Amazon, Facebook, Google, IBM and Microsoft have partnered to launch partnership on artificial intelligence (AI). The group aims to support best practices and advance understanding around AI, as well as to create an open platform for discussion and engagement with this emerging technology.
The move has big implications for the financial services sector. “This partnership is a huge step forward in development of artificial intelligence,” says Marta Krupinska, co-founder and general manager of Azimo. “Within fintech in particular, AI has huge potential to revolutionise the way consumers interact with banks and spend or send money. For instance, AI can enhance customer experience through the development of chatbots. Customers can communicate with chatbots to discuss their financial transactions in a more social, interactive way, while businesses scale with the use of technology and not size of their teams.”
Mark Grimes, product director at eValue, notes: “Taking steps to legitimise AI and bring more understanding of its scope and capabilities is crucial. The rise of AI is happening at an unprecedented rate and is already starting to transform the financial services industry, providing bespoke solutions through robo-generated advice which cut can significantly cut costs. For people to embrace AI and welcome it into their daily lives we need the big tech giants to unite on its abilities and potential to transform consumers lives for the better.”
A study by the London-based insurance market warns that economic losses could be similar to losses unleashed by Superstorm Sandy in 2012.
Nearly one in five organisations now regularly use artificial intelligence, according to the latest reports.
While offering a range of benefits, smart contracts also present users with major challenges and won’t fix inefficiencies in a company’s supply chain.
The new era of open banking, payments automation and improved customer experience were all high on the agenda over the three-day event in Copenhagen.