As financial services leaders begin to dabble with generative AI, they should calculate how “superhumanizing” staff in different divisions could lead to the greatest return on investment. There’s a staggering number of potential uses cases for generative AI, so execs need to be strategic about what they prioritize. At a recent conference, Goldman Sachs CIO […]
Tag: AI
As the director of the Consumer Financial Protection Bureau urges lenders to look beyond three-digit credit scores, Prism Data says that its cashflow-tracking tech can help incumbents serve more customers, with less risk. There’s a new startup on the market to help FinServs make better lending decisions through cashflow-based underwriting. Prism Data – which uses […]
While some say that the best way to stamp out check fraud is to eliminate physical checks, banks also need to step up their know-your-customer protections for depositors by taking advantage of the latest fraud-busting technology. Check fraud has spiked dramatically in the past 18 months, harming both consumers and banks, according to a recent Wall […]
A corporate social network called Louisa aims to proactively connect employees within the same firm who might benefit from knowing each other. What if every employee at your company had each other’s knowledge at their fingertips? That’s the world imagined by Louisa, which just spun out of Goldman Sachs to help employees at banks, VC […]
By using an AI-powered bot to collect, combine, and summarize information, fraud investigators can more efficiently weed out false flags and compile reports for actual criminal issues. Startup SymphonyAI just launched a new tool to aid financial firms’ criminal investigations. Big FinServs have started to inject artificial intelligence into outdated know-your-customer and anti-money laundering processes […]
Fairness in lending is historically fraught, and experts worry that opaque AI models could inadvertently make discrimination worse. To avoid that outcome, researchers argue that combining new data with fairness constraints and better models could both advance equity and protect lenders. A combination of sophisticated AI models and historically off-limits data could create more equity in […]
Vector databases, which store and index unstructured data from text, image, or audio in a specialized way, are a critical underlying component to generative AI applications. This infrastructure will continue to grow in importance as generative AI apps take off. A data tool just raised a hefty Series B to enable AI application development. Amsterdam-based […]
Execs from Fidelity, Citi, and Kaplan say that generative AI will have a huge impact on efficiency and financial education, but it won’t replace the advisor-client relationship. Morgan Stanley made waves when it announced last month that it’s letting its wealth management advisors use ChatGPT – the buzzy tool that can answer questions in a […]
As threats rachet up, banks’ fraud investigation teams need to lean on AI-powered tools to help them more efficiently prioritize high-risk issues. Citi Ventures and S&P Global just contributed to the $23 million funding round of Quantifind, a risk management startup that counts four of the world’s largest banks among its customers. Quantifind uses AI […]
As artificial intelligence usage swells within financial firms, they’re woefully behind on ensuring that the tech is deployed safely. Execs need to be rigorous about maturing their responsible AI strategies. Financial services firms need to drastically increase their focus on responsible AI, according to a recent survey by industry giant FICO. The survey found that […]