Amid the hustle and bustle of MoneyConf in Madrid, Banking Technology managed to grab a coffee with Matteo Cassina, global head of sales at Saxo Bank. Conversation turned from the demise of bank branches to the rise artificial intelligence (AI) and open banking.
The second edition of Regtech Supplier Performance Report, featuring some 50 regtech suppliers, published by Market Fintech Limited and supported by Banking Technology, says that with over 50,000 regulatory documents published across the G20 since 2009, and an average of 45 new documents every week, we must assume that the future of banking will be driven by technological developments.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Nordnet, a digital bank in the Nordics, will have a “new digital employee” as of this autumn – IPSoft’s Amelia artificial intelligence (AI) platform.
UK-based Centre for Finance, Technology and Entrepreneurship (CFTE) is looking to expand to Asia and plans to set up its first international hub in Singapore. The newly launched organisation says it “has been working closely with the Monetary Authority of Singapore (MAS) to formalise plans to expand CFTE’s education initiative to ASEAN”.
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Devie Mohan, founder of fintech research and data company, Burnmark, examines the ethics of artificial intelligence (AI). I was asked to speak […]
South African heavyweight Absa Bank has unveiled its own artificial intelligence (AI)-powered online investment platform, Virtual Investor. The self-service platform uses AI and computer algorithms to recommend a product for customers based on their financial attitudes to risk. Armien Tyer, head of Absa Investments, says: “Individuals can either invest a once-off lump sum amount or […]
Banking and insurance provider USAA has opted for Clinc’s artificial intelligence (AI) platform to provide human-like conversations for its customers’ bank accounts. Available as a pilot programme at USAA Labs, its members, who consist of 12 million current and former members of the US military and their families, can use the “non-chatbot AI” to talk […]
The CardLinx Association announced four new members—Capital One, JCB, Yahoo! Japan and Dentsu—as well as the launch of a “groundbreaking forum” on Retail in the Age of Artificial Intelligence (AI) on Sept. 12, 2017, in Chicago.
Massachusetts-based software provider LogMeIn has acquired Nanorep, a chatbot and virtual assistant company, for $45 million to boost its artificial intelligence (AI)-powered ambitions in customer engagement. Headquartered in Herzliya, Israel, Nanorep uses AI and patented natural language processing technologies for self-service solutions. A number of companies, such as financial software firm Intuit, Vodafone, and non-fintech […]
Artificial intelligence (AI) detractors have just been given a bit more ammo after Facebook has had to shut down one of its programmes after it invented its own language, reports Telecoms.com (Banking Technology‘s sister publication). While it would not be considered realistic for AI to rise up and take-over the world in the near future, […]
Machine learning continues to take center stage in fraud prevention for the payments industry. Mexico-based payments processor MIT will use U.K.-based Featurespaces’ real-time, machine-learning platform to detect anomalies in individual behavior for fraud and risk management for its 17,000 merchant partners.
Following a successful quarter, Intel has raised revenue outlook across the full-year owing to solid performance in artificial intelligence (AI) and driverless tech, reports Telecoms.com (Banking Technology‘s sister publication). Quarterly figures were looking pretty impressive too. Total revenue was reported at $14.8 billion, a year-on-year increase of 9%, while net income stood at $2.8 billion, […]
The riches rounded up. Following on from the brief report on 26 July, here’s our latest fintech funding round-up. Features Brolly, Callsign and Aquiline Capital Partners. Insurtech start-up Brolly has got itself some lolly – with the closing of a £1 million seed round. The round, led by Valar Ventures, Pi Labs and Entrepreneur First, […]
Banking Technology is producing the AI in Financial Services supplement for the AI Summit in San Francisco.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Bread but with the bluster removed. Following on from yesterday’s concise report, our latest fintech funding round-up keeps it brief. Features Cleo, Skype, ItzCash, Ebix and research from Innovate Finance. The “Siri of personal finance,” Cleo, a virtual money assistant, has received £2 million in funding from Skype’s co-founder Niklas Zennström and venture capital (VC) […]
FinovateSpring 2017 alumnus Layer has released a new customer engagement-enabling solution as the latest reminder of a trend toward more and better engagement options for businesses, reports Finovate (Banking Technology’s sister company). The San Francisco-based company has launched its Conversation Design System, giving enterprises new tools to build and customise conversational experiences for their customers “in […]
Tesla CEO Elon Musk has given Facebook CEO Mark Zuckerberg a very public b*tch-slap over Twitter, accusing the social media guru of not knowing much about the future of artificial intelligence (AI).
Googlers are still swimming in cash as the latest quarter brought in $26.01 billion, and not even a $2.74 billion fine from the European Commission could dampen the mood at this party, reports Telecoms.com (Banking Technology‘s sister publication). The uplift in revenue, accounting for a 21% year-on-year boost, should not really come as a huge […]
Alternative credit scoring company, Aire, has raised $5 million in Series A funding. The round was led by Sunstone Capital, with funds also coming from White Star Capital, which led the company’s 2016 seed round. Aire’s funding now totals $12 million, reports Finovate (Banking Technology’s sister company). The London-based company plans to use the funds […]
“Those who rule chips will rule the entire world. Those who rule data will rule the entire world. That’s what people of the future will say.” The words of Softbank’s founder and CEO Masayoshi Son, who was bigging up his company at a presentation in Tokyo and laying down some future plans that artificial intelligence […]
The Chinese government has set out its bold vision to become a global leader in artificial intelligence (AI) by 2030. In a Cabinet statement, the government sees AI as integral to making China an “economic power” and is calling for the development of skills, research and educational resources to achieve “major breakthroughs” by 2025 and […]
Singapore’s OCBC Bank has piloted two fintech solutions from a pair of start-ups as it looks to combat money laundering and terrorism financing via artificial intelligence (AI). The two firms involved – BlackSwan Technologies and Silent Eight – were part of OCBC’s second fintech accelerator programme, Open Vault, which was launched last year. Both companies […]
The UK’s House of Lords wants you to come clean on the rise of the machines – with a call for feedback on the economic, ethical and social implications of artificial intelligence (AI). The House of Lords Select Committee on Artificial Intelligence is asking for contributions to its inquiry and is looking for pragmatic solutions […]
Mastercard has entered into an agreement to acquire Brighterion, a software company specialising in artificial intelligence (AI), reports Banking Technology‘s sister publication Paybefore. This acquisition follows Mastercard’s March acquisition of NuData Security and will further expand Mastercard’s capabilities to “deliver an enhanced customer experience and security”. Brighterion’s portfolio of AI and machine learning technologies provide real-time […]
Despite a big push in its cloud-coated ambitions, IBM has revealed a drop in revenues for its technology services and cloud platforms. For its Q2 2017 results, revenues for this largest part of its business (including infrastructure services, technical support services and integration software) was $8.4 billion, down 5.1%. However, in its “strategic imperatives”, IBM […]
Mastercard has entered into an agreement to acquire Brighterion Inc., a software company specializing in artificial intelligence. This acquisition follows Masterdard’s March acquisition of NuData Security and will further expand Mastercard’s capabilities to “deliver an enhanced customer experience and security.”
Artificial intelligence (AI) will be baked into nearly every new software product and service by 2020, but the rush to claim AI integration today is causing confusion, according to a new report from analyst firm Gartner. Light Reading (Banking Technology’s sister publication) reports that while virtually every company across industry verticals is busy today figuring out […]
Consumer data contextualisation company Flybits pulled in $6.5 million this week, bringing the Toronto-based firm’s total funds to $14 million, reports Finovate (Banking Technology’s sister company). The Series B funding was led by Information Venture Partners. New investor Portag3 Ventures LP also participated along with existing investors Robert Bosch Venture and Trellis Capital. As a part […]
Absa Bank, a subsidiary of Barclays Africa, has partnered with multilingual text analytics and big data firm, Hello Soda, as it looks to tap into the millennial market. The bank says it wants to make sense of unstructured social data to better understand its consumer base. According to Absa, Hello Soda provides new ways for […]
Aditya Challa of IMImobile takes a look at some current and future applications of artificial intelligence (AI) for customer experience in the financial and banking sector, as well as the challenges that still need to be overcome. Beyond the current race to build chatbots, he predicts that voice-driven AI services will ultimately become the main […]
In 1957 the US market researcher James Vicary claimed he could get moviegoers to “drink Coca-Cola” and “eat popcorn” by flashing messages onscreen for such a short time that viewers were unaware they had seen them. The term “subliminal advertising” was coined to describe this unnerving practice and it was subsequently banned in many countries.
And the money keeps rolling in for fintech! Features Revolut, Curve, Pixoneye and Gridspace. Banking Technology’s sister publication Paybefore reports. UK challenger bank Revolut announced a $66 million investment from Index Ventures, Balderton Capital and Ribbit Capital, which the company will use to introduce new features and expand globally, starting with Asia and North America. […]
Darktrace, a start-up that tackles cybercrime with artificial intelligence (AI) capabilities, has raised $75 million in a Series D round, reports Light Reading (Banking Technology’s sister publication). The latest capital injection values the company at $825 million, testament to the security threat faced by network operators and fintech enterprises and the power of machine learning technology. […]
Document capture and data analytics company Ephesoft landed $15 million in Series A funding from Mercato Partners. This marks the company’s first round of funding since it was founded in 2010, reports Finovate (Banking Technology’s sister company). “Mercato’s investment will help Ephesoft realise its vision of liberating meaning through machine learning technology,” says Ike Kavas, Ephesoft’s founder. […]
Google has launched a new initiative, Gradient Ventures, its own VC arm to seek out artificial intelligence (AI) talent and invest in start-ups, reports Telecoms.com (Banking Technology’s sister publication). The initiative itself is a simple one. Google will provide funds and access to experienced engineers to help the start-ups develop to the next level. AI […]
And the money keeps rolling in for fintech. U.K. challenger bank Revolut announced a $66 million investment it will use to introduce new features and expand globally, starting with Asia and North America. Meanwhile, Santander InnoVentures, the bank’s fintech venture capital fund, has added U.K.-based Pixoneye and Curve and U.S.-based Gridspace to its portfolio.
The Bank of England’s (BoE) fintech accelerator has kept good speed and completed the third round of various proofs of concept (PoCs). As reported last year, BoE launched its own accelerator to harness innovation for central banking. The latest PoCs covered four areas of the bank’s work: analysing large-scale supervisory data sets; executing high-value payments […]
Nordea has chosen Estonian start-up Feelingstream’s artificial intelligence (AI) software to speed up response times for customers. Feelingstream’s AI solution analyses and categorises messages sent by customers so they can be forwarded automatically to the right person or unit in Nordea for further processing. The software can analyse hundreds of messages per second. The solution […]
