- “’Given that consumers are expecting more from their digital experiences, fintech startups are just not disrupting the space, but also empowering consumers,’ he said, adding that they are leveraging artificial intelligence (AI) and machine learning (ML) to improve their bottom lines.
- Ashish Anantharaman, CTO, Zest Money. Ashish carried out a deep-dive into the operations of Zest Money to show how it is possible for fintech startups to leverage AI to improve the credit profile assessment of individuals for loan disbursement, while minimising the risk from fraud.”
- “Varo Money stole the spotlight this week with a $241 million funding raise.
- Papaya Global announced additional funding from Group 11
- Lili announced $10 million in seed funding this week for its platform designed specifically for freelancers.
- Beacon made headlines thanks to high-profile investor Jeff Bezos participating in the round
- Keevlar offers a Software-as-a-Service (SaaS) solution for corporates’ strategic sourcing initiatives in the procurement process.”
“Google’s Banking Forays
Four recent stories regarding Google signal that it, too, is following a similar path and is on its way to becoming the next big fintech vendor:
- Google checking account.
- Google debit card
- Google AI tool for Paycheck Protection Program loan processing
- Google Cloud bank deal
With all the talk in the industry that Big Tech firms like Amazon and Google are going to “cut out the banks,” why would a bank hire Google as a technology vendor? Two reasons:
- Consumer prowess
- Technology and analytics expertise“
- “Using data collected in a global survey during 2019, the report analysed a sample of 151 fintechs and incumbents across 33 countries to paint a rich picture of how artificial technology is being developed and deployed within the financial services sector.
- 30% of the fintechs surveyed indicated a substantial increase in profit as a result of AI, while only 7% of incumbents indicated such profitability.
- Another key difference is that while incumbents expect AI technologies to replace almost 9% of jobs within their organisation by 2030, fintechs forecast that AI will expand their workforce by 19%.”
11 September 2019
The Venue in Melrose Arch
Delegates will hear from the managing executive for M-Pesa at Vodacom Group Chris Williamson, the CEO for consumer at FNB Christoph Nieuwoudt, and Bankymoon founder Lorien Gamaroff.