Top 5 GenAI Impacts in Fintech 2024
Vacuumlabs
Product development services with a focus on fintech - encompassing strategy, design, engineering, and data science.
We're thrilled to have you back with us for another edition of our newsletter.?
Today we're exploring the impact of Generative AI (GenAI) in the Fintech sector. Let's dive into how this technology is revolutionizing the industry:
1. Fraud Detection & Prevention: With the fraud detection market expected to hit over $252 billion by 2032, GenAI is crucial in identifying and preventing fraud through real-time data analysis and continuous learning.
2. Credit Scoring & Risk Assessment: GenAI revolutionizes credit scoring by analyzing market trends, transaction history, and spending habits for more accurate lending decisions. Tools like Crediture are pioneering this approach.
3. Personalized Financial Guidance: GenAI offers tailored financial advice by analyzing an individual's income, spending, and goals, suggesting strategies that align with their financial objectives.
4. Chatbot Support: Advanced AI chatbots provide personalized financial assistance and fraud alerts, improving customer service and promoting self-reliance.
5. Credit Scoring Refinement: Addressing biases and gaps in traditional scoring, GenAI uses alternative data for a more inclusive and accurate credit evaluation, facilitating responsible lending to underserved markets.
Generative AI is not just a tool but a transformative force in Fintech, driving innovations that benefit companies and consumers. Curious about how your company can leverage Generative AI?
Client announcement ??
As technology advances, it’s important to update and improve. That’s why we’re happy to announce we are once again working with kiwi.com to revitalize their booking platform. Our team is managing and delivering a full refresh: making their services faster, easier, and safer. Some of the updates include AI-powered optimization and new services.
How Do Big Companies Use AI?
?? Lydia Revolutionizes Financial Advisory with AI
Alai Studios and Shaping Wealth launched Lydia, an AI tool that helps financial advisors understand what their clients need, making advice personal and powerful.
?? Xaver Secures Record-Breaking Pre-Seed Funding for AI Platform
Xaver has introduced its B2B AI platform for life insurance and private pensions. The company also secured €5M in Europe's largest fintech pre-seed funding round of 2024.?
?? LHV Bank Brings ChatGPT to Every Employee
LHV Bank teams up with OpenAI to give every employee the chance to use ChatGPT's advanced tools, promising better chats, more ways to customize, and smarter data management.
?? FIS Offers Card Fraud Detection with AI
FIS teams up with Stratyfy to bring a SecurLOCK solution, making card payments safer and smoother for everyone.
Start Your AI Journey Here ??
Vacuumlabs is leading the way in using AI to make your daily tasks easier, help your colleagues boost productivity, and find new opportunities. All start with the simple step of creating great prompts.
领英推荐
March 2024 - Fraud Prevention Month in Canada?????
This year's theme, "20 years of fighting fraud: From then to now," highlights the evolution of fraud from telemarketing to AI and social media.
??Here are some tips to keep in mind:
??Read more fraud prevention tips here.
Growth of AI-powered Fraud ???
In today's digital age, the threat of fraud looms larger than ever before. Knowing about fraud is key to protecting yourself and your business.
Below, you can find the countries per region with the largest increases in deepfake-specific fraud cases from 2022 to 2023, presented in percentages.
Does your company have the potential to use artificial intelligence??
Get ready for On The Spot Conference on Artificial Intelligence, where leading minds gather to explore the future of AI.
Slovak AI experts will show you how you can make your company processes more efficient and, at the same time, reveal what the Slovak AI implementation and research market provides.?
We’re excited that Marcel Klimo, who leads AI research and development at Vacuumlabs, will also be an integral part of the conference. He currently focuses on initiatives like Oasis by Vacuumlabs to push the boundaries of artificial intelligence technology.
Besides that, you can look forward to Michal Va?e?ka, a well-known sociologist, as the keynote speaker, but also other interesting speakers from companies such as Sparring, SoftPoint, Cognexa, and Kinit.
Would you like to meet us at any of these events??
? Fintech North - Liverpool conference - March 28
? Innovate Finance (IFGS) - April 15-16
? London Fintech Network - April 16
? Token2049 Dubai - April 18-19
Reach out to us on LinkedIn! We're happy to chat. ??
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