How the coronavirus is turbocharging Hong Kong’s fintech revolution

  • “Forced to adapt quickly, Hong Kong’s banking and financial services industry has hastened its adoption of digital transformation and AI in the name of survival, supported by a rapidly evolving regulatory environment
  • For Hong Kong’s financial institutions, Covid-19 will propel growth in AI technologies such as biometric facial recognition and electronic “know your customer” for remote account opening and onboarding, as well as AI fraud-detection.”

https://www.google.com/amp/s/amp.scmp.com/comment/opinion/article/3092803/how-coronavirus-turbocharging-hong-kongs-fintech-revolution

Deutsche Bank partners with Google to transform banking

“One of the specified gains for Deutsche Bank is access to Google’s artificial intelligence (AI), machine learning (ML) and data science capabilities. Its overall focus will be to harness this technology in order to make digital and online financial services simpler, faster and easier.

Other use cases could include cash flow forecasting, augmented risk analytics and superior security for customer accounts.”

https://www.fintechmagazine.com/technology-and-ai-2/deutsche-bank-partners-google-transform-banking

One of Australasia’s Largest Banks Unifies Their AI Efforts

“Provided scored and sorted data and analysis on the vendor and banking enterprise AI landscape, with a focus on the seven largest US banks. Emerj simplified banking AI applications into business function categories (ie. customer service, fraud, cybersecurity), AI capabilities (conversational interfaces, prediction and forecasting, etc) – and by scoring both individual applications and application categories through Emerj’s proprietary AI Scorecards, including Ease of Deployment, Evidence of ROI, Level of Adoption, and more.”

One of Australasia’s Largest Banks Unifies Their AI Efforts

AI Fintech ubble Secures Over $11 Million in Capital to Develop Digital ID Verification Product using Biometric Facial Recognition

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“France-based AI company ubble has acquired more than €10 million (appr. $11.2 million) in capital through a round led Breega and Partech and Breega. The funds raised will reportedly be used to develop ubble’s remote onine ID verification product which will include biometric facial recognition.

The AI-focused firm said it’s planning to establish a leading presence in the digital ID verification sector.”

AI Fintech ubble Secures Over $11 Million in Capital to Develop Digital ID Verification Product using Biometric Facial Recognition

Digital transformation: What can banks learn from other sectors?

  • “The best customer experience comes when the model is able to explain its decision to a customer service agent, who can then act as an intermediary to break the good or bad news to the customer. This is assistive AI in action
  • Take Monzo, for example, which is one of the UK’s biggest success stories in the new wave of challenger banks. In its mission to build a banking system from the ground up, Monzo’s engineering team decided to build a loosely coupled microservices architecture, specifically because ‘large internet companies like Amazon, Netflix and Twitter have shown that single monolithic codebases do not scale to large numbers of users.’”

https://www.globalbankingandfinance.com/digital-transformation-what-can-banks-learn-from-other-sectors/amp/