/artificial intelligence

News and resources on artificial intelligence systems, innovations and initiatives worldwide.

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Expert opinions

Ashish Pandey

Ashish Pandey Marketing Head at RichestSoft

How Much Does it Cost to Build An AI System?

How Much Does it Cost to Build an AI System? Building an AI system can be a transformative move for businesses. However, it involves various costs that can vary greatly depending on the type of business and the complexity of the AI system. As per my research and experience, I will break down the costs involved in building an AI system for dif

/ai Artificial Intelligence

Gabriel Hopkins

Gabriel Hopkins Chief Product Officer at Ripjar

Gen AI: A helping artificial hand for compliance teams

Through complex algorithms, Generative AI (GenAI) has been reshaping how we create content, including imagery, music, text, and video; greatly simplifying data processing and task performance. This technological advance not only saves time, effort, and money but is also a game-changer in enhancing operational efficiency and fostering innovation ac...

/ai /regulation Exposing Financial Crime

Steve Wilcockson

Steve Wilcockson Product Marketing at Quantexa

How a Contextual Data Fabric Delivers Better Financial Services Outcomes

Data Fabric: The Origination Story Throughout my career, enterprise data management paradigms have come and gone. Let’s briefly trawl some data management history to understand how data fabric emerged. Popular data management paradigms include: Data Warehouse Data Lake ETL, i.e. Extract, Transform, Load ELT, i.e. Extract, Load, Transform Data Lake...

/ai /regulation Data Management and Governance

Luke Allchin

Luke Allchin Director - North America at RFI Global

AI: Opportunities, Challenges, and the Future of Financial Services

Artificial Intelligence (AI) has made significant inroads across a wide range of industries, revolutionizing the way businesses operate and interact with consumers. From healthcare to retail, AI's ability to process vast amounts of data and create meaning has given way to new efficiencies and enhanced user experiences. The banking sector, a corner...

/ai /retail Artificial Intelligence

Roman Eloshvili

Roman Eloshvili Founder and CEO at XData Group

From Human to Algorithm: How AI is Transforming Financial Advice

In the last couple of years, artificial intelligence (AI) has evolved from a new technology to a well-known term, integrating itself into various sectors. In fact, Capgemini research predicts that explosive GenAI adoption will only continue with three in five organisations seeing innovative work as the largest benefit of the technology. As AI bec...

/ai /predictions Artificial Intelligence and Financial Services

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Research

Impact Study

Fraud and AML Case Management: How to Operate at the Speed of Risk

The digital revolution has fuelled a surge in transactions, while economic turmoil, geopolitical tensions and shifting regulations have emboldened sophisticated financial criminals. As a result, fraud is costing financial institutions more than ever before.  Traditional siloed systems and manual process have left financial institutions vulnerable by drowning investigators and analysts in data, while starving them of actionable insights to stay ahead of risk.  This Finextra impact study, produced in association with NICE Actimize, explore how institutions can bolster their fraud management and anti-money laundering (AML) prevention systems to stay ahead of risk, reduce operational costs and investigations time, and meet changing business and regulatory requirements.  We cover:  How to resolve siloed case management  How to fix fractured data  How to create a faster, more intelligent workflow  And more. 

379 downloads

Future of Report

The Future of UK Fintech - 2015-2035

An IFGS Special Edition UK Fintech Week 2024 With UK Fintech Week's flagship event - Innovate Finance Global Summit (IFGS) - returning for its 10th anniversary, Finextra and Innovate Finance have partnered to publish this report, which acts as your go-to-guide to everything you need to know about financial services and technology in the UK. ‘The Future of UK Fintech: 2015 – 2035: An IFGS Special Edition’ includes commentary from the brightest and best across the fintech ecosystem, discussing and debating the crucial issues facing the sector now and in years to come. This includes key insights from industry experts from Cogo, EY, Konsentus, Marqeta, Standard Chartered Ventures, and Zopa Bank. Scoping out the next decade to come, this report explores the agenda topics below and more: The Next Decade of FS and Innovation: What Lies Ahead Fintech Beyond FS Borders: How Fintech is Impacting other Industries and Sectors UK and the World: Keeping our Crown while Learning from Others Transformative Technologies: Opportunities and Risks Users of Tomorrow: The Next Generation of Consumers The Shifting Ecosystem: Who Will Lead?

641 downloads

Impact Study

APP Fraud Liability: A Guide for Banks

Fraud is running rampant. The UK Government's 2023 'Fraud Strategy' report highlighted that fraud now accounts for over 40% of crime, yet receives less than 1% of police resources. More needs to be done to ensure that the consumer is protected.  This is why, as per the Financial Services and Markets Bill, all PSPs will now be required to reimburse fraud victims from October 2024. In light of these upcoming changes, banks need to reassess how they manage liability associated with APP fraud and develop new methodologies in order to investigate and mitigate fraud more effectively.  This Finextra impact study, produced in collaboration with Form3, gives banks a guide to tackling the new APP fraud liability landscape. It highlights:  Risk scoring payments  Implementing the right intelligence  Considering false positives  Ensuring explainability  And more. 

558 downloads

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FinextraTV

What changes lie ahead for the future of real-time payments

At EBAday 2024, Paul Francis Walvik-Joynt, Senior Vice President, Real Time Payments, Mastercard, shares an outline of what changes lie ahead for real-time payments and what the proliferation of real-time payments means for the adoption of instant payments. It is evident that trust needs to be maintained as the industry grows and introduces new networks, ensuring organisations are remaining resilient and fraud is combatted. Further, with the advent of new real-time payments systems, opportunities are opening up for domestic and global payments, and for technologies such as AI to be leveraged.

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Long reads

Níamh Curran

Níamh Curran Senior Reporter at Finextra

Fintech Sentiment: EU AI Act comes into effect

The EU AI Act officially became law yesterday, the world’s first AI legislation and marking the end of a process which began back in April of 2021. We have already produced a guide on how to prepare for the AI regulation, and background on what the Act was proposing. Now that the AI Act is in law, here’s a look at how some fintechs are responding...

Jay Nair

Jay Nair EVP at Infosys Limited

AI spending races ahead among European banks

European banking leaders are poised to increase spending on AI faster than on cybersecurity. This occurs amid challenges in recruiting top talent in both these areas and pressure to streamline costs and enhance efficiency. The second volume of the Infosys Bank Tech Index brings these key findings and more. Talent a hurdle to AI’s growth AI is at...

Apostolos Kritikopoulos

Apostolos Kritikopoulos Group CTO at Profile software

The AI revolution in financial services: Transforming banking and investment

The financial world is undergoing radical change, driven by the transformative power of artificial intelligence (AI). Imagine a banking experience that not only anticipates your needs, but also offers personalised financial guidance and safeguards your assets with unwavering vigilance. This is the reality being shaped by AI, and it is happening ri...