- “In a representative sample of more than 6,000 firms across sectors, we found that only about 10 to 15% of midsize firms have adopted AI in their business so far.
- If midsize companies want to thrive in the AI era, they need to look for new ways to compete — including options that they may never have considered before. Pooling data and data analytic skills from across firm boundaries may be one of few options available to midsize firms to remain competitive in the new data-fueled economy.
- The potential benefits of setting up a joint AI venture outweigh its risks. This collaborative approach involves a shift in focus from an individual firm’s short-term self-interest to a network- and ecosystem-centered perspective. In the era of AI, it may be better for midsize companies to join a winning team than to try and stand their ground individually.”
- “The fintech sector has been hugely successful (and hugely profitable) for much of the last decade, and even more so during the pandemic. But it might come as a surprise to learn that many in the industry believe that the story is just beginning and the sector is poised to achieve much more, with fintech’s next decade expected to be radically different from the last 10 years.
- At its most fundamental level, open banking refers to the process of using APIs to open up consumers’ financial data to third parties. This allows these third parties to design, build and distribute their own financial products.
- So if fintech has had a good year, this is likely to be just the start of the story. Backed by open-banking initiatives, the sector is now at the forefront of a banking revolution that will finally give SMEs the level of service they deserve and unleash their true potential across the economy at large.”
“Orange Bank has purchased the neobank Anytime, which focuses on small companies, independent professionals and associations, through a deal whose terms were not made known, according to a Wednesday (Jan. 6) announcement.”
- “According to a 2019 survey by Gartner, AI usage grew 270% over the last 4 years tripled in the last year alone.
- As reported in the Harvard Business Review, companies using AI for sales increased their leads by more than 50%, reduced call time by over 60% and realized cost reductions between 40 to 60%.”
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“Kabbage, which loans up to $250,000 in a single deal to small and medium businesses, has built a platform that harnesses the long tail of big data from across the web. It uses not just indicators from a company’s own public activities, but also sources comparative information from across a wider group of similar companies, with “2 million live data connections” currently helping to feed its algorithm.”