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 industry needs to digitise its core businesses, cuts costs and create increased shareholder value, concludes a report from Oliver Wyman.
Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit signed a memorandum of understanding in Brussels for developing digital trade chain (DTC).
Proof of Concept has been launched to determine if distributed ledger technology could help banks reconcile their nostro databases in real time.
The Postal Savings Bank of China said it has executed more than 100 business transactions via blockchain in the past three months.