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/e-FrkawS Thomas Fuss Jon Van Zytveld Begum Ozgur Myrto Koulama Travis Hatridge Alena Kerosinskaya Karima van der Wurff #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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

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

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

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

🌟 "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

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

Personetics’ President of Americas, Jody Bhagat, walks through AI’s impact on banking with insights on the potential of data-driven personalization. Taking to the stage at Citi’s 2024 FinTech Conference, President of Americas at Personetic, Jody Bhagat, explored the significant impact of data-driven personalisation on driving greater customer experiences, looking ahead to the further innovative potential of AI in banking. Indeed, greater personalisation has been made possible with new cutting-edge know your customer (KYC) tools, which Bhagat and Personetics have been pioneering for the financial services industry. He told us more about the ways Personetics is empowering financial institutions at Money20/20 USA 2023. Now, Jody talks about the benefits banks are seeing by tapping into data and gaining deeper customer understanding. Transaction data: A goldmine for banks Having traditionally relied on conventional sources of data, including insights on browsing behaviour and credit bureau information, today, banks are unlocking the large repositories of transaction data they already possess. “This is a far richer vein; a goldmine,” says Jody, and something Personetics unlocks for its clients. “By analysing deposits, card usage and payment patterns, we gain amazing …

Generative AI: Transforming the Banking Sector, One Insight at a Time The banking sector has always been at the forefront of technological disruption, and today, Generative AI (Gen AI) is emerging as its next significant game-changer. From the early days of API-driven open banking to the rise of digital-first banking during the pandemic, banks have constantly adapted to deliver personalized, scalable, and reliable services. Innovations like cashless payments, wallets, and embedded finance (BaaS) further accelerated this modernization. Despite this progress, AI in banking has historically supported decisions through static reports and dashboards, limiting personalization to one-size-fits-all approaches. Enter Generative AI and Explainable Analytics (XAI). By leveraging large language models (LLMs) and vast stores of data, banks can now make real-time, customer-specific decisions—offering truly personalized financial solutions. However, integrating AI is far from seamless. Legacy systems, data silos, and stringent regulatory requirements pose significant hurdles. AI’s dependency on high-quality, secure data amplifies these challenges. While AI-enabled core banking systems promise transformative potential, many solutions still fall short of complete integration. The path forward lies in reimagining banking systems with robust AI architectures, driving innovation to meet customer needs while addressing regulatory and privacy concerns. With continued investment and refinement, the future of banking will be powered by seamless, AI-enabled customer experiences. What’s your take on the journey of AI in banking? Let’s discuss! #AI #BankingInnovation #GenAI #Personalization

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!