AI in Financial Services: Automation, Profitability, and Fraud Prevention
Has there been an enabling technology that's excited the public as much as AI? For those of us old enough to remember the Internet boom, much of this excitement feels familiar. But the contemporary appetite for all things AI - both among individuals and consumers as well as within the business community - is truly next level.
For banks and financial services companies, AI offers a wide range of potential benefits - and not a few potential dangers, as well. To help us navigate both, the good folks at Streamly interviewed three individuals who have done the work to understand what AI can and cannot do to drive innovation in banking and financial services.
Check out our Streamly video interviews with Sarah Hinkfuss , Partner at Bain Capital Ventures; Chris Brown, President of Intelygenz ; and Bryan Lewis , CEO of Intellicheck.
I'm Finovate Research Analyst David Penn with this week's edition of Finovate Weekly!
Weekly Fintech News Roundup
Financial services company Ethos teams up with Thought Machine to provide Shariah-compliant banking solutions.
First Federal Bank of Kansas turns to Jack Henry for its hosted core processing solution.
Payments infrastructure solution provider for software companies Payabli secures $20 million in Series A funding.
FinovateSpring Best of Show Winners on the Finovate Podcast
In his most recent podcast conversation, Finovate VP and host of the Finovate Podcast Greg Palmer sat down with Gwyneth Borden , founder and CEO of Remynt , to discuss the future of debt collection and credit rebuilding. Remynt won Best of Show at FinovateSpring for its solution that enables creditors to recover revenue from non-performing delinquencies while empowering consumers to resolve debt on their terms with a custom-centric, resiliency-oriented approach. Remynt was founded in 2022 and is headquartered in San Francisco, California.
Examining the impact of AI on SMB loan origination is the topic of Greg Palmer's podcast interview with Lukas Haffer , CEO of Casca (YC S23) . Also based in San Francisco, California, Cascading AI won Best of Show at FinovateSpring this year for its AI-native loan origination system, including the world's first AI Loan Assistant, Sarah. Cascading AI was founded in 2023.
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Pause Button: Le Tour
We're about halfway through the Tour de France, the prestigious, multi-stage bicycle race that's more than 120 years old. Held every summer in France (mostly), this year's contest began on June 29 and will end on July 21.
One of the biggest storylines heading into the Tour - the rivalry between two-time defending champion Jonas Vingegaard of Denmark and Tadej Pogacar of Slovenia - is playing out to the delight of cycling fans worldwide. As of this writing, Pogacar is at the top of the general ranking with Vingegaard less than two minutes behind in third place (Belgium's Remco Evenepoel is currently in second).
If you've missed much (or all) of the Tour, then know that some of the most exciting stages of the race are yet to come. For just one example, on Sunday, July 14th, cyclists will endure what is generally believed to be the hardest part of the course: a 200-kilometer ride including a 5,000+ meter climb through the French Pyrenees between Loudenvielle and Plateau de Beille.
Racing analysts estimate a winning time of around six hours. Google seems to think you and I could get it done in less than 12.
Finovate Fall First Look
If you're a Finovate veteran, then expect to see more than a few fresh faces at FinovateFall this year: more than 75% of the companies that will be demoing their latest technologies on stage will be Finovate first-timers.
Some of these newcomers to Finovate are plucky young startups. Others are established industry players with plenty of creativity left in the tank. We're thrilled to have them onboard and can't wait to see how they leverage Finovate's classic seven-minute, live demo format to wow us with their latest fintech innovations.
Here's a first look at FinovateFall's demoing companies. Stay tuned for more updates as additional companies join the roster!