IBM brings AI to tax returns

IBM has partnered with H&R Block, allowing the tax advisory service to use its Watson technology to help file the taxes of an estimated 11 million people this year. During a pilot test, H&R Block employees trained Watson with data from over six decades of H&R Block filings and fed it rules from nearly 74,000…

Bye-Bye Compliance Jobs

The Financial Times reported that thousands of regulatory and compliance jobs will disappear “as the world’s biggest banks harness artificial intelligence systems.” “In a report called ‘digital disruption’ sent to clients this week, Citi said there was a ‘huge cost take-out opportunity for financial institutions’ from the fast-growing area of regulatory technology or regtech.”

HAL 9000 to Help Run Corporations

Corporate spending on AI expected to increase 6x by 2020.  A growing list of corporations are spending increasing amounts on artificial intelligence (AI) solutions, an industry trend expected to push total AI spending to $48 billion per year by 2020. AI helps large companies “spot trends and patterns that wouldn’t be evident to the sharpest…

Nasdaq uses AI to detect illegal behavior

The American Banker’s Penny Crosman discusses the use of artificial intelligence (AI) by the Nasdaq exchange to “help it detect market abuse.” The exchange sees 14 million trades per day, an impossible number to review for humans alone. AI provides “the best detection mechanism possible,” said Nasdaq’s head of risk and surveillance.