“The Matrix fintech Index rose 97% in 2020, compared to a 14% rise in the S&P 500 and a 10% drop for the incumbent financial service companies over the same time period. E-commerce undoubtedly stood out as a major driver. As a category, retail e-commerce grew 35% YoY as of Q3, propelling PayPal and Shopify…
Tag: AI
Banks must be able to explain AI models – Brainard
“Banks must find ways around the ‘black box’ problem that affects many artificial intelligence-driven models, the Federal Reserve’s Lael Brainard says. The Fed governor told a virtual conference hosted by the central bank that supervisors would expect financial firms to be able to explain how their models are reaching certain results. Without this, it would…
On-the-go banking made easier as digital banking evolves
“Yes Bank provides AI banking, chat-based robots, SMS Pay, etc., bringing banking to the fingertips of people. For instance, you can view financial transactions, order cheque book, report unauthorised transactions, connect with contact centre, donate, locate nearby ATMs and branches, and much more through a WhatsApp message. The bank, under its Yes Online platform, launched…
Banks need to strike the right balance for digital transformation
“For many financial institutions, this has been a wake-up call,” says Fei. “In the past, many had thought that if they have an online portal and a mobile application then that’s enough. But now they’ve realized it’s not. Some banks have online portals and mobile apps where you can apply for loans, but they still…
Forget coding, you can now solve your AI problems with Excel
“While I’ve been using Excel’s mathematical tools for years, I didn’t come to appreciate its use for learning and applying data science and machine learning until I picked up Learn Data Mining Through Excel: A Step-by-Step Approach for Understanding Machine Learning Methods by Hong Zhou. There’s a chapter that delves into the meticulous creation of…