Microsoft acquires Seattle startup Suplari, which uses AI to analyze corporate spending

  • “Microsoft said it will pair Suplari with Microsoft Dynamics 365 ‘to help customers maximize financial visibility by using AI to automate the analysis of current data and historical patterns from multiple data sources.’
  • Suplari analyzes procurement and spending data flowing into various enterprise systems. It can provide recommendations for cost savings, risk exposure, and other efficiency gaps. The software serves as an alternative to compiling data in an app such as Excel or Tableau and having a team of analysts comb through the information themselves. Suplari manages more than $180 billion in spend across millions of transactions per month.”

https://www.google.com/amp/s/www.geekwire.com/2021/microsoft-acquires-seattle-startup-suplari-uses-ai-analyze-corporate-spending/amp/

Cognitive banking is creating the banking experience of the future | VentureBeat

  • “Cognitive systems use AI technologies to help banks leverage their data to deliver insights about themselves, their customers, and their competitors. Intelligent digital assistants are the critical enabler of cognitive banking for customers, enabling users to better understand and manage their money, and make better financial decisions.
  • Digital chatbots are simply reactive, waiting for a user to ask a question, and they’re highly impersonal — a millennial in the early stages of their career and a multi-millionaire get the same generic response.
  • When you leverage cognitive banking you’re offering your users an AI-powered solution that’s sophisticated enough to answer whys — why a customer’s balance is low, what deposits will bring them back up into the green, and so on, and then offer personalized advice about managing bills, increasing savings, and more.”

https://www.google.com/amp/s/venturebeat.com/2021/07/15/cognitive-banking-is-creating-the-banking-experience-of-the-future/amp/

Alan Turing Institute to spend £60m from UK.gov on AI for air traffic control and banking

  • “The UK government will, to the tune of £60m, bankroll two major research projects led by the country’s national institute for AI, the Alan Turing Institute: one to automate air traffic control, and the other for banking services.
  • The second funded scheme, dubbed the Prosperity Partnership Project, is a collaboration between the institute and HSBC. An interdisciplinary team made up of computer scientists and economists will investigate how AI can revamp financial services and tools, and look for the best ways to apply the technology fairly and securely.”

https://www.google.com/amp/s/www.theregister.com/AMP/2021/07/23/turing_ai_grant/

Dataiku, Rabobank extend partnership for AI innovation in banking

“Enterprise AI platform Dataiku has extended its partnership with Rabobank.
Dataiku’s platform supports Rabobank’s Intelligence Lab in deploying AI projects across the organisation for hundreds of users. More than 100 AI initiatives have been successfully completed in less than two years.

Rabobank started transforming into a data-driven organisation in 2011. During this time, the bank has been using Dataiku to support its AI projects. The bank has gone from just a few users and use cases to 150+ Dataiku users and broad adoption of AI across various departments such as marketing, sales, finance, risk management, and audit.”

https://thepaypers.com/online-mobile-banking/dataiku-rabobank-extend-partnership-for-ai-innovation-in-banking–1250536

What AI can do for credit unions

  • “Ayesha Khanna, co-founder & CEO, ADDO AI…encouraged credit unions to view AI as an assistant which can do a lot of repeatable tasks, analyse huge amounts of data, give reports and insights, and make recommendations. It also allows companies to be far more customer-focused and customise their services, she said.
  • Her main recommendation to credit unions was to think of AI as a member of their team that can help them make informed decisions. ‘Work with AI partners to manage the downside, amplify our own potential and do more for your customers,’ she said.”

What AI can do for credit unions