TearSheet put together 5 interesting charts helping to provide greater explanation to certain areas of fintech; the charts include where and how banks spend on innovation, Goldman Sachs job listing, ethical concerns in using AI, mobile wallet traction and the top reasons for borrower dissatisfaction; the charts helped to reveal that Goldman is working hard to become a technology company, mobile wallet traction is quite low and interest rates by online lenders is the second biggest reason for borrower dissatisfaction. Source.
With AI and machine learning technology becoming better banks of all sizes have started to employ chatbots with more regularity; Crowdfund Insider takes a look at 5 banks employing the technology; banks include Bank of America’s Erica, Swedbank’s Nina, Capital One’s Eno, SEB’s Aida and Wells Fargo; in most cases the chatbots help with simple tasks like checking balances, paying bills and finding the closest ATM. Source.
Simility, a machine learning adaptive fraud prevention product, raised $17.5mn from PayPal, The Valley Fund and Trinity Ventures; the company helps to prevent fraud and abuse in real time using machine learning and big data analytics; Rahul Pangam, Co-Founder and CEO of Simility, tells Crowdfund Insider, “Digital disruption in the financial and commerce sectors has resulted in the need for a fraud and risk management solution that goes beyond legacy.”; the company plans to build out data science teams and continue expanding globally. Source.
French based DreamQuark is looking to provide an AI solution to banks, asset management firms and insurance companies; the product, Brain, helps financial services companies to make smarter decisions in fraud detection, anti-money laundering and credit scoring; they can also help to better organize data so firms can offer customers tailored products and cut down on false positives so consumers don’t need to call for verification purposes. Source.
Facial recognition startup Megvii Face++ raised $460mn in their most recent investment round led by China State-Owned Venture Capital Fund and the China-Russia Investment Fund; Ant Financial was also involved in the round and the company did not disclose valuation, though their most recent round valued the company at $1.5bn; Face++ uses facial recognition to identity people and counts Ant Financial and the Chinese government as two of their biggest clients. Source.
A senior Chinese regulatory official said the country needs to come up with better legislation to monitor the market; "FinTech innovations that feature internet, big data and artificial intelligence are exerting profound influence on capital markets," said Huang Wei, assistant chairman of the China Securities Regulatory Commission, at a forum reported by Xinhua; the regulations need to catch up with innovation and ensure that investors are protected. Source.
Machine learning and predictive analytics have started to make a real difference in the VC world when it comes to finding investments; VC’s typically traveled a lot and met with thousands of companies to find a few investments; by using machine learning to break down troves of data, like job postings or performance in the App Store, investors can find potential gems without the same laborious effort; VC firms are investing in tools to help them refine searches and comb through thousands of companies quickly; increased computing power and cheaper ways to rent server capacity has really helped VC’s, even the small firms, use these techniques every day. Source.
Data is everywhere. The world generates some 2.5 quintillion bytes of data every day. Some people have said we are...
The KPMG Pulse of Fintech Q3 report pointed to 274 deals worth over $8bn in investment; the hottest areas of investment include artificial intelligence, insurtech, regtech and blockchain; the three biggest countries come as no surprise with the US, China and the UK dominating their respective regions. Source.
A new report from Numis entitled The State of AI in 2017 explains the potential AI and machine learning for wealth managers; as AltFi reports, “AI enables asset managers to deliver to the mass affluent a degree of personalisation and service quality previously reserved for high net worth clients.”; the technology can also help to improve quality, decrease cost and help to make most of the asset management industry into robo advisors. Source.