Artificial intelligence applications are increasingly being used in the financial sector. Chatbots can help reduce costs by automating some customer service tasks, while machine learning algorithms can help make know-your-customer processes more efficient by identifying patterns in transaction data. Artificial intelligence may also allow for more accurate foreign exchange price predictions and personalized robo-advisor services. These applications demonstrate how artificial intelligence is disrupting traditional financial services.
A joint report between EY and LSE with contribution from Seldon. This report describes research undertaken by The London School of Economics and Political Science on behalf of EY Financial Services to investigate the use of Artificial Intelligence and Machine Learning and to provide one use case for each of the following sectors; Insurance, Banking & Capital Markets, and Wealth & Asset Management.
BBS-248 Artificial Intelligence (AI) for Financial ServicesOzgur Karakaya
• Artificial Intelligence (AI) general info and the AI world market
• AI in financial sector: services that AI can be applied (Investing, Management, Market Research, Blockchain, Fraud Detection, AI Assistants/Bots, etc.)
• AI firms, products and the tech behind.
I delivered a talk on application of Artificial Intelligence in Fintech to the visiting students of University of Applied Sciences, Wurzburg-Schweinfurt, Germany at Christ University
We are all consumers of financial services more or less. We have bank accounts, possibly life insurance, some of us have credit cards, some of us have fixed deposits, some of us may be doing share trading and investment, some of us are borrowers of loans. These are all financial services. Financial Technology or FinTech is a way of delivering or improving the delivery of financial services using technology and innovation.
The use of smartphones and internet to improve the services in banking, investing, lending and borrowing etc are examples of technologies aiming to make financial services more accessible to the people. The use of Artificial intelligence, Machine learning, Blockchain, Cryptocurrency etc are redefining the way we are used to receiving financial services. FinTech is an emerging industry. Startups, established financial institutions as well as technology companies are disrupting this space to replace or enhance the usage of currently existing financial services.
In this video we will restrict ourselves to the usage of AI in FinTech.
We will learn about different areas where FinTech is already serving a great deal.
We will learn about the areas where we look forward to seeing more disruptions and innovations to make financial services more secure and accessible to the general public.
Future of artificial intelligence in the banking sectorusmsystems
The banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways. The penetration of artificial intelligence in the banking sector had been unnoticed and sluggish until the advent of the era of internet banking.
A joint report between EY and LSE with contribution from Seldon. This report describes research undertaken by The London School of Economics and Political Science on behalf of EY Financial Services to investigate the use of Artificial Intelligence and Machine Learning and to provide one use case for each of the following sectors; Insurance, Banking & Capital Markets, and Wealth & Asset Management.
BBS-248 Artificial Intelligence (AI) for Financial ServicesOzgur Karakaya
• Artificial Intelligence (AI) general info and the AI world market
• AI in financial sector: services that AI can be applied (Investing, Management, Market Research, Blockchain, Fraud Detection, AI Assistants/Bots, etc.)
• AI firms, products and the tech behind.
I delivered a talk on application of Artificial Intelligence in Fintech to the visiting students of University of Applied Sciences, Wurzburg-Schweinfurt, Germany at Christ University
We are all consumers of financial services more or less. We have bank accounts, possibly life insurance, some of us have credit cards, some of us have fixed deposits, some of us may be doing share trading and investment, some of us are borrowers of loans. These are all financial services. Financial Technology or FinTech is a way of delivering or improving the delivery of financial services using technology and innovation.
The use of smartphones and internet to improve the services in banking, investing, lending and borrowing etc are examples of technologies aiming to make financial services more accessible to the people. The use of Artificial intelligence, Machine learning, Blockchain, Cryptocurrency etc are redefining the way we are used to receiving financial services. FinTech is an emerging industry. Startups, established financial institutions as well as technology companies are disrupting this space to replace or enhance the usage of currently existing financial services.
In this video we will restrict ourselves to the usage of AI in FinTech.
We will learn about different areas where FinTech is already serving a great deal.
We will learn about the areas where we look forward to seeing more disruptions and innovations to make financial services more secure and accessible to the general public.
Future of artificial intelligence in the banking sectorusmsystems
The banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways. The penetration of artificial intelligence in the banking sector had been unnoticed and sluggish until the advent of the era of internet banking.
In this new Accenture Finance & Risk presentation we explore machine learning as a solution to some of the most important challenges faced by the banking sector today. To learn more, read our blog on Machine Learning in Banking: https://accntu.re/2oTVJiX
Artificial Intelligence and Digital Banking - What about fraud prevention ?Jérôme Kehrli
Artificial intelligence for banking fraud prevention.
A presentation on how it takes its root in the digitalisation ways and how it impacts customer experience.
Consumers are looking for more than just banking and machine learning helps banks deliver that.
Machine learning contributes to areas such as credit decisions, risk management, personalized customer experiences, fraud detection, automation and much more.
This PDF will address the following points:
1. An overview of the banking sector and its importance in the economy
2. The top 5 banks in the US benefiting from the power of machine learning
3. The areas in banking where Machine Learning is applied
Artificial Intelligence: a driver of innovation in the Banking Sector - The Italian case
Marco Rotoloni (Head of the research team on banking operations, ABI Lab)
Artificial Intelligence in the Financial IndustriesGerardo Salandra
As Artificial Intelligence makes its way into our lives, many financial institutions are faced with the difficult question “Should AI be embraced?”. While the eagerness to integrate AI into the financial sector has waxed and waned over the past few decades, it now appears that Fintech is ready to dive head-first into AI as a standard for handling customer transactions, financial risk assessment, industry regulatory compliance and reduced institutional costs.
There is no doubt that AI can be invaluable for the financial industry, but it comes at a price. We expect to witness both success stories and tragic failures over the course of the next few years. With any first-generation technology, there are going to be bugs to solve, and a learning curve before intimate industry familiarity with AI is obtained.
AI is not only going to revolutionize the financial industry but become the industry itself.
Three big questions about AI in financial servicesWhite & Case
To ride the rising wave of AI, financial services companies will have to navigate evolving standards, regulations and risk dynamics—particularly regarding data rights, algorithmic accountability and cybersecurity.
The journey from open banking to open finance+. The evolution of open banking based on API as of now and where it could go from here. Risks and opportunities for market participants.
AI powered Decision Making in Banks - How Banks today are using Advanced analytics in credit Decisioning, enhancing customer life time value, lower operating costs and stronger customer acquisition
Artificial intelligent systems in finance have exploded over the last few years. Many institutions are struggling to leverage these new AI systems and machine learning approaches to risk management. This is particularly true for applications to risk models that are subject to regulatory scrutiny where transparency limits applications of these new approaches. Co-sponsored with PRMIA (Professional Risk Managers’ International Association), this session will provide an overview of the current state of applied machine learning and artificial intelligence for risk modeling and how it can be applied for monitoring risk and building new risk models.
Measuring and Managing Credit Risk With Machine Learning and Artificial Intel...accenture
In recent years, technological developments have undergone in-depth analysis among banks, but we are still far from attaining mature levels both at the methodological and at the credit granting, monitoring and control process levels. Banks should equip themselves with new and more structured Model Risk frameworks to manage new Machine Learning model validation paradigms. Learn more from Accenture Finance & Risk: https://accntu.re/2qGUUMx
Artificial Intelligence for Banking Fraud PreventionJérôme Kehrli
Artificial Intelligence at NetGuardians:
"From skepticism to large scale adoption towards fraud prevention"
Slides of my speech at the EPFL / EMBA Innovation Leader 2018 event.
Fintech's future holds promising opportunities for innovative financial services, with fintech mobile app development playing a crucial role. Emerging technologies like blockchain, AI, and machine learning open new avenues for developers. Boston's (USA) financial institutions must collaborate with Amplework to enhance services, reduce costs, and boost efficiency.
In this new Accenture Finance & Risk presentation we explore machine learning as a solution to some of the most important challenges faced by the banking sector today. To learn more, read our blog on Machine Learning in Banking: https://accntu.re/2oTVJiX
Artificial Intelligence and Digital Banking - What about fraud prevention ?Jérôme Kehrli
Artificial intelligence for banking fraud prevention.
A presentation on how it takes its root in the digitalisation ways and how it impacts customer experience.
Consumers are looking for more than just banking and machine learning helps banks deliver that.
Machine learning contributes to areas such as credit decisions, risk management, personalized customer experiences, fraud detection, automation and much more.
This PDF will address the following points:
1. An overview of the banking sector and its importance in the economy
2. The top 5 banks in the US benefiting from the power of machine learning
3. The areas in banking where Machine Learning is applied
Artificial Intelligence: a driver of innovation in the Banking Sector - The Italian case
Marco Rotoloni (Head of the research team on banking operations, ABI Lab)
Artificial Intelligence in the Financial IndustriesGerardo Salandra
As Artificial Intelligence makes its way into our lives, many financial institutions are faced with the difficult question “Should AI be embraced?”. While the eagerness to integrate AI into the financial sector has waxed and waned over the past few decades, it now appears that Fintech is ready to dive head-first into AI as a standard for handling customer transactions, financial risk assessment, industry regulatory compliance and reduced institutional costs.
There is no doubt that AI can be invaluable for the financial industry, but it comes at a price. We expect to witness both success stories and tragic failures over the course of the next few years. With any first-generation technology, there are going to be bugs to solve, and a learning curve before intimate industry familiarity with AI is obtained.
AI is not only going to revolutionize the financial industry but become the industry itself.
Three big questions about AI in financial servicesWhite & Case
To ride the rising wave of AI, financial services companies will have to navigate evolving standards, regulations and risk dynamics—particularly regarding data rights, algorithmic accountability and cybersecurity.
The journey from open banking to open finance+. The evolution of open banking based on API as of now and where it could go from here. Risks and opportunities for market participants.
AI powered Decision Making in Banks - How Banks today are using Advanced analytics in credit Decisioning, enhancing customer life time value, lower operating costs and stronger customer acquisition
Artificial intelligent systems in finance have exploded over the last few years. Many institutions are struggling to leverage these new AI systems and machine learning approaches to risk management. This is particularly true for applications to risk models that are subject to regulatory scrutiny where transparency limits applications of these new approaches. Co-sponsored with PRMIA (Professional Risk Managers’ International Association), this session will provide an overview of the current state of applied machine learning and artificial intelligence for risk modeling and how it can be applied for monitoring risk and building new risk models.
Measuring and Managing Credit Risk With Machine Learning and Artificial Intel...accenture
In recent years, technological developments have undergone in-depth analysis among banks, but we are still far from attaining mature levels both at the methodological and at the credit granting, monitoring and control process levels. Banks should equip themselves with new and more structured Model Risk frameworks to manage new Machine Learning model validation paradigms. Learn more from Accenture Finance & Risk: https://accntu.re/2qGUUMx
Artificial Intelligence for Banking Fraud PreventionJérôme Kehrli
Artificial Intelligence at NetGuardians:
"From skepticism to large scale adoption towards fraud prevention"
Slides of my speech at the EPFL / EMBA Innovation Leader 2018 event.
Fintech's future holds promising opportunities for innovative financial services, with fintech mobile app development playing a crucial role. Emerging technologies like blockchain, AI, and machine learning open new avenues for developers. Boston's (USA) financial institutions must collaborate with Amplework to enhance services, reduce costs, and boost efficiency.
How would digital technology change the landscape of retail branch banking? Will the physical network disappear? Will robots replace human financial advisers? Will augmented reality become everyday life? This presentation looks at the value chain of branch banking and the relevance of five innovative technologies: Open API, artificial intelligence, RPA, augmented reality and blockchain.
banking sector is becoming an active adapter of artificial intelligence — exploring and implementing this technology in new ways. The entry of artificial intelligence into the banking sector was not recognized and slowed down until the era of Internet banking.
Fintech is abbreviation of Finance technology. It's new sector in Finance service. Basically it's combination of Finance and technology......A digitalization of banking
Application of artificial intelligence in banking venkat vajradhar - mediumvenkatvajradhar1
Digital disruption is about redefining industries and changing the way businesses operate. Each sector is evaluating options and adopting ways to create value in a technology-driven world. The banking sector is seeing exceptional changes: above all, an increase in customer-centricity.
6 use cases of machine learning in Finance Swathi Young
The use of Artificial Intelligence and Machine learning is increasingly adopted in multiple industries. Question is, does a regulated industry like Finance adopt AI/ML? the answer is a huge YES! Here we take a look at 6 different use cases:
* Chatbots
* RoboAdvisors
* Risk scoring
* Fraud Detection
* Insurance claims
* Underwriting
* regulatory compliance
Application of Artificial Intelligence in Indian Banking Opportunities and Ch...ijtsrd
Banking is the most important sector of any economy because it connects the most with government and public at large and also it protects the economy from any crises. Technology has brought tremendous change, it has made both positive and negative impact on every sector and banking sector is the most dynamic in technological transformation. Among the various technological transformations of recent, the birth of Artificial intelligence is particularly remarkable. AI is fast evolving as the go to technology for banking sectors across the world to personalise experience for individuals. With data analytics, block chain and machine learning, banks are advancing their services and offerings. The technology itself is getting better and smarter day by day, allowing more and newer banks to adopt the AI for various applications. Banking sector is becoming one of the first adopters of AI. And just like other segments, banks are exploring and implementing the technology in various ways. AI refers to computers having cognitive skills similar to humans, which could result in immense efficiency gains for banks and their clients alike. It is important to understand how AI can influence the Banking sector hence this paper is an attempt to understand the opportunities and challenges of Artificial intelligence for Indian banking sector. Prof. Mohammed Nawaz | Prof. Triveni. K | Prof. Bharathi. G. R "Application of Artificial Intelligence in Indian Banking-Opportunities and Challenges" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37964.pdf Paper URL : https://www.ijtsrd.com/computer-science/artificial-intelligence/37964/application-of-artificial-intelligence-in-indian-bankingopportunities-and-challenges/prof-mohammed-nawaz
This report summarizes how Innovative technologies are disrupting the financial industry and how organizations can leverage them to their advantage.
It is a must read for senior executives in banks and other financial service providers (FSPs).
360 degrees fintech revolution at ArabNet Beirut 2017ArabNet ME
Elias Gagas, Chief Digital Officer of Payment Components, presents a holistic view on the root causes & key stakeholders of the FinTech (R)evolution. The presentation also includes international use cases & a quick review of Best practices on “Things to Do / Things to Avoid” to be successful in the FinTech era.
Originally presented during the Arabnet Beirut Banking Innovation Day (21/2/2017).
This presentation provides an overview of the different drivers & stakeholders shaping the FinTech revolution.
Originally presented during the Arabnet Beirut Banking Innovation Day (21/2/2017).
This presentation provides an overview of the different drivers & stakeholders shaping the FinTech revolution.
Guide To Navigating Fintech Development Outsourcing.pdfJPLoft Solutions
As the fintech sector grows and businesses adopt increasingly advanced technologies and algorithms for their offerings, identifying an ideal person to work on a fintech project becomes one of the biggest problems for those who want to increase the speed of technology development or upgrade their existing technology.
Collaborate and Build Solutions for the Bank and Fintech Industry.pdfTechugo
Banks will be equipped with cutting-edge technology, including machine learning and artificial intelligence, to improve their services and meet customers’ changing needs. Given the optimism surrounding them, one can only imagine how such partnerships will pan out in the future.
Fintech Software Development: A Comprehensive Guide in 2024SeasiaInfotech2
Welcome to our fintech software development guide. Emerging technologies allow financial institutions to offer their services more quickly and efficiently to customers in a progressively mobile and web-connected world. Check out our blog now to learn more.
Application of artificial intelligence in banking venkat vajradhar - mediumvenkatvajradhar1
Digital disruption is about redefining industries and changing the way businesses operate. Each sector is evaluating options and adopting ways to create value in a technology-driven world. The banking sector is seeing exceptional changes: above all, an increase in customer-centricity.
Software Delivery At the Speed of AI: Inflectra Invests In AI-Powered QualityInflectra
In this insightful webinar, Inflectra explores how artificial intelligence (AI) is transforming software development and testing. Discover how AI-powered tools are revolutionizing every stage of the software development lifecycle (SDLC), from design and prototyping to testing, deployment, and monitoring.
Learn about:
• The Future of Testing: How AI is shifting testing towards verification, analysis, and higher-level skills, while reducing repetitive tasks.
• Test Automation: How AI-powered test case generation, optimization, and self-healing tests are making testing more efficient and effective.
• Visual Testing: Explore the emerging capabilities of AI in visual testing and how it's set to revolutionize UI verification.
• Inflectra's AI Solutions: See demonstrations of Inflectra's cutting-edge AI tools like the ChatGPT plugin and Azure Open AI platform, designed to streamline your testing process.
Whether you're a developer, tester, or QA professional, this webinar will give you valuable insights into how AI is shaping the future of software delivery.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
Slack (or Teams) Automation for Bonterra Impact Management (fka Social Soluti...Jeffrey Haguewood
Sidekick Solutions uses Bonterra Impact Management (fka Social Solutions Apricot) and automation solutions to integrate data for business workflows.
We believe integration and automation are essential to user experience and the promise of efficient work through technology. Automation is the critical ingredient to realizing that full vision. We develop integration products and services for Bonterra Case Management software to support the deployment of automations for a variety of use cases.
This video focuses on the notifications, alerts, and approval requests using Slack for Bonterra Impact Management. The solutions covered in this webinar can also be deployed for Microsoft Teams.
Interested in deploying notification automations for Bonterra Impact Management? Contact us at sales@sidekicksolutionsllc.com to discuss next steps.
Accelerate your Kubernetes clusters with Varnish CachingThijs Feryn
A presentation about the usage and availability of Varnish on Kubernetes. This talk explores the capabilities of Varnish caching and shows how to use the Varnish Helm chart to deploy it to Kubernetes.
This presentation was delivered at K8SUG Singapore. See https://feryn.eu/presentations/accelerate-your-kubernetes-clusters-with-varnish-caching-k8sug-singapore-28-2024 for more details.
PHP Frameworks: I want to break free (IPC Berlin 2024)Ralf Eggert
In this presentation, we examine the challenges and limitations of relying too heavily on PHP frameworks in web development. We discuss the history of PHP and its frameworks to understand how this dependence has evolved. The focus will be on providing concrete tips and strategies to reduce reliance on these frameworks, based on real-world examples and practical considerations. The goal is to equip developers with the skills and knowledge to create more flexible and future-proof web applications. We'll explore the importance of maintaining autonomy in a rapidly changing tech landscape and how to make informed decisions in PHP development.
This talk is aimed at encouraging a more independent approach to using PHP frameworks, moving towards a more flexible and future-proof approach to PHP development.
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Let's dive deeper into the world of ODC! Ricardo Alves (OutSystems) will join us to tell all about the new Data Fabric. After that, Sezen de Bruijn (OutSystems) will get into the details on how to best design a sturdy architecture within ODC.
Transcript: Selling digital books in 2024: Insights from industry leaders - T...BookNet Canada
The publishing industry has been selling digital audiobooks and ebooks for over a decade and has found its groove. What’s changed? What has stayed the same? Where do we go from here? Join a group of leading sales peers from across the industry for a conversation about the lessons learned since the popularization of digital books, best practices, digital book supply chain management, and more.
Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
4. REMITTANCE
INDUSTRY
Going through a
Transitionary Phase…
• For the first time in recent history, remittance flows to developing countries
registered a decline for two successive years.
• Remittances declined by an estimated 2.4 percent, to $429 billion, in 2016,
after a decline of 1 percent in 2015.
• Low Oil prices & weak economic growth in Russia & GCC countries –main
reasons of lower remittance flow.
Remittance flow to
developing countries
on a decline in the
last 2 years
5. REMITTANCE
INDUSTRY
Going through a
Transitionary Phase…
Increased Cost of
remittances adding to
the problem
• Structural constraints like De-Risking* raising regulatory burdens on money
transfer operators
• Labor market “Nationalization” policies in the GCC & Anti immigration
sentiments have dampened remittance flows, especially through formal
channels.
• Imposition of Service Tax of 12.36% by Govt. of India, on remitting money
is passed on directly to consumers making it difficult for the businesses to
maintain competitiveness.
*International correspondent banks close the bank accounts of money transfer operators, to avoid the risks of money laundering and financial crime
• Despite this, UAE
has the lowest
remittance fee of
2.5%
6. Changing Market Landscape
Rising remittance costs coupled with rapid technological innovation
has made the market more competitive than ever!
Let’s understand this changing Market Landscape!
7. Social Media
encircling Money
Transfer services!
*Source: World Bank, April 2017
1. Emerging Social Media Platforms for Money Transfer Services
Facebook has currently around 50 different regulatory
licences in the US alone that will allow FB users to
transfer money via their messenger app.
It has become one of the most common tools to transfer
money. Last Chinese New Year, they processed more
than 8 billion red envelope transactions
Alibaba’s firm launched a money market fund that has
become the 3rd biggest money market fund in the world,
dislodging incumbents who have been doing this for
decades.
CHANGING MARKET
LANDSCAPE
Disruptive Innovations in
Financial Services
8. P2P Lending
platforms & Digital
media growth
*Source: World Bank, April 2017
2. Digital becoming mainstream
• Using the existing card infrastructure, creation of new cards based
products ( dual cards) through which migrants families can
withdraw remittances through ATMs
• Proliferation of smartphones that make online transfers more
convenient & cheaper
3. Future Financial platforms will not be traditional banks but will be
technological firms
• Peer to peer lending platforms now offer consumers an
alternative to loans that used to be previously available mainly at
banks
• Robo advisory platforms offer consumers asset management
solutions that are not only more transparent than what they charge
but also substantially cheaper.
CHANGING MARKET
LANDSCAPE
Disruptive Innovations in
Financial Services
9. Rise of
Fintech
*Source: PWC global Fintech Survey, 2016
4. FIN-TECH (Financial Technology) in key sectors
It is the innovative use of technology in the design & delivery of
financial services to replace the old or enhance the usage of these
services in the existing financial companies.
CHANGING MARKET
LANDSCAPE
Disruptive Innovations in
Financial Services
10. Fintech is an umbrella that covers a number of categories of IT
innovations applied in the financial sector, such as:
Financial
Education
Artificial
Intelligence
Peer to Peer
Lending
Block
Chain
Personal
Finance
Tools
Stock
Trading
Apps
Algorithm
based
Trading
Robo
Advisors
Big
Data
Crowd
Funding
CHANGING MARKET
LANDSCAPE
Disruptive Innovations in
Financial Services
Rise of
Fintech
Crypto
Currency
12. Artificial
Intelligence
“Machine intelligence is the last
invention that humanity will ever
need to make”
Nick Bostrom
*Source: AI Magazine, Vol. 27, Number 3
AI is a field in computer science that focuses on simulating the intelligence
of humans into artificial machines with the help of sophisticated machine
learning and natural language processing algorithms.
MAJOR BRANCHES OF AI- REPLICATING ABILITY TO THINK, ACT & LEARN
13. Artificial
Intelligence
“Machine intelligence is the last
invention that humanity will ever
need to make”
Nick Bostrom
AI is a field in computer science that focuses on simulating the intelligence
of humans into artificial machines with the help of sophisticated machine
learning and natural language processing algorithms.
1. Machine Learning: Machine learning is the
process of automatically discovering patterns in
data. Once discovered, the pattern can be used
to make predictions. Important algorithms:
1. Regression Based Algorithms
2. ANN ( Artificial Neural Networks)
3. Fuzzy Logics
4. KNN
5. Bayesian Networks
2. Autonomics: Refers to the systems that are
designed to perform routine tasks and
operations performed by humans. They are
programs that ‘observe’ the way a trained user
takes decisions or resolve issues and replicate
the same decision making process in future
events.
MAJOR BRANCHES OF AI
14. Artificial
Intelligence
“Machine intelligence is the last
invention that humanity will ever
need to make”
Nick Bostrom
3. Machine vision: Refers to the ability of
computers to identify objects, scenes and
activities in images. Computer vision technology
uses sequences of image processing operations
that breaks down images to manageable pieces.
E.g. Face recognition softwares used by FB.
4. NLP: Ability of a computer to interpret human
language and take appropriate action. Most well
known application is Siri for the iPhone.
AI is a field in computer science that focuses on simulating the intelligence
of humans into artificial machines with the help of sophisticated machine
learning and natural language processing algorithms.
MAJOR BRANCHES OF AI
16. Artificial
Intelligence
Avoid AML* Practices by having a more efficient KYC System
*AML stands for Anti Money Laundering Practices
This is done to avoid false positives & false negatives by using AI & ML Algorithms
Reasoning:
the ability to draw
conclusions
Self-correction:
Improving future
outcomes based on
feedback to past reasoning
• Machine Learning: Machine learning provides computers the ability to
learn and change without being explicitly programmed.
• Collaborative Filtering: Capable of finding transactions with missing,
matching and/or odd information.
• Feature Matching: Utilized to identify transactions below a specific
monetary threshold
• Fuzzy Logic: Used to find data matches with slight changes to names or
addresses
Important AI/ML Techniques
Learning:
learning from data on
which a model is
developed & rules are
created
Application
in Money
Transfer Services
17. Avoid AML* Practices by having a more efficient KYC System
*AML stands for Anti Money Laundering Practices
Essential features of AI Solutions & Potential Applications in KYC-AML
Source: Celent
Application
in Money
Transfer Services
Artificial
Intelligence
18. Check the rising cost of Customer Servicing through Chat-Bots!
Bots are simple artificial intelligence systems that you interact with via text.
“Chatbots also have the potential to help businesses significantly cut labor costs.
While complete automation of the customer service workforce is not feasible,
automating customer management and sales positions where possible through
Chatbots and other automation technologies would result in considerable
savings.” (The Chatbot Explainer, BI Intelligence, July 2016)
This could help in better utilization of funds & resources & reduction in the
cost it takes to hire & train new agents in situations of high attrition!
Application
in Money
Transfer Services
Artificial
Intelligence
19. Predicting Foreign Exchange prices for better money management
Application
in Foreign Exchange
Services
This could be important to minimize risks/ adjust costings to maximize returns
Using NLP & Text Mining/Sentiment Analysis techniques, Currency Market
Predictions are possible by analyzing written text sentiments of people on
Twitter & other social platforms.
This could be important to make important business decisions including
anticipating money transfer requests & manpower requirement/ Cost
estimation &
Artificial
Intelligence
20. Robo Advisors to give wealth management tips to your clients!
Personalized port-folio decisions taking into account client’s historical
investment decisions, Market reports, Risk profile & other factors
Application
in Wealth
Management Services
Scouring
Big data
from
different
sources
Knowing
what to
invest in?
Preparing
for
investment
Market
Predictions
AI chatbots
Can help client
answer all possible
questions before
investment
Scouring
articles, stock
ratings, reports
by AI Bots to
collect data
Profiling info. to
figure out the best
investment
decisions
Market
predictions
considering all
possible factors
❶
❹
❷
❸
What & How do they do?
Artificial
Intelligence
21. AI Bots built with NLP & ML algorithms are making it easy to make
bill payments with/without internet
Application
in Utility Bill
Payments
Companies like Hipmunk are using Messenger to book and pay
for hotels with the linked card on Facebook directly within
Messenger, which streamlines their entire booking process.
Mypoolin offers chatbot that allows you to send or receive
payments via text messaging. All users have to do is input a
command like ‘transfer [amount] [phone number]’ and once the
payment is processed the recipient receives the money instantly.
This allows users to make direct p2p payments without leaving
your preferred app or platform. For instance, you can simply
type “/PayPal send $5 to @Tom” within Slack to pay him back
for that morning cup of coffee.
Artificial
Intelligence
22. Application
for superior
CX
Rising awareness in
substitutes available
Why superior Customer Experience is so important?
Greater Consumer
Choice
Eroding
Loyalty
Customer Experience
Stream Lining
Processes
How is AI changing Customer Experience?
*CX stands for Customer Experience
Natural
Language
Interfaces
Personalization
of Marketing
Marketing
Automation
Image & Pattern
recognition
NLP for
Customer
Satisfaction
Robotic Process
Automation
Real Time
Tailored
Communication
Recommenda-
tion Systems
Predicting
Customer Churn
& Segmentation
Improve
Customer Loyalty
& Retention
Artificial
Intelligence
23. Application
for superior
CX
Few Examples
*CX stands for Customer Experience
Natural Language
Interfaces
Stream Lining
Processes
Contact centers improve customer interactions by using
Chatbots to provide quick resolutions to their problems,
there by reducing over head costs without impacting
customer service
Personalization
Businesses are increasingly taking advantage of this desire for
personalization by employing AI to analyze their customers’
habits and interests and offering them sales, marketing and
other content that entices them to make a purchase
Robotic Process
Automation
RPA is the application of a computer software or
“robot” to process transactions, manipulate data or
trigger responses, depending on the scope of the
request.
Leveraging algorithms like Naïve Bayes & Neural Networks,
we can analyze history of product purchases (Financial) and
present personalized content recommendations.
Recommendation
Systems
Speech recognition technology has come a long way
with advances in natural language understanding. This
enables customers to speak to an Interactive Voice
Response (IVR) system in a natural way.
Artificial
Intelligence
24. Implement the following before thinking about AI
Is Your Organization
ready for AI?
4 Different ways to deploy AI in your Organization!
Focus on Clean data:
ML algorithms require
clean data to learn from
Integrated data
warehousing:
Connect data from
different silos
Identify Starting
Point
Think about deploying
AI strategically
Automated
Intelligence
• Improves
human
productivity by
automating
manual tasks
(e.g., software
that compares
documents and
spots
inconsistencies
and errors).
Assisted
Intelligence
• Helps people
perform tasks
faster and
better (e.g.,
medical image
classification,
real-time
operational
efficiency
improvement).
Augmented
Intelligence
• Helps people
make better
decisions by
analyzing past
behavior (e.g.,
media
curation,
guided
personal
budgeting, on-
the-fly decision
analysis).
Autonomous
intelligence
• Automates
decision-
making
processes
without human
intervention
while also
putting
controls into
place
Artificial
Intelligence