Why everyone in the Financial Services Industry should be a change agent

  • “Emerging markets in Asia, in particular, have recently seen a spike of 60% increase in contactless payments, with an eightfold growth in paperless B2B payment flows.
  • McKinsey says this physical-to-digital shift is set to accelerate even more this year. And FSI organizations need to ride the wave, or risk being left behind.
  • Fundamentally, I see four areas of change that FSI firms need to embrace: technology, data, customer centricity supported by processes, as well as people and culture to drive systemic innovation.
  • According to Deloitte, technical debt in the form of legacy infrastructure and data fragmentation across the enterprise continues to impede banks’ digital transformation initiatives. In response, finance leaders expect to increase cloud investments, with more than half saying that their firms will increase spending on data analytics.”

https://news.microsoft.com/apac/2021/04/13/why-everyone-in-the-financial-services-industry-should-be-a-change-agent/

Microsoft in Talks to Buy AI Firm Nuance Communications

  • “Microsoft Corp. is in advanced talks to buy artificial intelligence and speech technology company Nuance Communications Inc., according to people familiar with the matter.
  • ‘This can really help Microsoft accelerate the digitization of the health-care industry, which has lagged other sectors such as retail and banking,’ said Anurag Rana, a Bloomberg Intelligence senior analyst. ‘The biggest near-term benefit that I can see is in the area of telehealth, where Nuance transcription product is currently being used with Microsoft Teams.’”

https://www.bloomberg.com/news/articles/2021-04-11/microsoft-is-said-to-be-in-talks-to-buy-nuance-communications

Cleareye.ai Collaborates with Microsoft for AI Platform

  • “While providing both on-premises and private cloud deployments, Cleareye.ai utilizes Azure services to help secure its customer data, simplify the PPP process and differentiate the customer experience. Azure Cognitive Services and its Computer Vision OCR powers the solution’s ability to manage risk and regulatory compliance, and optimize financial crime prevention. With Microsoft as its technology collaborator, Cleareye.ai will begin rolling out its array of products.”

https://www.valdostadailytimes.com/news/business/cleareye-ai-collaborates-with-microsoft-for-ai-platform/article_76c4d2cc-6944-5153-983e-2b1a2866d549.html

India will be one of world’s AI superpowers, says Microsoft’s Brad Smith

  • “Smith said Microsoft is focusing on six strategies to ensure responsible AI – to ensure AI is fair and unbiased; secure and safe; protects people’s privacy; inclusive; transparent; and accountable.
  • “These issues around facial recognition go to the heart of democratic freedoms, and it will be the world’s great democracies that need to lead the way…There should be safeguards put in place including in the law to ensure that government cannot use facial recognition in a way that would impinge on our most cherished democratic freedoms,” he added.”

https://www.google.com/amp/s/www.livemint.com/v/s/www.livemint.com/news/india/india-will-be-one-of-world-s-ai-superpowers-says-microsoft-s-brad-smith/amp-11601996292095.html%3famp_js_v=0.1&usqp=mq331AQFKAGwASA%253D#ampf=

China Tightens AI Export Restrictions

  • “Microsoft Corp., Walmart Inc. and Oracle Corp. have all expressed interest in the breakout app, the success of which rests on addictive video feeds powered by ByteDance’s AI-driven content-recommendation engine.
  • China announced new restrictions on artificial-intelligence technology exports that could further complicate the sale of TikTok’s U.S. operations, while intensifying the tech battle between the world’s two largest economies.”

https://www.google.com/amp/s/www.wsj.com/amp/articles/china-tightens-ai-export-restrictions-11598703527