How Can AI Benefit the Fintech Industry?
Vacuumlabs
Product development services with a focus on fintech - encompassing strategy, design, engineering, and data science.
Hello, fintech fanatic!
??? Let's think about the last time AI made your life easier. Was it through a smart recommendation or a seamless transaction? There are many ways AI works—let’s dive deeper into its impact on fintech.
Here's what we are going to talk about today:
?? The Global AI in Fintech Market is projected to reach $61.30 billion by 2031.
How is AI driving innovation in fintech?
Intelligent chatbots, robo-advisors to fraud detection systems or RegTech solutions, ??AI in fintech is booming.
?It also includes the landscape of AML and KYC.?
Unlike older systems, AI processes large amounts of data quickly, reducing false positive alerts by 70% and investigation times by 80%.? ?
This means fewer false alarms and more focus on real risks. AI can help to sort through data to identify whether a transaction might be linked to financial crime, corruption, or terrorism. This increase in accuracy could save $14 billion globally.
However, awareness isn't just for businesses; educating customers is equally crucial.? ?
Ensure that both your teams and clients are well-informed about fraud threats.
???? New data and AI professionals hiring every day?
In line with this, CIBC, Canada’s fifth-largest chartered bank, recently announced plans to hire 200 new data and AI professionals to enhance their AI capabilities. ?
The main goal of these new roles is to enhance customer experiences and develop resilient, trustworthy AI solutions, focusing on areas like fraud detection and risk management. ?
?? JPMorgan Chase rolled out a generative AI assistant for their employees. ?
The program, called LLM Suite, is already helping more than 60,000 employees with writing emails and reports. It’s part of a broader plan to integrate AI throughout the bank, making it as essential as tools like Zoom. JPMorgan’s approach allows flexibility to use various AI models depending on the task.
?? Fintech Highlights
?? Apple opens up its iPhone tap-to-pay NFC transactions to third-party developers.
Developers can now use Apple's Secure Element API to build apps for contactless payments, transit passes, car keys, and more, but must agree to terms and pay associated fees.? ?
?? Mastercard partners with Ampere to offer card-to-card payments for small businesses.
Ampere’s customers can now make cheaper, faster international payments across 60 currencies. This service aims to address financial challenges like cash flow issues and outdated payment systems.
?
?? Mbanq enhances SME Credit Decisions Using SMEApprove Tech.
Through the implementation of advanced artificial intelligence (AI) technologies, the collaboration improves the accuracy, speed, and efficiency of Mbanq's SME credit evaluations.
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?? Nubank has already doubled last year's total profit in Q2.
Nubank reported a net income of $487 million for Q2, more than doubling last year's profit. By June 30, 2024, the company hit a remarkable 105 million customers, including 5.2 million new users added in the quarter.
领英推荐
?? The Rise of Car Subscriptions
UK consumers prefer car subscription services over buying or leasing.
?A recent PwC survey shows that 49% of UK consumers prefer car subscription services to traditional buying and leasing. These subscriptions offer lower upfront fees and flexible, short-term commitments.
What car subscription is? ??
Car subscription services let you pay a monthly fee to drive a car, allowing you to switch vehicles or cancel as needed. It's a flexible alternative to owning or leasing a car.
Car subscriptions are a growing trend, offering flexibility and a range of options for consumers. At Vacuumlabs, we've partnered with Thought Machine to bring you Building a Digital Car Subscription Service. Our solution helps banks, car producers, leasing and rental companies tap into new opportunities and offer customers a unique, flexible experience.
?? Follow us on LinkedIn to find out more soon!?
We'd love to meet you in person at the upcoming fintech events. Here’s where you can find us: ?
?? TOKEN2049: A global conference where crypto leaders connect, share ideas, network, and shape the industry's future. (18-19 September, Singapore)
?? MOMENTUM AI:? Dive into a world where AI pioneers share insights and practical strategies for leveraging AI to drive business growth. ( 2-3 October, London)
?? MoneyLIVE Nordic Banking: The leading banking and payments conference in the Nordic & Baltic regions. (22-23 October, Copenhagen) ?
?? FINTECH LIVE: A leading event that unites industry leaders, innovators, and stakeholders to explore trends, challenges, and advancements. (22-23 October, London)
New Investments Boost SME Support
Yuze, a leading UAE-based fintech, secured a $30 million investment from Osten Investments to accelerate global expansion and support SMEs.?
This funding will help Yuze extend its advanced financial solutions to SMEs and independent professionals beyond the UAE, aiming to promote global financial inclusion.
Focused on empowering SMEs, Yuze’s digital platform offers business accounts and card programs through partnerships with banks. With a goal to support 1 million SMEs in the next five years, Yuze addresses the unique financial needs of underbanked businesses with modern tools and 24/7 support.
Struggling to understand SMEs' needs and banking opportunities?
Have you heard about how tailored solutions can drive growth for SMEs across Europe and the UK?
In this whitepaper, we examine the current landscape, key players, innovative solutions, and the potential role financial institutions can play in better serving this market.
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