FF News | Fintech Finance’s Post

Backbase Unveils Intelligence Fabric to Unlock AI-Productivity Gains for Banks Jouk Pleiter, Founder and CEO at Backbase, commented, “Backbase is leading the way with its AI platform capabilities for banking. The introduction of the Intelligence Fabric marks a pivotal moment in our mission to empower banks to harness the power of data and AI at scale. Today, we are making a massive leap forward in unveiling our Agentic AI strategy. We see a future where AI Agents will work autonomously in the background, handling tasks, managing processes, and collaborating with customers and employees. The adoption and evolution of these new-gen, super-powerful agents will dramatically reduce internal and external labor spend on overheads such as sales, marketing, customer service, and compliance operations.”  https://lnkd.in/dfFTfWBx Thomas Fuss Jon Van Zytveld Begum Ozgur Jasmin Stollhof Karima van der Wurff Alena Kerosinskaya Mingus Mkubukeli #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Great series for hands-on insights on probably the hottest topic these days - how can AI 🧠 help to create better customer experiences in FI 🚀

🌟 "As Forbes highlights, 2024 is set to be a transformative year for banking and finance, driven by groundbreaking changes." 🚀 TAZI's Role in This Financial Revolution: 💡 Generative AI in Fintech: Elevating customer service and financial management. 🤝 Enhanced Customer Experience: Utilizing AI for superior customer engagement. 🛡️ AI-Powered Insurance: Tailoring insurance solutions for fairness and efficiency. 📖 Dive deeper into these trends in the Forbes article: https://bit.ly/3vAnsMF 🔗 Explore TAZI Financial Services 👉 https://bit.ly/42YneLV #FinancialServices #AI #BankingTrends2024 #TAZIAI #Fintech #SustainableFinance

The Fintech Show #147 is LIVE! 🚨 FF News | Fintech Finance are joined by Ken Hart from Snowdrop Solutions, Waleran Guinard from BNP Paribas and Alexey Gabsatarov from Kroo Bank to look at how AI-driven transaction enrichment is TRANSFORMING banking. 🤖 🏦 Many are discussing how AI can ACTUALLY be brought in to enhance banking - with some estimating the value it could bring could reach the heights of $1 TRILLION! Our speakers delved into the technical aspects of how AI is powering these solutions and of course, we ALL want to know how AI will change the customer experience. 🌐 In the episode, Ken Hart describes how Snowdrop Solutions address this challenge through a sophisticated API that leverages AI to clean and enrich transaction data and processing over 1.4 billion messy transactions monthly with 98-99% accuracy, the solution TRANSFORMS ambiguous data into clear, user-friendly formats! 🎯 Alexey Gabsatarov outlines the importance of training models on focused, HIGH-QUALITY, datasets to avoid irrelevant or erroneous outputs - which are unlike generic LLMs, specialised AI systems are tailored to deliver precise results such as ensuring correct business names or categorising merchant types. 🗺 Guinard ALSO elaborates on how BNP Paribas have incorporated these solutions, going BEYOND basic name corrections as they integrate enriched data, such as logos, Google Maps locations, customer reviews, contact details, and merchant websites, DIRECTLY into their digital platforms. Watch the full conversation on the link below! 👇 #kroo #digitalbanking #data #snowdropsolutions #bnpparibas #AI #banking #artificialintelligence #LLMs #customerexperience #enricheddata

In the rapidly evolving landscape of financial services, staying relevant is key. That's why I'm thrilled to dive into the top 10 mega-banking trends shaping the industry today. Check out this insightful piece from Financial IT to learn more about how RegTech, AI, ML, and neobanks are revolutionizing the way we bank. From embracing digital transformation to harnessing the power of data analytics, these trends are reshaping the future of banking as we know it. Don't miss out on the opportunity to stay ahead of the curve and drive innovation in your organization. Let's stay informed, adaptable, and proactive in navigating these exciting changes together!

Had a great conversation with the OG CDO Allison Sagraves on Data and AI in banking. Thanks to Christopher McGee for his insights and to Priya Iragavarapu for guiding the conversation. Bringing #genai to life in regulated industries like banking is complex. Humans are a must and their insight, oversight, and expertise need to be incorporated across the lifecycle. Appen has been doing this for over two decades. We are here to help. https://lnkd.in/eyp4eGb6

As quoted in The Financial Brand, "Becoming a centralized hub meeting an expanded array of customer needs, traditional financial institutions would be able to maintain direct relationships, collecting and using insights from customers to deliver hyper-personalized experiences." So what does this mean in terms of how to create these experiences and the best approach in doing so? There is growing interest in harnessing the power of Generative AI and primary objectives for projects that include.... -Personalization of consumer interactions and product recommendations. -Automation of routine tasks for increased efficiency. -Implementation of chatbots for customer support to improve these experiences with low risk and low cost. 🥁 Boost.ai excels in these areas :) Check out a great quick read and get a pulse on where banking trends are headed by Jim Marous on the Future of Banking! https://lnkd.in/ed3U8A-y #generativeai #digitalexperience #banking

Banking and financial services continue to be disrupted by leaner, new-to-market fintechs andchallenger banks, as well as shifting economic and regulatory conditions. There’s an arms race to leverage agile, best-in-class technology that consistentl... https://lnkd.in/eQDN4kDv #BigData #AI #businessintelligence

"Digital tech can deliver experiences that mimic the "personal touch." But delivering on that promise requires a matrix of mature customer-centric capabilities around data quality, experimentation, technical infrastructure and AI fluency." #ownersrepresentative #financialinstitution #bank #bankdesign #creditunion #credituniondesign #structurefirst

Why This CTO Says the Bank of the Future Is Already Here Digital banks have long eschewed physical branches in favor of direct, digital customer engagement. Digital banking’s convenience has been a competitive advantage for challenger or neo banks, increasingly allowing their customers to do their banking tasks on a smart phone or at the kitchen table. This approach not only aligns with contemporary digital lifestyles but also ensures accessibility and convenience for bank customers. And artificial intelligence (AI) is giving these digital banking conveniences a shot in the arm. “AI assistants are the next step in the digital banking evolution, allowing customers to interact with their finances through natural language,” Kåre Kjelstrøm, CTO of Lunar, told PYMNTS during a discussion for the “AI Effect” series. This represents a significant shift from traditional user interfaces (UIs), enabling users to gain deeper financial insights in ways that are intuitive and come naturally to them. “It is a journey toward hyper-personalization,” said Kjelstrøm, noting that traditional banking systems often provide generic and impersonal services, which can leave users feeling disconnected from their finances — although banks commonly possess extensive data about their customers, which, when effectively leveraged, can transform the user experience. “Banks have a lot of information about you that can be leveraged to help you take control of your finances,” he added. However, only some of them are using AI solutions to activate it. The Benefits of AI for Personal Financial Management The integration of an AI assistant into the digital banking experience represents a new era of tailored financial advice and insights that can be based on individual user data. For instance, as Kjelstrøm highlighted, if a bank customer returns from a vacation, the AI assistant can analyze their spending during the trip and provide a detailed breakdown — all conveyed via easy-to-digest natural language. Given the limitations of traditional AI technologies just a year or two ago, providing this level of personalization tailored to specific financial information is a brand new possibility that wasn’t previously possible. Advancements in AI and machine learning over the past few years have enabled future-fit sophisticated solutions. These advancements mean that AI can now analyze vast amounts of data, identify patterns, and provide actionable insights more efficiently than ever before. This is particularly beneficial in banking, where large datasets and complex transactions are the norms. #news #technews #fintechnews #finance #financenews #trendingnews #USDT #cryptoOTC