“In 2018, the business value of AI was estimated to be $41.1bn, which includes the cost savings and efficiencies of introducing AI technology compared to keeping existing infrastructures and processes. North America is tipped to be the biggest market for AI in banking between 2018 and 2023. The business value of AI in this region…
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Facebook’s AI team maps the whole population of Africa
“The project will eventually map nearly the whole world’s population,’ Facebook said in a blog post. Luckily, this sort of task — tedious but simple — is perfect for AI. To automate this process, Facebook’s engineers used data from open-source mapping project Open Street Map to train a computer vision system that can recognize buildings…
What’s the new weapon against money laundering gangsters?
“Money laundering accounts for up to 5% of global GDP – or $2tn (£1.5tn) – every year, says the United Nations Office on Drugs and Crime. So banks and law enforcement agencies are turning to artificial intelligence (AI) to help combat the growing problem. But will it work? ‘Estimates suggest that not even 1% of…
To Battle Fin-Tech Upstarts, Big Banks Are Turning to—What Else?—Technology
“One recent report from the International Data Corp. found that the banking industry is the second biggest investor in AI technology worldwide behind retail. ‘The financial industry is uniquely ready to make a move in the space and bring that computational experience,’ says Jason Mars, CEO of Clinc, a startup that makes chatbots for financial…
The AI Bank: The New Avenue for Both People and Finance
I’ve been watching for the “moonshot” project combining AI plus financial services and this may be the one. The concept is a bank that is completely automated leveraging blockchain and AI. It would be easy to dismiss such an idea; however, the founder is Mohammad Yonus. If you’re not familiar, Mohammed started Graemeen Bank and…