How AI and ML Will Be Transforming Banking and Finance

“There is a high demand for AI and ML in almost all industries, and it’s not going to reduce. Currently, AI technology holds a global market value of over $30 billion US. It’s forecasted that the global AI market will grow rapidly in the coming years, reaching up to $126 billion US by 2025.

In Fintech alone, the use of AI in 2019 reached an estimated value of $6.67 billion US and is expected to grow over $22.6 billion US in just five years. The fintech market also expects a CAGR of 23.37% until 2025, and there are lots of factors even fastening the growth.”

How machine learning combats financial cybercrime

“One of the challenges with anomaly detection, especially when using deep learning techniques, is that it’s sometimes difficult to understand why certain transactions or companies were singled out as suspicious. Strictly speaking, the machine simply yields groupings and anomalies, hence requiring a human specialist to interpret the results. But what if an AI could tell us not only what the anomalies are, but also why they were classified as such? This emerging discipline is called explainable AI (XAI).”

Salt Security raises $20 million to protect APIs with AI

  • “80% of web traffic becomes API traffic, they’re coming under threat. Gartner predicts that by 2021, 90% of web apps will have more surface area for attacks in the form of exposed APIs than frontends.
  • Salt analyzes a copy of the traffic from web, software-as-a-service, mobile, microservice, and internet of things app APIs. It uses this process to gain an understanding of each API and creates a baseline of normal behavior tailored to customers and their apps. From these baselines, Salt identifies anomalies that might be indicators of an attack”

Mercator Advisory Group gives Kount the top scores for its Identity Trust Global Network, Advanced AI, and Chargeback Protection

“Kount, the leader in digital fraud protection and identity trust, today announced independent research firm Mercator Advisory Group has ranked Kount the best eCommerce Fraud Detection Solution in its vendor comparison, published this month. Mercator analysts assessed more than 40 fraud prevention providers and selected five that offer complete solutions for a detailed comparison across five attributes. Kount ranked highest overall with a 4.58 out of 5, as well as first in two categories.”