As the number and diversity of cyberattacks continue to increase, FinServs need to use sophisticated tech tools to outsmart their enemies – including the use of “honeypots” to gather data. Mastercard announced the acquisition of Sweden-based cybersecurity firm Baffin Bay Networks on Monday to help its clients fend off cyberattacks. Baffin Bay’s threat protection platform […]
Tag: Artificial intelligence
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 […]
Artificial intelligence can inject efficiency and increased success into outdated and shockingly ineffective know-your-customer and anti-money laundering processes. Mizuho International just picked a new partner to help it fight back against financial crime. The investment bank aims to improve its anti-money laundering efforts by working with SymphonyAI’s Sensa platform, which tracks changes in customer […]
ChatGPT – the AI-powered tool that can respond to prompts and queries in a human-like way – puts data privacy, security, and control at risk for big FinServs, experts tell us. While banning employees from using the tool may provide protection in the short term, banks need to progress their overall AI strategies to integrate its […]
AmeriSave’s story offers a case study on how companies clamoring to integrate AI run into the reality that successful projects take significant time and investment – and they need to prioritize carefully. The CIO of AmeriSave – one of the largest privately owned mortgage lenders in the US – can’t keep up with all the […]
Insurers are often dealing with complicated customer processes (sometimes in the wake of catastrophic events), so adding AI and automation to behind-the-scenes support can save precious time. Customer experience automation firm Ushur just raised $50 million, including from the Aflac’s venture arm, for its customer experience platform that targets highly regulated industries like insurance and […]
ChatGPT – the AI-powered tool that can respond to prompts and queries in a human-like way – can help make vast proprietary datasets more accessible: Non-techies can get quick answers without relying on data scientists. Sweden-based EQT, which invests in technology, healthcare, real estate, and infrastructure businesses, is using ChatGPT to streamline the use […]
A swathe of startups are trying to inject artificial intelligence and privacy-preserving data sharing into outdated and shockingly ineffective know-your-customer and anti-money laundering processes. Three young startups just announced a cumulative ~$27 million in fresh funding in the past week to tackle financial fraud: Hawk AI, Sandbar, and Salv. While they all have slightly different […]
Artificial intelligence is a transformative tool for the banking industry, and access to the right talent is one of the biggest challenges right now. JPMorgan has hooked workers by emulating the practices of tech firms, a new report finds. JPMorgan has topped a new index that ranks some of the world’s biggest banks on their […]