Bank Automation

OCTOBER 9, 2024

Global venture capital funding took a hit in the third quarter, but AI startups accounted for 31% of all global funding. This is surprising, because we […] The post AI accounts for 31% of VC funding in Q3 appeared first on Bank Automation News. Venture capital funding for startups globally dropped 21% year over year to $54.7

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Fintech News

OCTOBER 16, 2024

Swift, the global financial messaging network, is launching a new AI-powered service to help banks fight financial crime. The initiative is part of Swift’s broader efforts to use AI to improve the security of cross-border payments. Swift is also testing fraud detection use cases in a sandbox environment.

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Bank Automation

AUGUST 21, 2024

Financial institutions are looking to AI and generative AI to mitigate the rising risk of cyberattacks as fraudsters take advantage of the technology.

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Cybersecurity AI Mitigation Risk 132

PCI Security Standards

FEBRUARY 6, 2024

With the rapid rise in popularity of AI services like ChatGPT, Dall-E, and GitHub Copilot, many people are looking at ways they can leverage the new abilities of these systems to improve their existing businesses.

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Bank Automation

JULY 25, 2024

BNP Paribas is investing in AI, cloud infrastructure and cyber security as part of its modernization efforts. “The The second quarter marked the continuation of our ambitious but disciplined development within AI,” Chief Financial Officer Lars Machenil said during the bank’s earnings call on July 24. “We

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Bank Automation

AUGUST 19, 2024

Discover Financial Services is tapping generative AI to speed up call center agent response and strengthen client experience. Using Google Cloud’s AI platform, Vertex AI, Discover has reduced response times for call center agents by 70%, Szabolcs Paldy, senior vice president of enterprise operations at Discover, told Bank Automation News.

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Bank Automation

MAY 22, 2024

JPMorgan Chase has identified three uses for generative AI to boost efficiency. “AI, AI, and particularly large language models, will be transformational,” Chief Operating Officer Daniel Pinto said during the bank’s Investor Day on May 20, noting that the bank has been investing in AI for “a number of years.”

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The Fintech Times

AUGUST 14, 2024

Al Fardan Exchange, a financial services provider in the UAE, has partnered with the Dubai AI & Web3 Festival 2024 reflecting its commitment to advancing AI integration within the financial sector as well as supporting the UAE’s vision for a digitally advanced economy.

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Fintech Finance

OCTOBER 16, 2024

Swift today announced that it is rolling out new AI-enhanced fraud detection to help the global payments industry step up its defence as bad actors grow increasingly sophisticated. “Collaboration across the banking sector is crucial to enhancing fraud detection, and by sharing data and leveraging AI, we empower ourselves to stay ahead.

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Fintech Finance

AUGUST 14, 2024

Paddle , the payments infrastructure provider, has today opened applications for its third AI Launchpad, offering 75 ambitious AI founders the chance to participate in a 6-week program to help them build, launch and scale their AI-powered business ideas.

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Bank Automation

JANUARY 30, 2024

Graphics processing units on today’s computers can only hold so much capacity — and financial institutions are looking to quantum computing to process ever-growing data sets and turbocharge AI. “By

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Fintech News

JUNE 18, 2024

The advancement of generative artificial intelligence (gen AI) has opened up new commercial, social, and technological opportunities. The document, released in May 2024, outlines challenges associated with gen AI and shares a comprehensive gen AI risk framework to guide financial institutions in using the technology in a responsible manner.

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Bank Automation

SEPTEMBER 13, 2024

Banks and investors are evaluating AI-driven startups for long-term growth opportunities. “Investors are keeping close tabs on AI-related innovation,” Isaiah Payne, managing director at investment banking firm Jackson Payne Investments, told Bank Automation News at Finovate Fall 2024.

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Bank Automation

OCTOBER 16, 2024

Bank Automation News is pleased to announce Koren Picariello, an executive director at Morgan Stanley and head of generative AI strategy and execution for Morgan Stanley Wealth Management, will be featured in a fireside chat at Bank Automation Summit U.S. 2025 on Monday, March 3, at 10 a.m. 2025 appeared first on Bank Automation News.

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Bank Automation

MAY 23, 2024

TD Bank is exploring the use of generative AI within its institution through pilot programs. Understanding how generative AI can be used to augment the work of our colleagues has always been our focus,” Imran Khan, head of TD Invent, the bank’s innovation arm, told Bank Automation News.

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Fintech News

SEPTEMBER 29, 2024

Payment giant Visa is set to acquire Featurespace, a company specialising in artificial intelligence (AI) technology for real-time payments fraud protection. Founded in 2008 at Cambridge University, Featurespace has developed AI-driven algorithms that can detect complex fraud patterns in transaction data.

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Finextra

SEPTEMBER 26, 2024

The Bank of England (BoE) is calling on financial services firms to join its artificial intelligence (AI) consortium designed to oversee the use of the technology within the sector.

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AI Technology 111

Bank Automation

OCTOBER 21, 2024

The $2 billion credit union started working with Zest AI in 2021 […] The post Commonwealth automates majority of underwriting with AI appeared first on Bank Automation News. “Seventy percent to 83% of all our loan underwritings are automated now,” Chief Growth Officer Jaynel Christensen told Bank Automation News.

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FloQast

SEPTEMBER 10, 2024

From the highest levels to the deepest valleys of hallucination , Gen AI’s potential, and its drawbacks, and, most relevantly here: How we see it impacting the accounting profession — now, and down the road. That’s why the shortage has made it imperative for us to harness AI’s potential. Capitalism marches on.

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Finextra

JUNE 19, 2024

Join FinextraTV as we talk with Ermes Dajko, Senior Cloud Solutions Architect at Temenos, about the transformative impact of generative AI in banking. Discover how Gen AI is revolutionising decision-making processes with practical use cases.

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Fintech News

SEPTEMBER 24, 2024

Indonesia’s GoTo Group has unveiled Dira, an AI-powered voice assistant integrated into the GoPay app. Dira understands and responds to commands in Bahasa Indonesia, leveraging Google Cloud’s generative AI technologies, including Vertex AI, speech-to-text AI, and the Gemini 1.5 Flash large language model.

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Bank Automation

JULY 16, 2024

Morgan Stanley is using AI to improve efficiency and deepen the relationship between its advisers and customers. AI tools are helping […]

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Fintech News

JULY 31, 2024

Digital banking software provider Backbase has launched its first global Center of Excellence (COE) for Artificial Intelligence (AI) in Ho Chi Minh City, Vietnam. The COE, led by Backbase’s Head of AI Chris Shayan, will focus on developing AI solutions to enhance customer engagement and business outcomes in the banking sector.

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Bank Automation

OCTOBER 14, 2024

Financial institutions can couple AI with “behavioral banking” to grow revenue, industry experts say. Banks usually sell the same financial products at about the same price, Dorel […] The post How AI and ‘behavioral banking’ boosts FI revenue appeared first on Bank Automation News.

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Fintech Finance

SEPTEMBER 10, 2024

New research from RedCompass Labs , a world leader in payments modernization, has revealed that over half (54%) of banks are planning to leverage generative artificial intelligence (AI) for the shift to instant payments and other payments modernization projects, while four in ten (42%) are actively considering the possibility.

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Fintech Finance

OCTOBER 15, 2024

A pioneer in open banking, Neonomics unveils an innovative new product suite launched as Nello, with the goal to bring open banking to the next level through AI-driven solutions and seamless payments. Nello AI will be available as a white-label integration for financial institutions and others to easily integrate.

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Finextra

JULY 24, 2024

Neuro-symbolic AI is a unique form of artificial intelligence that combines the strengths of neural.

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The Fintech Times

JULY 19, 2024

The Monetary Authority of Singapore (MAS) has committed an additional S$100million to support the development of quantum and artificial intelligence (AI) technologies in the financial sector. Nevertheless, the level of AI-readiness and adoption varies across financial institutions in Singapore.

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The Fintech Times

JUNE 2, 2024

Fraud prevention decision-makers across Europe are well aware of the growth and danger of AI-driven identity and financial fraud, but are unprepared to combat it, Signicat , the European digital identity and fraud prevention solution provider, has revealed in a new report. “AI is only going to get more sophisticated from now on.

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The Fintech Times

AUGUST 10, 2024

Taishin Bank has partnered with OneDegree Global , a cybersecurity and risk management solutions company, to test and validate its artificial intelligence system, positioning itself as the first in Taiwan’s financial sector to establish a responsible AI framework. This commitment is central to Taishin’s AI development strategy.”

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