“The number of individual regulatory changes banks must track on a global scale has more than tripled since 2011, while banks and other financial institutions have spent nearly $321 billion on compliance enforcement actions (from 2007 until 2016).1 As regulatory compliance becomes increasingly burdensome and costly to manage, every financial organization is feeling immense pressure…
Tag: AI
Google launches an end-to-end AI platform
“As expected, Google used the second day of its annual Cloud Next conference to shine a spotlight on its AI tools. The highlight of today’s announcements is the beta launch of the company’s AI Platform. One of these new features is AutoML Tables, which takes existing tabular data that may sit in Google’s BigQuery database…
Global business value of AI in banking forecast to reach $300bn by 2030
“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…
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…