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.”
Criticisms of bitcoin by JP Morgan Chase’s boss have been denounced by a UK academic as “ironic” and “hardly surprising” considering the impact bitcoin could have on financial intermediaries.
Leaked documents from the UK Home Office proposing that low-skilled EU migrants would be restricted in the UK’s post-Brexit immigration scheme may be more likely to increase automation and off-shoring of labour, rather than increase British wages, industry experts have warned.
The “sad truth” of banking is that many jobs will be automated in the future, Deutsche Bank's chief executive said yesterday. Despite this, a recent survey found that 98% of European workers are optimistic about the changes automation will bring to their workplace.
From music festivals to motor racing, events and festivals are an integral part of the move to a cashless society, reports SIX Payment Services.