Commission (FTC) has launched a major inquiry into whether the AI arms race among tech giants like Microsoft, Google, and OpenAI is morphing into a dangerous game of monopoly, stifling competition and innovation.

Here's what's got the regulators hot under the collar:

The FTC wants the inside scoop: These dominant AI companies have been ordered to dish on their investments and partnerships, both within the AI space and with key cloud service providers. Think of it as the FTC pulling up a chair and demanding a full disclosure of their playbooks.
Partnerships under scrutiny: While the FTC insists "no wrongdoing is alleged," they're not pulling punches. They want to understand the logic behind these strategic alliances and how they're actually playing out in the competitive landscape. Are these partnerships fostering a vibrant ecosystem or building walled gardens that lock out smaller players?
Radio silence? Not quite: The usual suspects are tight-lipped. Anthropic and Amazon are mum, while Google and OpenAI are playing it close to the chest. Only Microsoft has dared to break the silence, claiming their partnerships are "championing competition and speeding up innovation." Sounds good, but the FTC wants to see the receipts.

Why this matters to you: This isn't just some regulatory exercise. This is about the future of AI, shaping what it means to innovate and who gets to play in this transformative sandbox. The FTC's probe, mirrored by similar inquiries in the UK, represents a global push to ensure AI doesn't become the exclusive playground of tech titans, leaving everyone else scrambling for crumbs.

So, should the AI playground have more rules? That's the million-dollar question. Do we trust these giants to self-regulate, or do we need stricter rules to ensure a level playing field? The FTC's investigation is just the first chapter in this critical debate.

Stanley’s Musings - Fintech, Banking & Payments News #2

Thoughts on fintech, banking, payments, risk management, AI, going green, economics, business and much more…

The latest edition is now available - HERE

U.S, UK & 16 others sign AI agreement

Our Report: The US, UK, and 16 other global partners have released new guidelines to “make AI safe by design” using third-party testing and a bug bounty program.

Key Points:

The UK, the US, along with international partners from 16 other countries (including Germany, Italy, Israel, Singapore & more), have signed a 20-page document to create AI systems that are “safe by design”
The guidelines build upon the U.S. government's ongoing efforts to ensure new tools are tested before public release, addressing societal harms such as bias, discrimination, privacy concerns—and setting up clear ways for consumers to identify AI-generated material.
The commitments require companies to facilitate third-party discovery and reporting of vulnerabilities in their AI systems through a bug bounty system (get ready devs, it’s time to make a tonne of cash).
On the matter, the US cybersecurity agency said: "The approach prioritizes ownership of security outcomes for customers, embraces radical transparency and accountability, and establishes organizational structures where secure design is a top priority,"

Why you should care: These guidelines represent a global effort to ensure that AI technology is secure and trustworthy, reflecting a major step in addressing the ongoing concern of AI’s impact—both in the immediate and longer term.

Read the full article HERE.

How to Use AI to Remove Financial Friction for Persons with Disabilities

The complex webs of technologies that underlie many banks' digital offerings can amplify usability accessibility challenges for your disabled customers.

The use of AI tools can cut through that tangle to improve both customer experience and loyalty.

Find out more HERE.

ChatGPT Will Become ‘ChatOMG!’ in 2024, Forrester Predicts

As the use of ChatGPT and other large language models become more prevalent, there will be trouble. Forrester says eight neobanks and two large traditional banks will run afoul of regulators and consumers in 2024. Tightening up controls and compliance with those controls is a key starting point.

Banks May Be Ready for Digital Innovation: Many on the Staff Aren’t

Banks are deploying digital products and services at ever faster rates. Implementing any new technology can be a challenge if frontline staff isn't properly trained. The deployment of AI in particular can expose glaring gaps in skills and experience. If banks are going to succeed as digital tools proliferate, they need to identify and address employees' needs quickly and effectively.

Check it out HERE.

9 Problems with Generative AI, in One Chart

In the rapidly evolving landscape of artificial intelligence, generative AI tools are demonstrating incredible potential. However, their potential for harm is also becoming more and more apparent.

Check it out HERE.

How OpenAI’s Turmoil Could Impact Banking’s Use of Generative AI

In just one year since its public debut, ChatGPT ignited a revolution in conversational AI that promised to reshape retail banking engagement. How does the ongoing disruption at OpenAI and potential management changes at Microsoft alter the outlook for this AI technology in the future?

Check out the full article HERE.

AI and our future with Yuval Noah Harari and Mustafa Suleyman

The Economist brought together Yuval Noah Harari and Mustafa Suleyman to grapple with the biggest technological revolution of our times. They debate the impact of AI on our immediate futures, how the technology can be controlled and whether it could ever have agency.

Generative AI is empowering the digital workforce

Many people think of generative AI as a tool that allows them to use their own words to ask questions or generate copy and images—both of which it does remarkably well. However, it also has incredible potential to transform our personal and professional work—helping us access, consume, and utilize the untapped information that floods our inboxes and languishes in archives.

Read the full article HERE.

6 Steps to Effective Multichannel Customer Service (Yes, AI Is One)

The expectations for seamless customer service experiences have skyrocketed, and banking is not the only industry failing to deliver, as my recent attempt to resolve a problem with an airline demonstrates.

Companies simply cannot create an effective multichannel strategy for customer service when the channels where these interactions take place are largely siloed off from each other. Here are six components needed to ensure a seamless experience that leaves a lasting impression on customers and drives long-term growth.

Read the full story on the Financial Brand HERE.

The Difference Between Generative AI And Traditional AI

Artificial Intelligence (AI) has been a buzzword across sectors for the last decade, leading to significant advancements in technology and operational efficiencies. However, as we delve deeper into the AI landscape, we must acknowledge and understand its distinct forms.