Bank of America broke its record for new patents in 2020, with 444 granted patents and 722 applications filed. Those numbers are among the highest for the financial services industry for the year, according to the latest list from the Intellectual Property Owners Association. AI and machine learning patents making up nearly one in five of the total.
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Gone are the days of manual transactions. Adoption of computers scaled the capabilities of banking institutions. Thanks to computers, banks could handle millions of transactions very efficiently and quickly. Digital transactions were easy to store and retrieve. As computing technologies evolved, newer methods of banking got introduced. This led to generation of new digital banking services.
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The demand for analytics skills and talent has never been higher. As the workforce continues to evolve, so do the technology and skillsets required. Millennium Bank has partnered with SAS to customize a tailored development training program that improved skills and knowledge, while strengthening retention.
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Banking technology startup Trovata.io today announced it has raised $20 million in a series A round led by Wells Fargo Strategic Capital. The investment will be used to deliver new services and accelerate multi-bank APIs globally, the company says, and to add more bank distribution partners.
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The global core banking software market size is expected to reach USD 16.38 billion by 2027, registering a CAGR of 7.5% from 2020 to 2027 according to a new report by Grand View Research, Inc.
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World’s leading bank JP Morgan, pioneers a document review platform that saves 360,000 hours every year. The solution is in Artificial Intelligence (AI).
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Artificial intelligence (AI) is revolutionizing the transformation of interaction with money, and how consumers and companies alike access and manage their finances. AI in finance encompasses everything from chatbot assistants to fraud detection and task automation. AI is helping the financial industry to streamline and optimize processes ranging from credit decisions to quantitative trading and financial risk management. I’ve put together a rundown of how Artificial Intelligence can be used in finance leading the way.
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Acquiring a new customer is a near to impossible task in today’s competitive world. Can banks afford to lose existing customers? How can banks predict customer attrition?
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Know Your Customer (KYC) is the first onboard procedure of a banking customer relationship. It can all go wrong if account opening fraud is not detected at the earliest opportunity. What are banks doing to keep valid customers in, and fraudsters out?
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The assets are simply stored with the institution [bank] and are a form of safeguarding; be that as it may, custodians have a mammoth sized responsibility as they’re liable for any losses. In hindsight…
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Do you know that the vast digital footprint you create can impact your loan value? This is the new era of Alternative Credit Scoring.
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When cybercriminals are updated with the latest technology, can your bank’s traditional methods detect fraud? Is Machine Learning apt for fraud detection? How is Machine Learning used in fraud detection?
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Banks have come a long way in their digital journey. From the advent of ATMs in the 1960s to AI-powered chatbots, fraud detectors, and digital advisers. Let’s look into the various ways AI benefits banks.
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AI transforming banking: For years banks have been using technology for both front-of-house and back-of-house operations. It’s no surprise that banks are adopting AI to help.
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The aggregate potential cost savings of Artificial Intelligence in the Banking sector is estimated at $447 billion by 2023, with the front and middle office accounting for $416 billion of that total.
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Financial services are experiencing significant disruption, whether from the financial crisis or new challengers, customers are looking for alternative, more streamlined services. While the concerns of privacy and data protection have to be addressed, financial institutions will adopt AI.
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