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 […]
Tag: Artificial intelligence
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 […]
Musings on ways to use generative AI in finance have continued: A tech leader at Goldman Sachs believes that large language models and chatbots could enable better knowledge sharing than traditional software-management systems, which have often failed to live up to expectations. A top Goldman Sachs executive suggests that an AI-powered chatbot could help the […]
One of the major hurdles to effective fraud prevention is data disorganization: By consolidating, analyzing, and providing context and connections across previously disparate information, data intelligence platforms can help investigators spot issues, faster. A squad of banks just joined the $129 million Series E for Quantexa, a decision intelligence firm that helps break down data […]
BloombergGPT demonstrates how organizations with vast troves of data can create domain-specific generative AI products that can perform better than more general large language models. Bloomberg created a massive AI model that could – as one fintech expert put it – “replace the analyst.” The company released a research paper that detailed how it trained […]
Financial institutions often need to use fake data in product development to protect customer privacy – and generative AI makes building complex, realistic datasets much easier. A handful of big banks are getting real about fake data. UK-based startup Hazy just raised money from Wells Fargo, Nationwide Building Society, and Intesa Sanpaolo bank, among others, […]
Tech like ChatGPT – the AI-powered tool that can respond to prompts and queries in a human-like way – is helping Goldman’s developers get their work done, according to an exec. In some test cases, they’ve used it to write as much as 40% of their code automatically. Goldman Sachs is allowing its engineers to […]
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 […]
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 […]