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
According to a 2019 study by Forrester about half of financial services and insurance firms around the world are already...
With more banks implementing AI solutions the question being asked is will jobs begin to be replaced; recent reports show...
Ken Sena runs a group within Wells Fargo Securities and recently introduced an artificially intelligent equity research analyst; the bot tracks stocks and put a sell rating on Facebook and Google, two of the top companies working on artificial intelligence; Sena provides his perspective on the new bot and where it might be falling short. Source
In an op-ed in American Banker the CEO of Synchrony, Margaret Keane, discusses artificial intelligence and the impact it can...
Artificial intelligence startup Kasisto raised a $9.2 million Series A round that was led by Propel Venture Partners; the company intends to use the funds to expand into new markets, grow the engineering and sales teams and develop partnerships with systems integrators to enhance their platform; Kasisto is a fintech startup that lets companies engage and transact with their customers through natural, intelligent conversations via smart bots and virtual assistants. Source
AI technology continues its hot streak in recent years with venture money pouring into the market; American Banker takes a...
U.S. based banks reported a 12 percent increase in elder abuse from 2017 to 2018, a number thought to be...
While there are those that may feel the robot takeover in financial services is imminent, there is a much larger...
China’s largest e-commerce company, Alibaba, launched a new interest free offering for U.S. small businesses;“Rather than a low-cost loan, the...