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Did you know #AI can be used to optimize #payments processes? A 2024 survey reveals that all age groups display some interest in learning more about how businesses could use artificial intelligence to improve transaction speed and security. Adoption of artificial intelligence (AI)-driven payments worldwide 2024, by age group https://lnkd.in/dHk7b3yw

AI Leapfrogging: Could your sector be next in line for transformation? No matter your stage in the digital transformation journey, Umain is here to guide you! #AI #Innovation #DigitalTransformation

Meta's Open-Source AI: A Game-Changer for Banks! Llama 3.1 Offers Cost Savings, Enhanced Security, and Customizable Solutions Mark Zuckerberg unveiled a new version of his large language model Llama this week. Initial LiveBench results show that it is on par with the state-of-the-art LLMs from OpenAI and Anthropic. Meta calls Llama 3.1 an open-source model. Users cannot only run it on any cloud provider but also on their own hardware and customize it to their own needs.  🔥 This open-source approach by Meta significantly benefits banks, compared to using public cloud solutions 🔥 By running the model on their own existing hardware, banks can circumvent the recurring expenses tied to public cloud providers, particularly those with high computational demands. This shift not only promises substantial cost savings but also empowers banks with enhanced control over their data and security measures. The ability to host the model on-premise is a game-changer for financial institutions, as it enables them to maintain strict adherence to regulatory compliance standards and safeguards sensitive financial information. Furthermore, the open-source nature of Llama 3.1 offers banks the flexibility to customize the model to their unique needs. By fine-tuning it on their own datasets, banks can optimize its performance for tasks specific to the banking industry, thereby improving efficiency and accuracy. Transparency is another crucial benefit of the open-source model. Banks gain insights into the inner workings of Llama 3.1, allowing them to identify and address potential biases. This transparency fosters trust with both customers and regulators, bolstering the bank's reputation and ensuring ethical AI implementation. I firmly believe: No bank should miss this opportunity. #Digitalbanking #digitaltransformation #AI #opensource #SundayThoughts 

Top 10 AI Trends for the FinTech Industry in 2024: FinTech companies that embrace artificial intelligence (AI) will gain an edge over the competition and improve their chances of success. The post Top 10 AI Trends for the FinTech Industry in 2024 appeared first on RTInsights.

AI and advanced technologies promise to boost innovation and product enhancement, but banks need to understand where AI can add value and the associated costs. 💡 Find out how #AI will impact payments in this Icon Solutions blog covering highlights from MongoDB's recent webinar with Celent. https://lnkd.in/gJuXTFXs

AI and advanced technologies promise to boost innovation and product enhancement, but banks need to understand where AI can add value and the associated costs. 💡 Find out how #AI will impact payments in this Icon Solutions blog covering highlights from MongoDB's recent webinar with Celent. https://lnkd.in/ex3pixVP

Top 10 AI Trends for the FinTech Industry in 2024 - RTInsights: FinTech companies that embrace artificial intelligence (AI) will gain an edge over the competition and improve their chances of success.

AI and advanced technologies promise to boost innovation and product enhancement, but banks need to understand where AI can add value and the associated costs. 💡 Find out how #AI will impact payments in this Icon Solutions blog covering highlights from MongoDB's recent webinar with Celent. https://lnkd.in/dcZDzJHE

In payments, expectations for convenience, speed, security, and personalization are high, making innovation essential. The payment industry is evolving rapidly, driven by technologies like AI, open banking, and embedded finance, which shape customer expectations. Generative AI is transforming payments by offering new opportunities for innovation. For example, Discover's use of AI with Google Cloud improves customer experiences. AI's role in fraud prevention and operational efficiency is crucial, though ethical use and transparency are vital. AI's future in payments promises more personalized and efficient solutions, impacting sectors like agriculture and financial services. Addressing data management, technical readiness, and ethical considerations will be key to harnessing its full potential for a seamless, secure payment experience as AI evolves. What are your thoughts on this? #PaymentInnovation #AI