“Emirates NBD has launched the WhatsApp Business Solution to offer customised mobile banking services to its customers, claiming to be a first in the region. The implementation, carried out in partnership with Infobip, allows customers to interact with the bank through the chat for functions such as checking account balances, the last five transactions of…
Tag: Financial Services
Compliance.ai and LogicManager Partner to Offer Banks and Credit Unions a Modern and Seamless Compliance Management Solution
“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…
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…
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…
To Battle Fin-Tech Upstarts, Big Banks Are Turning to—What Else?—Technology
“One recent report from the International Data Corp. found that the banking industry is the second biggest investor in AI technology worldwide behind retail. ‘The financial industry is uniquely ready to make a move in the space and bring that computational experience,’ says Jason Mars, CEO of Clinc, a startup that makes chatbots for financial…