3 Ways Artificial Intelligence Is Changing The Finance Industry

As artificial intelligence transforms an increasing number of domains, financial institutions and companies are moving fast to keep pace. This can affect the way you bank, invest, receive loans and prevent financial crimes.

At the heart of the AI revolution are machine learning algorithms, software that self-improves as it is fed more and more data, a trend that the financial industry can benefit from immensely. Here are some of the key trends that making inroads in the space.

Fraud detection

As e-commerce has risen in popularity, so has online fraud. Yet fighting online fraud is very challenging. Declining transactions too aggressively to prevent fraud can be a self-defeating goal. According to a 2015 study by research firm Javelin Strategy, false declines, legitimate transactions that are wrongly rejected, account for $118 bln in losses for retailers. A third of false decline cases result in lost customers, and in US alone they incur damage that is worth 13 times the value of actual fraud.

Artificial read more

The World’s Biggest Tech Companies Are No Longer Just American

“We’ve come to the point where China has finally caught up with the U.S. in the internet space,” said Hans Tung, a managing partner at venture capital firm GGV Capital.

Mr. Tung, who invests in many Chinese start-ups, said the main advantage for Alibaba and Tencent was that the United States still had efficient “offline” — or non-internet — options for shopping or entertainment. But in China, where there are fewer appealing options offline, Tencent and Alibaba play a central role in how people buy and pay for goods and services, communicate and entertain themselves.

The ascendance of Tencent and Alibaba is evident in their scale. Soon, Tencent will be the only company other than Facebook to have a social network with more than one billion users. (Facebook is still ahead with more than two billion members.) Tencent recently said its messaging app, WeChat — which includes payments and a social network — had 960 million monthly active users.

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AI is targeting some of the world’s biggest problems: homelessness, terrorism, and extinction

Making AI models at the University of Southern California (USC) Center for AI in Society does not involve a clean, sorted dataset. Sometimes it means interviewing homeless youth in Los Angeles to map human social networks. Sometimes it involves going to Uganda for better conservation of endangered species.

“With AI, we are able to reach 70 percent of the youth population in the pilot, compared to about 25 percent in the standard techniques. So AI algorithms are able to reach far more youth in terms of spreading HIV information compared to traditional methods,” said Milind Tambe, a professor at the USC Viterbi School of Engineering and cofounder of the Center for AI in Society. “If I were doing AI normally I might get data from the outside and I would analyze the data, produce algorithms, and so forth, but I wouldn’t go to a homeless shelter.”

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Who needs friends when you have anonymous feedback apps?

If you think that sounds like a recipe for abuse, well, you’re not alone. With such rapid growth — it now has 300 million users — Sarahah has raised concerns among parents and educators that it’ll be a haven for online bullying, especially because it’s such a hit with teenagers and young adults. But perhaps a larger question is: Why these anonymous apps have such appeal in the first place, and what is it that apps like Sarahah can do to keep the trolls away?

Sarahah is the brainchild of Zain al-Abidin Tawfiq, a systems analyst who originally created it as a way for employees to give feedback to their employers without fear of retribution. Tawfiq, who’s from Saudi Arabia, says the name “Sarahah” is Arabic for “honesty.” “Having anonymous feedback would facilitate communications and help people develop, so that the company can improve,” he told Engadget.

It was released to the public in November 2016 as a simple website read more

Business Intelligence is Failing; Here is what is coming next

According to Gartner, the chance of a BI initiative not meeting enterprise objectives is a staggering 70 percent. That is because the answers to current business needs can not be answered by BI alone.

Even if you didn’t like calculus in High School, Maya Gal, founder of Okapi has a powerful equation which explains what organizations need to do in order to achieve operational excellence.

“Platforms using Artificial Intelligence, Machine Learning and Collective Intelligence should be the standard in supporting Operational Excellence. It’s my belief that organizations that do not make use of these technologies, will miss out on a great opportunity to catch this amazing wave.” says Maya. 

Historically, BI tools only answered the “what and why” questions, and we now understand this is not enough. BI is very expensive to implement, and eats up valuable resources to gain insights.

Next-generation BI platforms use Artificial Intelligence to automatically locate, visualize and read more

Bitcoin’s meteoric rise is costing some investors billions

Companies that make the semiconductors for cryptocurrency mining have been a hot-button topic in the investment world, with the fate of their stocks closely tied to the prices of bitcoin and ether Hedge fund Carlson Capital has a fund that’s lost 14.2% this year because of bad short wagers on Nvidia and Advanced Micro Devices

The meteoric rise of bitcoin is rippling through financial markets, and not everyone is enjoying the ride.

The scorching-hot cryptocurrency has tentacles that stretch into many different parts of the investment landscape, and some traders are finding out the hard way how much influence it can wield.

Just ask the unfortunate souls who have been trying to short chip makers and learning the hard way that their share prices are closely linked to interest in bitcoin. The stocks of companies like Nvidia and Advanced Micro Devices, which make chips used to mine, or produce, bitcoin – a process that involves heaps of computers solving complex equations – have surged alongside the cryptocurrency, destroying the short positions.

Short sellers betting against those two companies have lost a combined $1.8 billion this year as Nvidia has skyrocketed by 57% and AMD has climbed by 16%, according to data provided by the financial analytics firm S3 Partners.

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Automation, Artificial Intelligence to make many IT jobs obsolete over next 5 years, says survey

The Information Technology has never had it so bad as it has since a year ago when job cuts and summary dismissals have been the order of the day. No matter which blue chip IT firm an individual works for, the jobs they are hold at risk, irrespective of seniority.



A survey by Simplilearn, How Automation is Changing Work Choices: The Future of IT Jobs in India, says that the future of IT is in Cyber Security, Big Data and Data Science, Big Data Architect, Big Data Engineer, Artificial Intelligence and IoT (Internet of Things) Architect, and Cloud Architect .


The jobs that will disappear will be anything in the next five are those that are repetitive and can be taken over by Artificial Intelligence (AI) such as manual testing, infrastructure management, BPO and system maintenance will massively decline over the next five years.


Core development jobs will not feel the impact of job loss, said Kashyap Dalal, Chief Business Officer. “The IT industry is seeing the impact of read more

Amazon’s Jeff Bezos just became the richest person in the world

Jeff Bezos isn’t just CEO of one of the world’s most popular technology companies. He’s also the newly crowned Richest Person in the World. That is, as long as today’s Amazon shares don’t take a plunge.

Thanks to a 1.8 percent increase in Amazon stock value this morning, Jeff Bezos may have just edged out Bill Gates as the world’s richest person. Bill Gates has held that top spot since May 2013. Both Gates and Bezos have a net worth right around $90 billion, according to the Bloomberg Billionaires Index. Gates’ net worth has held relatively steady, increasing slightly over the past few years. Bezos’ value, by contrast, seems to have skyrocketed since late 2014.

The two technology titans aren’t strangers. They share a number of passions, such as addressing climate change. They’ve even worked together on endeavors such as the Breakthrough Energy Coalition, an organization dedicated to helping the world achieve a “zero emissions energy future.”

Bezos is also one read more

Goodbye iPod, and Thanks for All the Tunes

The iPod died slowly, then all at once. After nearly 16 years on the market, more than 400 million units sold, and one Cupertino company launched into the stratosphere on its back, Apple quietly pulled the iPod Nano and Shuffle out of its virtual stores today. The iPod Touch still lives on: In fact, Apple now offers the Touch with 32 gigs of storage starting at $199. But that’s not a real iPod; it’s an iPhone-lite. Today officially marks the end of Apple’s era of standalone music players.

OK, so you’re probably looking at your smartphone and wondering why you should care that a music player, which offers one very old and outdated version of one feature on your phone, no longer exists. That’s fair! It’s been years since the iPod sold in massive numbers—Apple even stopped reporting its sales separately in earnings releases, relegating iPods to the “Other Products” category with dongles and headphones and those crazy cases read more

A Tech Startup Is Releasing a Wearable Cryptocurrency Payment Device

In Brief

Irish startup Bitcart just announced the creation of Festy, the world’s first wristband capable of facilitating Dash cryptocurrency payments. The wearable could help bring crypto payments into the mainstream by making the process of using them more attractive for both customers and merchants.

Wearing Your Wallet

Cryptocurrencies are enjoying a groundbreaking year. The market is growing in popularity, attracting investors and sending crypto values to ever new heights. However, the market currently lacks the technology necessary for everyday use in real-world scenarios.

Bitcart is looking to rectify this.

The Irish startup has developed the world’s first Dash cryptocurrency payment wristband. Named Festy, the device allows the wearer to pay for products with the Dash cryptocurrency. Users can add funds to their wrist-mounted “wallet” at a Festy-branded ATM or using an online transfer service.

Although Dash read more