“The banking and fintech industries compressed roughly a decade of ecommerce innovation into a 10-month span.
Advancements that were estimated to be years out may now emerge as the “new normal” within months. The future of banking will not only look different in regard to more rapid digital adoption, but also in terms of service offerings, who offers them and the relationships institutions have with one another and their customers.
6) Micro-Personalization. Big data and AI-driven analytics bring about a new paradigm in financial services, one in which the bank will treat every customer as if they are its single greatest priority. Instantaneous borrowing, proactive product suggestions, detailed guidance on purchases, budgetary recommendations based on factors like real-time location, spending profile and much more are poised to be the new standard for financial institutions’ approach to customer personalization.”
“Avant is following the lead of other alternative lenders that have tied up with banks to increase profitability or expand into new credit products.
LendingClub’s recent acquisition significantly reduced its cost of funds. By buying Radius Bank, the alt lender reduced its borrowing costs by 90% from the previous year.
SoFi’s forthcoming transaction allows it to offer new lending products. The online lender’s recent purchase of Golden Pacific Bancorp is already enabling it to expand its credit solutions into new areas: SoFi launched its first-ever credit card alongside the acquisition and subsequently added auto refinancing to its growing lineup.”
“The cloud-based expert.ai NL API provides developers and data scientists deep language understanding without requiring IT infrastructure, reducing development cost while optimizing natural language processing (NLP) applications.
‘We are excited to deepen the use of our NL API into the financial services vertical,’ said Gavin Sollinger, Head of Global Channel Development at expert.ai. ‘The combination of Fincons Group’s industry experience with the skills of expert.ai-certified data scientists and developers using our solutions will support banks and insurance companies in their digital evolution journeys. By leveraging the ability to understand natural language, Fincons will optimize the development of new AI NLU apps that automate expertise in mission critical processes.’”
“Microsoft Corp. is in advanced talks to buy artificial intelligence and speech technology company Nuance Communications Inc., according to people familiar with the matter.
‘This can really help Microsoft accelerate the digitization of the health-care industry, which has lagged other sectors such as retail and banking,’ said Anurag Rana, a Bloomberg Intelligence senior analyst. ‘The biggest near-term benefit that I can see is in the area of telehealth, where Nuance transcription product is currently being used with Microsoft Teams.’”
“South Korean consumer electronics major Samsung is banking on its Indian innovation-powered, artificial intelligence-enabled washing machines range to become the number one player in the fully automatic segment in India this year, according to a senior company official.
‘Our ambition is to go from the number two position to number one position, from a 24.6 per cent share to a 32 per cent share in fully automatic (segment) within this year 2021,’ Samsung India Senior Vice President, Consumer Electronics Business, Raju Pullan told PTI.”