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Blockchain analysis firm Chainalysis has acquired Alterya , an AI-based fraud detection platform focused on identifying scams before they impact victims. Fraud detection faces new challenges with advanced technologies like generative AI enabling more complex scams.
Fraud prevention decision-makers across Europe are well aware of the growth and danger of AI-driven identity and financial fraud, but are unprepared to combat it, Signicat , the European digital identity and fraud prevention solution provider, has revealed in a new report. “AI is only going to get more sophisticated from now on.
The advancement of generative artificial intelligence (gen AI) has opened up new commercial, social, and technological opportunities. The document, released in May 2024, outlines challenges associated with gen AI and shares a comprehensive gen AI risk framework to guide financial institutions in using the technology in a responsible manner.
Artificial Intelligence (AI) has dominated discussion across all fintech sub-sectors for at least the last couple of years and continues to do so. With this in mind, it only makes sense that we delve into the impact that AI has had on the embedded finance space as part of our April monthly theme.
A recent study by Jumio , a provider AI-driven identity verification and compliance solutions, has found that a significant majority of Singapore consumers are concerned about the impact of deepfakes on the upcoming elections. It revealed that 83% of Singaporeans are concerned about for AI and deepfakes in politics, compared to 75% globally.
New research from Economist Impact supported by Temenos has revealed that almost half of European banks are investing in fintech start-ups while 36 per cent are building their own greenfield digital bank or fintech company. The research also included interviews with industry practitioners to gain further insights.
Artificial intelligence (AI) has become one of the hottest topics in fintech, resulting in many organisations looking to get involved in the space. The research published by Capgemini found that many chief experience officers (CXOs) plan to increase investment in digital technology by up to 10 per cent to help achieve inward growth.
Temenos , the SaaS cloud banking solution provider, has launched new generative AI solutions as part of its AI-infused banking platform, in a move hoping to change how banks interact with their data, as well as boost productivity and profitability. Temenos generative AI also enables users and regulators to verify the results produced.
The adoption of digital payments is rapidly developing markets to the point that the value of B2B payments are set to grow by 40 per cent by 2028, from $89trillion in 2024 according to research from Juniper Research , the market research firm. This was restricting digital access and innovation.
Looking to empower businesses with comprehensive, real-time insights into individual companies credit profiles, martini.ai , the AI-driven credit analytics firm has launched Agentic AI Company Research. By merging credit spread data with essential corporate information, Agentic AI Company Research by martini.ai
Banking software company Temenos announced the launch of its new Responsible Generative AI solutions, aimed at enhancing core banking operations at the Temenos Community Forum 2024. The company introduced these AI solutions to integrate with its existing banking platforms, including Temenos Core and Financial Crime Mitigation (FCM).
According to research from fraud prevention platform Ravelin , the UK economy and businesses that reside within it are at great risk, as the UK’s online fraud presence has increased the most out of 10 countries surveyed in the past 12 months. AI-powered fraud Predictions about artificial intelligence-enabled fraud have been everywhere.
Prudential has announced an expanded strategic partnership with Google Cloud to introduce AI-driven products and applications aimed at enhancing experiences for customers, agents, and employees. The lab will provide Prudential’s 15,000 employees with tools and a structured environment to develop scalable AI products.
The global wealth management industry is undergoing a profound transformation, including in Asia, driven by the convergence of technological advancements like artificial intelligence (AI), shifting investor preferences, and evolving economic conditions.
The summit also served as a platform for launching AWS’s flagship AI programme, AWS AI Spring for Singapore. This initiative is part of Singapore’s broader National AI Strategy 2.0, aligning with the government’s S$1 billion investment in AI. said Priscilla Chong, Country Manager, Singapore, AWS.
Payments firm Stripe has announced several new features aimed at enhancing cross-border commerce in Asia, including AI-powered payment tools and expanded market coverage. Stripe research shows that 90% of customers choose to check out in their local currency. in cross-border revenue and an 8% uplift in conversion rates.
Bloomberg has unveiled a new tool, AI-Powered Earnings Call Summaries, on the Terminal, showcasing the practical use of artificial intelligence in enhancing the research process for analysts. This AI-Powered Earnings Call Summaries tool complements Document Search, another function on the Bloomberg Terminal.
Particularly since the release of OpenAI ‘s ChatGPT at the back-end of 2022, the world has sat up and taken notice of the potential of artificial intelligence (AI) to disrupt all industries in countless ways. How should firms be utilising AI in the near future to both ensure the best results for their business and to not be left behind?
AI-Powered Automation: Streamlining Spend Management Source: Shutterstock SMEs handle hundreds of invoices monthly. According to a study by Levvel Research, a staggering 86% of SMEs still rely on manual processing invoices globally. This is where Artificial intelligence (AI) becomes important. AI can be a game-changer here.
While many of these are valid, 65 per cent of insurance claims handlers have noticed an increase in fraudulent cases according to research from claims automation company, Sprout.ai. Meanwhile, 64 per cent suspect AI was used in five to 10 per cent of cases. Meanwhile, 64 per cent suspect AI was used in five to 10 per cent of cases.
As we continue to push the boundaries in the AI space , our AI-powered tools help accounting teams do more with lessenhancing decision-making, uncovering insights, and reducing repetitive tasks through intelligent automation. This milestone isnt just another checkbox for usits a commitment to doing AI the right way.
In the financial services industry, artificial intelligence (AI) is emerging as a transformative force, promising to reshape the way institutions operate, innovate, and compete on a global scale. However, challenges including AI talent scarcity and limited collaboration between financial institutions and AI fintech startups.
Today, Skyfire Systems, Incorporated announced the launch of the world’s first payment network built to enable fully autonomous transactions across AI Agents, LLM’s, data platforms, service providers, and other goods and services. AI Agents are a brand new customer base for businesses and a game-changing opportunity.
At the conference, Lucinity demonstrated its AI-enabled copilot, Luci , which enhances financial crime compliance via insight generation, report writing, and automation. Just last month, Lucinity secured the Chartis Research Award for Workflow Automation. Regtech innovator Lucinity is starting to draw attention.
Future Finance is a collaborative research project aiming to support mid-tier organisations and small to medium-sized businesses (SMEs) in the UK financial services sector to adopt innovative processes and products that improve accessibility of their services.
The week begins with a few research-related announcements in the fintech and financial services space. The rise of enabling technologies such as AI will both steepen customer expectations as well as accelerate competition between companies to effectively deploy new, innovative solutions. What Ails Insurtech? There are obstacles.
RedCompass Labs , the global experts in payments modernization, has launched the world’s first multi-agent AI solution engineered specifically to accelerate payments transformation: AnalystAccelerator.ai. Over nine in ten (91%) banks now consider payments modernization a high priority, but research shows most are struggling to meet demands.
The banking industry is shifting towards innovation, collaboration and customer-centricity, driven by the adoption of technologies including cloud computing, data analytics, artificial intelligence and machine learning (AI/ML), changing customer preferences, and a rapidly evolving regulatory landscape, a new report by Amazon Web Services (AWS) says.
Having already explored compliance challenges, penalties and solutions, we now turn our attention to the technology of the moment: AI. While we’re well aware that AI is currently spoken about in absolutely every context, we also understand the huge impact it can have across sectors and operations.
The emergence of generative artificial intelligence (AI) represents a pivotal moment in the technological evolution, significantly altering the digital financial services landscape in the Asia Pacific region. Here are five real-world applications of generative AI in Asia. trillion to US$4.4
In a rapidly evolving financial services industry, Alexandra Mousavizadeh , Co-Founder and CEO of Evident , is steering the company to the forefront of Artificial Intelligence (AI) transformation in banking. Evident , a benchmarking and intelligence firm, specialises in authoritative, data-driven insights on corporate AI adoption.
Over half of consumers worldwide (56%) have changed their spending habits from a year ago, not only becoming more price conscious but demanding payment choice, from debit cards and bank transfers to digital wallets and cash, according to new research from Paysafe (NYSE: PSFE), a global payment processor and digital wallet provider.
Airbas e, the leading procure-to-pay solution for mid-market and larger organizations, is excited to announce a new era in financial operations with its launch of AI-powered Touchless AP (accounts payable). Airbase’s AI-powered touchless AP system is built to handle every step of the accounts payable process with minimal human intervention.
Mastercard has unveiled a range of AI-powered security solutions and forged industry partnerships with Verizon, NatWest, Entersekt and Global Anti-Scam Alliance in a mission to tackle the rise of scams and impersonation fraud. Financial institutions NatWest has implemented Mastercard’s AI-powered Consumer Fraud Risk solution.
Other key findings from the study include: High trust in banks using GenAI: The research found that a substantial 69% of Singaporeans trust their banks to incorporate GenAI into their operations. Kanv Pandit “As AI investments continue to grow, we can anticipate a notable portion of spending to be allocated for GenAI technology.
The recent introduction of OCBC GPT, its AI chatbot powered by Microsoft’s OpenAI, showcased the bank’s commitment to harnessing generative AI productivity tools for operational efficiency and employee productivity. How did OCBC GPT materialise?
Artificial intelligence (AI) has been a godsend in the financial industry, allowing organisations to automate processes that would not have been possible before. Cyber defence is quickly becoming a priority according to the Kaspersky study , Cyber defense & AI: Are you ready to protect your organisation?,
Singapores banking sector is facing an unprecedented challenge as client attrition due to slow and inefficient onboarding practices has reached record levels, according to new research by Fenergo. 38% of respondents indicated plans to implement AI to enhance operational efficiency, while 30% aim to improve data accuracy with AI-powered tools.
Join us as we dive headfirst into the captivating realm of AI image processing. What is AI Image Processing? At its core, AI image processing is the marriage of two cutting-edge fields: artificial intelligence (AI) and computer vision. How does AI Image Processing Work?
” Leveraging AI across all operations As various industries continue to leverage artificial intelligence (AI) to streamline different processes and solve a number of pain points across all aspects of their operations, the financial sector has also bought into the technology. “I think this is just the beginning for AI.
Here at FloQast, we believe that generative artificial intelligence (AI) can be a game-changing tool that accounting teams need to alleviate these growing burdens. In this blog, we’ll explore how generative AI can empower accounting teams to overcome these obstacles and thrive in the digital age.
Recent consumer research conducted by FullCircl reveals critical insights into public perception of digital identity verification processes. According to FullCircl ’s research, 47% of consumers have undergone digital identity verification in the past 24 months, and 78% have been asked to upload a photo of their ID document during the process.
How GenAI is changing the fraud landscape AI-driven fraud is not a new concept, but the accessibility and capabilities of GenAI have dramatically expanded fraudsters’ arsenals. Phishing attacks: AI-generated content enables fraudsters to create highly personalised and convincing phishing emails that bypass traditional detection methods.
Enjoy insights on AI in banking, AI in small business lending, and the future of financial wellness, debt collection, and credit-building. Greg Palmer interviewed Maya Mikhailov, CEO of SAVVI AI , on the importance of bringing concrete value to banks through AI. How is AI changing the nature of SMB loan origination?
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