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AI / Machine Learning / Big Data
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462

Why N26 Is Keeping Fraud Top Of Mind In The US Market

via PYMNTS

Meeting a consumer’s banking needs requires FIs to think locally — but when it comes to fighting fraud, it pays to think globally. That’s why FIs need to stay ahead of fraud trends both domestically and internationally, says Nicolas Kopp, U.S. CEO for German challenger bank N26. In the latest Digital Fraud Tracker, Kopp discusses how N26 is using customer data from 24 countries to better protect users against fraud attacks as it enters the U.S. market. (more…)

AI / Machine Learning / Big Data, Banks, Security

July 26, 2019

386

Why Anti-Money Laundering Should Be a Top Priority for Financial Institutions

via Visual Capitalist

The to-do list for any financial executive is surely daunting. From navigating technology changes to managing talent effectively, there’s many initiatives competing for attention.

One issue that’s been in the headlines for many years is anti-money laundering (AML). When criminals are able to successfully hide the illicit origins of their cash, both the financial institution and society suffer. So, what makes AML more important now than it has been in the past? (more…)

AI / Machine Learning / Big Data, Security

July 26, 2019

1280

SmartSearch pioneers first online AML business credit checks

via FinTech Futures

SmartSearch says it is currently the only organisation in the UK with the ability to verify individuals and companies in the UK and internationally, all in a single platform via a browser or API, with full sanction, politically exposed persons (PEP) and adverse media screening and then ongoing monitoring. (more…)

AI / Machine Learning / Big Data, Open Source/ API, Security

July 3, 2019

996

N26 to open security-focused tech centre in Vienna

via Finextra

N26 is opening a technology and innovation centre in Vienna that will focus on using AI to detect fraudulent transactions – which have reportedly been a problem for the digital bank, prompting a probe by German regulators. (more…)

AI / Machine Learning / Big Data, Banks, Mobile-first banks, Security

April 23, 2019

1175

How technology is the only answer to tackling financial crime

via Telegraph.co.uk

Key to stopping financial crime is using the latest technology to truly understand a customer. That’s where you need Encompass, which gathers and analyses a wealth of information to build a picture of a company or individual in minutes, transforming the know-your-customer process. 


(more…)

AI / Machine Learning / Big Data, Security

April 18, 2019

726

3 in 4 APAC Banks Believe Fraud Will Increase This Year

via Fintechnews Singapore

Almost three in four banks in Asia Pacific anticipate that fraud in their country will increase in 2019, according to a recent poll by FICO.

Two of the main areas of concern are card-not-present fraud and application fraud. Card-not-present payments are concerns are fueled largely by the fact that over 50% global online retail sales came from Asia Pacific in 2018.

Dan McConaghy, President of FICO in Asia Pacific shared that it is precisely due to such reasons that banks need to use AI and machine learning to combat the increased fraud risk. (more…)

AI / Machine Learning / Big Data, Banks, InspirAsia, Security

April 16, 2019

894

Envel bank launches “driverless” money management tech

via FinTech Futures

Envel, a challenger bank created around the use of artificial intelligence (AI) targeting millennials and Gen Zs, is launching a “Driverless Banking” framework that automates the steering of customer finances in real-time to stabilise spending.

The bank’s autonomous framework couples with Banking-as-a-Service (BaaS) solution Cambr, while using behavioural insights to centralise money management activities spread across multiple apps, platforms or services. (more…)

AI / Machine Learning / Big Data, Banks, Fintech news

April 8, 2019

649

How Artificial intelligence can usher a new wave of Identity Verification services?

via MarkTechPost

Artificial Intelligence is considered the next big thing when it comes to tech products and trends that will lead humanity to the next global revolution. But, apart from the ability of Facebook to determine the face of your friends in an uploaded image and incorporation of AI to suggest search engine results on Google, there is still to be seen a real-life application of Artificial Intelligence that can benefit individuals and businesses alike and we think there is no better contender for this, except for Identity Verification services. They cannot only deter online frauds and scams, but they can play a pivotal role in making payment frauds a thing of the past if used with appropriate intelligence. (more…)

AI / Machine Learning / Big Data, Security

April 5, 2019

609

For South Africa’s first challenger bank, conversational AI isn’t just a nice-to-have

via Tearsheet

South Africa’s TymeBank has launched Max, an AI-powered conversational assistant designed to help consumers learn about personal finance.

For South Africa’s first challenger bank, conversational AI is an important piece of its product roadmap. (more…)

AI / Machine Learning / Big Data, Banks, Fintech news

April 2, 2019

748

FICO and Equifax Forge Strategic Partnership

via Finovate blog 

A new strategic partnership between FICO and Equifax will help financial institutions better manage risk, marketing, and fraud. The two companies have introduced the Data Decisions Cloud: an end-to-end data and analytics suite that integrates Equifax Ignite, a data and analytics management solution, with FICO Cloud applications and Decision Management Suite, FICO’s digital decisioning platform. (more…)

AI / Machine Learning / Big Data, Fintech news, Security

March 28, 2019

1917

Onfido, which verifies IDs using AI, nabs $50M from SoftBank, Salesforce, Microsoft and more

via TechCrunch

Security breaches, where malicious hackers obtain snippets of information that then get used to impersonate individuals in order to gain access to individuals’ and businesses’ sensitive financial and other private information, have become par for the course in the world of digital services. More than 2.7 billion records were  breached in a single incident this year in the US, and overall the damage from incidents like these potentially runs into the trillions of dollars globally.

Today, a startup called Onfido, which uses AI techniques combined with human verifiers to efficiently verify people are who they say they are when using digital services — is today announcing $50 million in funding to help address that ongoing — and growing — problem. (more…)

AI / Machine Learning / Big Data, Security

March 4, 2019

Machine Learning is Fun! Part 4: Modern Face Recognition with Deep Learning

By Adam Geitgey for his Medium Blog

Update: This article is part of a series. Check out the full series: Part 1Part 2Part 3Part 4Part 5Part 6Part 7 and Part 8!

You can also read this article in 普通话Русский한국어PortuguêsTiếng Việtor Italiano.

Have you noticed that Facebook has developed an uncanny ability to recognize your friends in your photographs? In the old days, Facebook used to make you to tag your friends in photos by clicking on them and typing in their name. Now as soon as you upload a photo, Facebook tags everyone for you like magic:

Facebook automatically tags people in your photos that you have tagged before. I’m not sure if this is helpful or creepy!
(more…)

AI / Machine Learning / Big Data, Global trends

July 13, 2018

1477

Motif Introduces Artificial Intelligence Portfolio

By Motif Investing

Motif launches its newest thematic portfolio focused on companies at the forefront of Artificial Intelligence (more…)

AI / Machine Learning / Big Data, Wealth management

April 4, 2018

3826

Monetary Authority of Singapore Works with Finance Industry on Ethical Use of Data and AI

The Monetary Authority of Singapore (MAS) has announced that it is working with key financial industry stakeholders to develop a guide to promote the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions. (more…)

AI / Machine Learning / Big Data, Global trends, Government activities, Hotnews

April 3, 2018

1515

Yolt pairs up with Monzo

Yolt, the smart thinking money app owned by ING, has integrated with the UK’s biggest challenger bank, Monzo. (more…)

AI / Machine Learning / Big Data, Fintech news, Hotnews, Mobile-first banks

March 26, 2018

1200

Savings chatbot Plum introduces ethical investment tool

British money management chatbot Plum has launched an investment tool that lets users choose where their money goes. (more…)

AI / Machine Learning / Big Data, Hotnews, PFM/PFP services, Wealth management

March 26, 2018

1038

OCBC Bank is to launch its own AI Unit

By OCBC,

With an initial investment of $10M over three years, OCBC Bank adopts an ‘AI-first’ strategy in developing digital capabilities (more…)

AI / Machine Learning / Big Data, Banks, Hotnews

March 14, 2018

3913

Artificial Intelligence (AI) and FinTech

By Gaurav Sharma

The speed of technological change is exponential. What was yesterday’s hot ticket quickly becomes tomorrow’s old news. We are living in the midst of a huge surge of interest and research in Artificial Intelligence (AI). It seems like every week there is a new breakthrough in the field and a new record is set in some task previously done by humans. If you don’t already know what IoT, AI, VR, AR, and bots mean, you better get up to speed immediately because these technologies are changing the way data is created, collected, interpreted, and communicated.

(more…)

AI / Machine Learning / Big Data, Blockchain, Fintech news

February 19, 2018

Yes Bank to offer ATM withdrawals using Aadhaar ID and biometric authentication

Nearby Technologies has partnered with YES BANK, India’s 5th largest private sector bank and worked closely with National Payments Corporation of India (NPCI) to launch a card less and PIN-less Aadhaar ATM service. (more…)

AI / Machine Learning / Big Data, Banks

January 9, 2018

Horizons Ventures backs AI startup Fano Labs in first Hong Kong investment

By Jon Russel for TechCrunch

Horizons Ventures, the VC firm founded by Hong Kong’s richest man Li Ka-Shing, has made a rare early-stage investment after it backed AI startup Fano Labs. (more…)

AI / Machine Learning / Big Data, Deals

December 18, 2017

1184

The Demand for Data Scientists

By Iliya Valchanov, Co-founder of 365datascience.com. Originally published on Quora.

According to Glassdoor, in 2016 data science was the highest paid field to get into. (more…)

AI / Machine Learning / Big Data, Global trends

December 11, 2017

1433

BofA Merrill Lynch unveils Card Assistant

Bank of America Merrill Lynch has launched a digital tool that delivers information and education to commercial card clients. (more…)

AI / Machine Learning / Big Data, Banks, Bots, Credit/Debit/Prepaid cards

November 16, 2017

Fidelity latest financial firm to facilitate data sharing with fintechs

By Penny Crossman for American Banker

Fidelity Investments is joining the ranks of financial firms sharing customer account data with others through an application programming interface. (more…)

AI / Machine Learning / Big Data, Banks, Fintech news, Global trends

November 14, 2017

1475

Standard Chartered to roll out AI chatbot

Standard Chartered is to launch an AI-powered chatbot to provide clients with natural language assistance in managing money, making payments and analysing their spending. (more…)

AI / Machine Learning / Big Data, Banks, Fintech news, Hotnews

November 14, 2017

ANZ acquires proptech startup REALas

ANZ

ANZ has acquired a startup that uses data analytics and crowdsourced market chatter to provide prospective home buyers with accurate predictions of property price momentum in Australia’s fervent real estate market.

Launched in 2011, the REALas price prediction is calculated using a proprietary algorithm developed with RMIT University, property buyers and real estate experts. (more…)

AI / Machine Learning / Big Data, Banks, Deals, Hotnews

October 3, 2017

1353

ABN Amro launches Sustainable Investment Tool

By ABM Amro

From the local florist stall to the large metalworking factory in an industrial park – starting today, all of ABN AMRO’s business clients can go online to see what they can do to make their commercial premises more sustainable. (more…)

AI / Machine Learning / Big Data, Banks, Global trends, Hotnews, Wealth management

September 28, 2017

Envestnet/Yodlee debuts AI-based FinCheck Wellness app

By Envestnet / Yodlee

Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, is demonstrating its vision of the Artificial Intelligence (AI) FinCheck app at FinovateFall in New York City. (more…)

AI / Machine Learning / Big Data, Analytics, Deals, Fintech news, Global trends

September 13, 2017

Nordea to deploy AI to speed up customer service

Nordea is to introduce artificial intelligence technology to analyse customer text queries and forward the correspondence to the right department. (more…)

AI / Machine Learning / Big Data, Banks

July 10, 2017

Credit Karma touts $500 million in revenues

by  for Techcrunch

It turns out that you can make a lot of money by giving stuff away for free. That’s the lesson from Credit Karma, which today is announcing that it’s running its business profitably after earning $500 million in revenues last year. (more…)

AI / Machine Learning / Big Data, Analytics, Hotnews

June 29, 2017

1472

SoftBank buys Alphabet’s robotics businesses Boston Dynamics and Schaft

By Reuters,

Japan’s SoftBank Group Corp said on Friday that a unit of the company will buy two firms that build walking robots from Alphabet Inc , which would add to the group’s growing artificial intelligence portfolio. (more…)

AI / Machine Learning / Big Data, Deals, Global trends

June 9, 2017