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The race for ideas to integrate AI into financial services

By 2022, banks will be spending as much as $12.3 billion on AI and cognitive technologies with the race underway to integrate the latest capabilities into financial services

January 23, 2020 | Ellen Hardy
  • Globally, finance is believed to be outpacing all other industries when it comes to introducing AI, with Chinese banks and fintechs leading the way
  • There is a strong trend for banks entering joint ventures to make the most of AI, but they learn from the mistakes of the big tech unicorns and communicate their progression
  • While a lot of exciting innovation is occurring, regulation surrounding data protection and privacy, and an increased focus on liability will present ongoing concerns for financial institutions

In an era of low interest rates and wavering market confidence, putting in place the right efficiency measures is as critical as ever to banks’ bottom lines. Add to that the ongoing disruption from fintechs, as well as the opportunity to gain insight into the future of workforces and everything points to tech solutions in artificial intelligence (AI), machine learning and even robotics.

Chinese banks leading the way

The view in the global technology community is that Chinese banks and fintechs are leading the way when it comes to machine learning and building a data science workforce. At the same time, many European and US banks are slightly ahead in terms of deployment — but Asia is moving fast and expected to overtake the West in the coming years.

Leading the way is China CITIC Bank, which developed its ‘brain platform’ in conjunction with Tsinghua University. The project has some 15 machine learning models applied in different parts of the bank, marketing, automation, AML and anti-fraud businesses. The project includes construction of an artificial intelligence platform and a blockchain-based trade finance business model in partnership with Bank of China and China Minsheng Bank.

For CITIC, the opportunities are in targeting individual needs of different operations within the bank. “The platform aims to...

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The race for ideas to integrate AI into financial services

By 2022, banks will be spending as much as $12.3 billion on AI and cognitive technologies with the race underway to integrate the latest capabilities into financial services

January 23, 2020 | Ellen Hardy
  • Globally, finance is believed to be outpacing all other industries when it comes to introducing AI, with Chinese banks and fintechs leading the way
  • There is a strong trend for banks entering joint ventures to make the most of AI, but they learn from the mistakes of the big tech unicorns and communicate their progression
  • While a lot of exciting innovation is occurring, regulation surrounding data protection and privacy, and an increased focus on liability will present ongoing concerns for financial institutions

In an era of low interest rates and wavering market confidence, putting in place the right efficiency measures is as critical as ever to banks’ bottom lines. Add to that the ongoing disruption from fintechs, as well as the opportunity to gain insight into the future of workforces and everything points to tech solutions in artificial intelligence (AI), machine learning and even robotics.

Chinese banks leading the way

The view in the global technology community is that Chinese banks and fintechs are leading the way when it comes to machine learning and building a data science workforce. At the same time, many European and US banks are slightly ahead in terms of deployment — but Asia is moving fast and expected to overtake the West in the coming years.

Leading the way is China CITIC Bank, which developed its ‘brain platform’ in conjunction with Tsinghua University. The project has some 15 machine learning models applied in different parts of the bank, marketing, automation, AML and anti-fraud businesses. The project includes construction of an artificial intelligence platform and a blockchain-based trade finance business model in partnership with Bank of China and China Minsheng Bank.

For CITIC, the opportunities are in targeting individual needs of different operations within the bank. “The platform aims to...

Please login to read the complete article. If you already have an account, you can login now or subscribe/register.

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