“‘You have billions and, in some cases, trillions of transactions across global networks,’ Balkin said. “Finding a needle in a haystack, as it were, is done most effectively using the power of AI to look through massive data sets.” AI-generated fraud alerts that go directly to customers’ smartphones also put them on the front lines…
Tag: Financial Services
Capitec sees AI as competitive enabler
“We intend to be a world leader in the application of AI to consumer banking. Banks generally, and Capitec specifically, have large quantities of quality data. We protect, manage and govern that data very well and that gives us the best raw materials to start with,’ says Graham Lee, head of data and digital solutions…
Absa AI automates account switching in South Africa
“Absa is implementing artificial intelligence (AI) to help customers change banks in South Africa. According to Absa’s CIO Jacques Barkhuizen, this is a “world first” and any customer from any bank in South Africa can go to the app and get this feature. He says the process takes under seven minutes, and it will automatically…
Brazil’s Banking Giant Bradesco Plans Artificial Intelligence Leap
“The bank, which has a portfolio of over 71 million customers, has been working on a platform dubbed Bradesco Artificial Intelligence (BIA) over the last four years. Currently, 90% of the bank’s services are already available via the app, but sales made via mobile currently represents about 20-30% of the overall business volume. “It’s a low [percentage]….
Robo advice will be ubiquitous
“Consumers are being inundated with product and service pitches from established financial companies and startups, and choosing the best ones is becoming ever more difficult. Increasingly, advice is seen as the feature that can set one offering apart from another. However, tailoring every offering on an individual level poses major challenges. As a result, banks…