Annie Cheng MCIPR’s Post

AI continues to find new use cases to improve how we live and how we pay. Visa has been using AI to detect and flag potentially fraudulent card transactions for 30 years. We’ve taken those learnings and the AI and applied it to Bank account to Bank account transactions in the UK (and a few other markets).  The results are impressive and will improve over time as machine learning improves to decline the false positives. This is where the global scale of a network like Visa can truly help domestic payment networks. We can bring learnings of fraudulent behaviour, right down to every single local transaction. This is a great read to discover how we do it. https://lnkd.in/e9U-KMJr

We have an industry tested( more than 7 years ) AI regulatory reporting offering , that has been deployed with the British government, Singapore Monetary Authority, investment firms, global banks, legal and other institutions.   Our AI solution can be implemented for Revenue Generation, Risk Management, AML and Compliance as well as tremendous overhead savings. Our technology and approach will provide more flexible solutions faster, more cost effectively and ultimately the highest accuracy. (high 90’s accuracy with full traceability)   We can emulate your specific workflow requirements and unlike other solutions, we provide full data and decision transparency. With our ability to accept and analyze data from any sources including but not limited to financials, reports, files, news and prices for analysis we can demonstrate and provide new capabilities firms need to compete and manage the increasing risk and regulatory environments.  Our solution can increase the productivity of your organization teams up to 50 to 1 (as case studies of our solution have proven). interested in a chat and or demo? [email protected] 

🌐 Hong Kong Takes a Proactive Stance on Generative AI in Banking 🏦 The Hong Kong Monetary Authority (HKMA) has just issued new guidelines for financial institutions using Generative AI (GenAI), marking a significant step towards responsible AI adoption in the banking sector. 🏦 Key Points: - Board Accountability: Bank boards and senior management must take responsibility for all AI-driven decisions. - Customer Protection: AI models should not create unfair bias, and customers should have the option to opt out of using AI-driven services. - Emerging Use Cases: While the use of GenAI in consumer-facing applications is still in its infancy, with most firms utilizing off-the-shelf solutions for internal functions, the potential for expansion into customer-facing roles is significant. 🔍 Why This Matters: As AI like ChatGPT becomes more common, these guidelines help ensure that AI is used responsibly in banking, protecting customers and maintaining trust. #AI #Banking #Regulation #GenerativeAI #FinancialServices #HongKong Read more about their AI Adoption in Financial Sector https://lnkd.in/dPpDFpMB

"With great power comes great responsibility." Uncle Ben's words ring truer than ever in the context of AI in banking. As the Reserve Bank of India explores regulating AI, it’s not about stifling innovation, but ensuring that power is used ethically and securely. AI’s potential is immense—automated decisions, fraud detection, personalized services—but what about bias, data privacy, and accountability? Without a solid framework, AI could create ethical blind spots or worse, systemic risks. Should we let AI self-regulate, or should we adopt a strict governance model? Over-regulation risks stifling innovation, while under-regulation risks creating a digital wild west. The RBI’s move is crucial to balance innovation with responsibility, ensuring that AI empowers and protects both the industry and its customers. This is a defining moment for the future of AI in banking. How do we ensure that we harness its power responsibly? https://lnkd.in/dGu36U8J

Steven Alexander inquires: "What can possibly go wrong? Did I mention AI is not going away anytime soon?" 𝗩𝗶𝘀𝗮 𝗨𝘀𝗲𝘀 𝗠𝗼𝗿𝗲 𝗧𝗵𝗮𝗻 𝟱𝟬𝟬 𝗚𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝘃𝗲 𝗔𝗜 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 https://lnkd.in/enzX_5PS Visa reportedly uses more than 500 generative artificial intelligence applications and is looking to add more. The company aims to gain the benefits of the technology sooner than others and keep up with the increasingly sophisticated threats the industry faces from fraudsters, The Wall Street Journal reported Friday (Nov. 1). “This is a time when I think we have to innovate very fast,” Visa President of Technology Rajat Taneja said, per the report. Visa’s range of AI tools includes one that finds security bugs in code, one that helps subscribers select their billing cycles, and chatbots that serve as subject matter experts on specific parts of the business, according to the report. The company’s investments in AI and data infrastructure have added up to $3.3 billion over the last 10 years, the report said. Measuring the return on investment can be a challenge, the report said. While the ROI of AI tools meant to prevent fraud can be gauged by the dollar value of fraud they prevented, that of productivity apps can be more difficult to determine. Looking ahead, Taneja said he would like to see teams of “AI employees” overseen by humans, per the report, with each AI employee focused on a task and each team of eight to 10 such tools overseen by one human.

The Transformative Role of AI in Efficient Payment Processing In the rapidly evolving landscape of digital transactions, the role of AI has significantly improved the efficiency of payment processing. With the increased complexity of transactions, manual payment processing methods have become inadequate due to inefficiencies and vulnerabilities in the system. AI has found the right solution for this emerging concern by enhancing the efficiency of payment processing systems. Leveraging AI Principles for Payment Transformation AI-powered tools imitate human intelligence to resolve payment-related problems. Businesses leverage AI principles such as speech recognition, language processing, and machine learning to improve payment processing. The financial sector, in particular, uses AI to enhance payment processing and accounting, particularly through tools like chatbots and virtual assistants. Their ability to identify potential risks and detect unusual payments benefits open banking, big data analysis, and fraud protection. By employing AI principles, banks witness enhanced efficiency, error reduction, and an improved customer experience. Unlocking the Benefits of AI in Payment Processing Integrating AI technology into payment systems has the power to transform the way transactions are conducted and monitored. According to a recent industry report, the global AI in fintech market is expected to grow at a CAGR of 23.8% from 2022 to 2030, reaching a value of $44.5 billion by 2030. Key benefits of AI-powered payment processing include early fraud detection, streamlined KYC procedures, automated transaction analysis, personalized customer experiences, real-time risk assessment, improved customer support, and efficient payment processes. Additionally, AI-driven payment solutions can offer cost savings by minimizing fraud-related costs and automating routine tasks. However, the implementation of AI in payments also poses challenges, such as data privacy concerns, algorithmic biases, and regulatory compliance, which must be addressed to ensure the successful integration of this transformative technology.#Visa, #PayPal, #GPay, #AmazonPay #USA #PaymentProcessing #IntelligentAutomation #DataIntelligence #CloudStrategy #ConsultingServices #CognitiveRPA #GenAI #ArtificalIntelligence

What if 64% of your customers were ready to jump on AI? Are you ready for them? Visa’s latest study shows 71% of Southeast Asians want AI in their #banking. And it’s not just about automation—Gen AI is about unlocking $𝟯𝟮𝟬𝗕 of value by creating real, personal experiences. 📌 Customers don’t just want faster service—they 𝘦𝘹𝘱𝘦𝘤𝘵 it. Personalized offers? Better fraud protection? That’s the standard now. 📢 Imagine giving your customers exactly what they need, before they even ask. That’s AI. Less friction, more loyalty. More value, less hassle. 💰 Source: Visa

Visa has deployed over 500 AI applications. The company's tech president emphasizes this rapid AI adoption is crucial for combating sophisticated fraud, while maintaining that AI is meant to augment, not replace, workers. The implementations span from security bug detection to specialized chatbots, supported by $3.3 billion in AI infrastructure investment. While fraud prevention tools show clear ROI, Visa claims productivity applications' value remains harder to quantify. Visa envisions a future where each human employee oversees 8-10 AI "digital employees" - raising the question: will tomorrow's IT professionals be less like builders and more like AI orchestrators? Added article stat: "Per Gartner's '24 CIO Survey, 37% of CIO's said they are using AI in production, up from 9% in '23.That is a whopping +400% increase! #AITransformation #TechLayoffs #DigitalWorkforce #FraudPrevention #FinTech #AIStrategy #TechTrends #WorkforceEvolution #Strategy #Consulting https://lnkd.in/gedtnE6J

** Top Tech and AI News ** Welcome to today's update from DevTech.pro, bringing you the latest and most impactful news in AI, Tech, and API integrations to keep you informed and ahead of the curve. AI News: How Visa employed artificial intelligence to check $40 billion in fraud as scammers also take to AI Visa is combatting $40 billion worth of fraud by utilizing artificial intelligence and machine learning tools. The company analyzes over 500 attributes per transaction to create a risk score, detecting and preventing fraudulent activities. Fraudsters are now leveraging generative AI to make their scams more convincing than ever, resulting in significant losses for consumers. By investing in technology and implementing AI, Visa aims to reduce fraud and enhance network security. Incidents involving generative AI fraud are expected to increase in sophistication, potentially leading to billions of dollars in losses in the coming years. (Learn more at: https://lnkd.in/evHj2PSw) #devtech.pro #AI #technology #trending #news #innovation #technology #creativity #knowledge #entrepreneurship This article is written and published by Doki. Doki is our documentation's and social media's AI Agent.

Commonwealth Bank, one of Australia's largest banks, is trialing an AI chatbot called Hey CommBank, which could potentially replace thousands of call center staff. The chatbot, currently being tested on bank employees, uses conversational AI to assist customers with queries, like advising on how much to save for a house. This is part of CommBank's broader push into AI, utilizing Amazon's AI Factory to enhance services. While the bank employs 2,400 call center workers who handle 50,000 calls daily, it's unclear how many jobs might be affected. AI is also being used to monitor and analyze customer service calls in real-time. #AI #Banking #Automation #technews #ChatGPT #DealonAI