In episode nine of PitchIt: the fintech startups podcast we talk with Informed.IQ Co-Founder & CEO Justin Wickett. Artificial intelligence...
Artificial intelligence (AI) and machine learning are becoming increasingly relied upon by financial services companies and the credit sector; the algorithms powering these solutions have also advanced the use of AI and machine learning; while these advancements have helped new solutions they have also created new risks; these risks are primarily focused in three phases: input, training and programming; risks can also be higher when using nontraditional data; a report from White and Case titled, "Algorithms and Bias: What Lenders Need to Know" provides details on the evolution of algorithms in artificial intelligence and machine learning and explains important factors to consider for credit providers. Source
The average American checks their phone 47 times a day according to this study by Deloitte. The number is much...
About a year ago TD Bank acquired the AI startup Layer6 and they hoped to use their technology to quickly...
TD Bank is looking to boost their AI driven technologies by their recent acquisition of Toronto based Layer 6; Layer 6 provides AI powered prediction engine for data; Michael Rhodes, group head, innovation, technology and shared services, TD Bank, says to Banking Technology that AI has “potential to power a new generation of data-driven applications from personalized and real-time advice to predictive analytics that will shape the future of banking for millions of individuals”.; the deal represents the fourth AI focused move by the bank in the past couple of years. Source.
In an article from American Banker, the pros and cons of AI-based credit scores are outlined; pros include more precise scores through more nuanced evaluations of data and the ability to consider consumers that linear models would reject; the cons are the risk that regulators will consider an AI-based score a "black box" and being able to provide one clear reason for credit denial; perspectives from Elevate, ID Analytics, Experian and FICO on AI credit scoring are presented in the article. Source
Rocket Internet is looking to make an investment push into fintech and artificial intelligence as it looks to deploy $3bn...
Facial recognition startup Megvii Face++ raised $460mn in their most recent investment round led by China State-Owned Venture Capital Fund and the China-Russia Investment Fund; Ant Financial was also involved in the round and the company did not disclose valuation, though their most recent round valued the company at $1.5bn; Face++ uses facial recognition to identity people and counts Ant Financial and the Chinese government as two of their biggest clients. Source.
TD Bank surveyed 340 corporate treasurers and found that innovative technology is top of their mind for the coming years; 31 percent see automatics processes, 23 percent see blockchain and 15 percent see AI or robotics as the top disruptive technologies; while most respondents were keeping a close eye on technology there was 29 percent who said they would wait and see; seeing the results points to the fact that traditional finance professionals are starting to focus on technology changes, though not ready to fully jump in. Source.
Ternary's AI-enhanced capabilities allow it to go beyond basic recommendations. It's a "more sophisticated way of helping companies understand what they can do amidst all of these moving parts to make their spend efficient."