The global bank is partnering with DeepLearni.ng, a Toronto-based artificial intelligence firm, to map non-linear relationships that can identify high-risk or delinquent customers among its five million credit card holders. Scotiabank plans to use machine learning across the firm to gain greater customer data insights.
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…
Changing education essential to achieve the best from the new industrial revolution Source: Life-long learning will be crucial in the AI era
Some analysts believe that if banks adopt wider use of artificial intelligence in customer analytics, similar to online retail giant Amazon, they could vastly improve the industry’s capabilities in an area in which it has often struggled in the past.
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.”
In an interview with former SEC Chairman Arthur Levitt on Bloomberg’s “A Closer Look” podcast, Promontory CEO Gene Ludwig said that financial institutions must be “increasingly savvy about [using] technology.” Part 1 of the interview is already online; and Part 2 will be posted tomorrow. Edited with BlogPad Pro
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…
The world’s largest chip maker is building a chip just for machine learning as the biggest tech companies look to an AI-powered future. Source: Intel Looks to a New Chip to Power the Coming Age of AI | WIRED
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.