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.”
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Technology will drive the innovation in banking: Damian Richardson, head of payments strategy & innovation at NatWest
At this year's Sibos conference in Toronto, digital finance reporter, Alara Basul, sat down with Damian Richardson, head of payments strategy and innovation at NatWest to discuss how technology is driving innovation in banking.