RBC files AI patents to predict clients’ needs as big tech encroaches on bankers’ turf

  • “The Royal Bank of Canada is looking to patent several artificial-intelligence inventions, including one that could predict when consumers are about to make major purchases, public filings show.”
  • https://www.google.com/amp/s/business.financialpost.com/technology/rbc-files-purchase-prediction-patent-as-big-tech-continues-to-encroach-on-bankings-turf/amp
  • Does Artificial Intelligence Help Fight Financial Fraud?

  • “Financial services are one of the sectors where AI and machine learning are impacted. When it comes to fraud, cyber-criminals try their best to access customer accounts. AI and machine learning can protect companies and individuals from such attacks.
  • How AI and machine learning technologies fight against the growing fraud threat?
    • Accurate data analysis
    • Early detection of fraud attack
    • AI stops nuanced abuse attacks
    • Frees up, fraud analysts
    • Reduction of false positives
    • AI reduces the friction customers’ experience.
    • Effective attack detection
    • Achieve regulatory compliance”


    You Now Need To Code To Work On Wall Street

    • “Before retiring from top-tier investment bank Goldman Sachs, Marty Chavez, the firm’s tech evangelist, predicted that it will be as important for traders to know how to code as “writing an English sentence.” 
    • About 75% of Citi’s trading activities were conducted electronically in 2019.
    • One of the largest expenditures at the banks is technology. They are each spending upwards of $10 billion every year. 
    • Artificial intelligence, robotics, sophisticated software and technology will ultimately replace large groups of employees”


    Image credit Getty

    AI is top fintech trend of 2019: study

    • “The value of AI in the fintech market is expected to rise four times by end-2024.
    • The use of the technology is not limited to a single area, Fininbox head of development Anton Zujev remarked, with AI tools being utilised in customer service and fraud prevention.”


    Anton Zujev

    Head of Business Development



    Kount Named a Leading Provider of eCommerce Fraud Prevention Solutions in 2020 Frost & Sullivan Report

    • “Kount, the leading provider of AI-driven fraud prevention, announced it has ranked as a leader for growth and innovation in the 2020 Frost Radar in the U.S. E-commerce Fraud Prevention Market report.
    • Kount’s vast data network and the ability of Kount’s AI and machine learning to use this data across the network, finding patterns and behaviors that would otherwise be hidden.”


    Kount – https://www.kount.com