“Utilising AI and machine learning will influence an array of factors, from how we onboard clients to enhancing transaction monitoring. Though the fintech industry received record high investment levels last year, simultaneously 2021 was the year anti-money laundering fines rocketed. With this in mind, I urge governments and regulators alike to prioritise digital transformations and…
Tag: AI Security
AI in Banking – How Artificial Intelligence is Used in Banks
“Artificial intelligence (AI) technology has become a critical disruptor in almost every industry and banking is no exception. The introduction of AI in banking apps and services has made the sector more customer-centric and technologically relevant. JPMorgan Chase: Researchers at JPMorgan Chase have developed an early warning system using AI and deep learning techniques to…
Survey of Fintech and Banking Executives Reveals Identity Authentication Risk and Customer Dissatisfaction Top List of Concerns
“Identity authentication is most often conducted with one-time passwords (36%) or a combination of OTP and KBA questions (29%). While respondents’ familiarity with facial biometric identity authentication is high (88%), less than one-quarter (22%) currently use this technology. More than two-thirds (70%) of respondents are either “highly likely” or “somewhat likely” to consider facial biometric…
Amazon unveils ‘science fiction’ robot that can patrol homes
“Amazon is launching Astro, its first household robot, powered by its Alexa smart home technology. The company said it can be remote-controlled when not at home, to check on pets, people, or home security. It can also patrol a home automatically and send owners a notification if it detects something unusual.” https://www.google.com/amp/s/www.bbc.com/news/technology-58727057.amp
Here’s why AI transforming banking matters more today
“The technology’s versatility is such that an OpenText survey found that nearly 80% of banks already recognize the benefits of AI. 75% of financial institutes already make use of this technology, and a further 46% plan to implement AI-based systems soon. Bank mobile apps can now incorporate AI-driven virtual assistants like Siri, using their voice…