As you may have guessed, artificial intelligence and machine learning will be major topics in 2022. When I think of these two, I always think of the original Terminator movie - I'm a big Arnold Schwarzenegger fan. On the other hand, the debate over sustainability and ethics has never been more heated than it is now, and I’m glad to see these topics go mainstream.
What do these two things have in common? Implementing AI or ML in banking should be guided by and solve certain ethical concerns.
For instance, where do you draw the line between giving a recommendation and influencing a decision? Or, more specifically, how can we keep machines from inflicting harm?
Let the experts speak for themselves. Check Pawe? St??ycki’s (Senior Innovation Consultant, Netguru) piece about it.??
- Buy now pay later big hitter Klarna has launched its Klarna Card product in the UK. The physical card will bring Klarna's payments experience to the in-store environment. Alex Marsh, Head of Klarna UK, says: "Consumers are rejecting credit products which charge double-digit interest rates while allowing repayments to be put off indefinitely.” Read more.?
- Amazon is prepping a new Amazon Go convenience store format aimed at suburban shoppers and powered by the e-commerce giant’s Just Walk Out frictionless checkout technology. Read more.?
- Geek+, a specialist in AI robotics technology, and sporting goods retailer Decathlon have announced the deployment of hundreds of autonomous mobile robots (AMRs) in three of the latter’s European distribution centers. Jackson Zhang, Vice President of Geek+ Europe, comments: “Decathlon placed special emphasis on scalability at an international level when looking for an automation partner in their search for a solution that could cope with the rapid growth and the challenges of their e-commerce business.” Read more.?
- Santander announced the launch of Zinia, its new buy now, pay later (BNPL) service in Germany. Speaking with Finextra on the announcement, CEO of Openbank and Santander Consumer Finance, Ezequiel Szafir, explains that this launch is particularly significant for the industry as “it’s the first time we see an incumbent bank getting into a field that has been, until now, totally owned by fintechs and with this kind of early success.” Read more.?
- Mastercard is to commit $5 million to support the creation of a Center for Applied Data Science and Analytics (Cadsa) at Howard University, focused on addressing racial bias in AI-driven credit approval processes. “Data is embedded in nearly every facet of our lives and ensuring it is used responsibly and positively impacts society’s most pressing issues is paramount,” says Salah Goss, SVP for social impact for the Mastercard Center for Inclusive Growth, the company’s philanthropic hub that is administering the grant. Read more.?
- BBVA will create 200 jobs in two years, with the launch of two technology centers in Bilbao. BBVA has already begun the hiring process, recruiting staff with skills in computing, telecommunications, systems and industrial engineering, and mathematicians. "These innovation centers will play a critical role in the bank's operations and strategy", says BBVA chairman, Carlos Torres Vila. "We expect that, in the next two years, they will have around 200 professionals specialized in areas such as advanced cloud architectures, cloud computing, security and data." Read more.?
- Australian buy now, pay later outfit Zip has confirmed that it is in talks about acquiring US rival Sezzle. Responding to media reports, the firms issued separate statements confirming discussions but stressing that no definitive agreement has been reached. Zip says the talks are "preliminary in nature and there is no certainty that the discussions will result in a transaction of any kind". According to Reuters, Sezzle has a market capitalisation of almost A$425 million, while Zip is valued at A$1.94 billion. Read more.?
- JPMorgan is dipping into its $12 billion technology investment warchest to acquire a 49% stake in European cloud-based payment network Viva Wallet. Takis Georgakopoulos, global head of JPMorgan Payments, comments: “The European payments landscape is fragmented yet large in terms of opportunity, with more than 17 million merchants ready to implement scalable payments solutions and this is a big focus area for added growth for JPMorgan Payments in the future.” Read more.
- French startup Resilience announced yesterday that it has raised a $45 million (€40 million) Series A round led by Cathay Innovation. The startup wants to improve the treatment journey when you’re diagnosed with cancer so that you live a healthier and longer life. Read more.?
- After a number of stories in recent weeks have highlighted how Apple’s AirTags are being used for stalking purposes, the company has today updated its existing “Personal Safety User Guide” with new information on what consumers should do in the event they find an unknown AirTag in their presence or hear one make a sound. The guide specifically explains what the AirTag’s alerts mean, and what to do if they find an AirTag or other Find My network accessory following them. It even contains instructions for Android users, too. Read more.
- Sartup called PQShield, has raised $20 million, to keep working on “future-proof” cryptographic products — software and hardware solutions that not only keep data secure today, but also secure in anticipation of a computationally more sophisticated tomorrow — is announcing some funding as it finds some significant traction for its approach. Read more.?
- Perseverance, constant learning, and curiosity brought Steve Suarez, Global Head of Innovation, Global Functions at HSBC, where he is today — leading innovation units at one of the world’s top banks. The only European bank in the global top 10, to be exact. How does Steve spot ideas that have the potential to bring positive change and impact to the organization? What motivates him to always push the boundaries of innovation and go beyond conventional inventions and methods? What’s his source of inspiration? This is what he shared with us.
