This Week in AI, FinTech, & Consulting - Oct. 16, 2023

IRS uses AI to stun Microsoft; Jamie Dimon sees 3-day-workweek looming; BaaS crisis erupts;?Apple becoming a bank; and more...

Hey everyone,

Welcome to the inaugural edition of our news digest. Kunai exists at the intersection of a few industries: financial services, IT Services, and AI. Therefore, so does this newsletter.

We want to start sharing some of the news that we read in order to pretend we have a handle on what the hell is going on these days. This will be a weekly digest - take a gander and you can join us in pretending you understand where things are going too!

Note: At the end of October, the Kunai team will be heading to Vegas for the Lollapalooza of Legacy Finance, the Burning Man of Bot-Enabled FinTech, the Taylor Swift Tour of Treasury Management, otherwise known as Money20/20. While we're there, we're throwing a little party with one of our favorite startups in the game, Sardine, in a penthouse suite at the Venetian. Invites are limited, but RSVP here, and we'll see if we can get you in.??

Thanks,

Sandeep

Over 80% of Enterprises to Embrace Generative AI by 2026. Gartner prognosticates a widespread adoption of Generative AI among enterprises, with over 80% either utilizing Generative AI APIs or deploying applications infused with this technology by 2026. This upsurge underscores the escalating significance and potential of Generative AI in transforming business operations and creating new avenues for innovation. The forecast embodies a crucial insight into the rapidly evolving landscape of AI and its deepening entrenchment in the business realm. Read more

IRS Used AI to Hand Microsoft a Historic $28.9 Billion Tax Bill. Microsoft is reeling from a staggering new total, following the IRS's AI-driven recalculations. The dispute roots from cross-border transactions amongst its subsidiaries, spotlighting international tax law complexities. With negotiations underway, the fiscal shock could potentially tweak the tech giant's financial canvas. Read more

Carefull Harvests $16.5M to Guard Seniors Against Financial Exploitation. The FinTech startup, Carefull, has garnered $16.5 million to bolster its crusade against financial fraud aimed at seniors. This funding is a significant leap towards amplifying the firm's capabilities in shielding the elderly from monetary scams, addressing a pressing societal issue. As financial deception targeting seniors escalates, Carefull’s endeavor is a pivotal stride in fortifying financial security for this susceptible group. Read more

JP Morgan Chief Predicts a Shorter Workweek Thanks to AI. JP Morgan's chief, Jamie Dimon, unveils how AI is reshaping work norms, hinting at a 3 day workweek, powered by technology's prowess. Additionally, the bank is harnessing AI for equity hedging, showcasing a blend of traditional finance and cutting-edge tech. This narrative not only spotlights the evolving work dynamics but also the deepening imprint of AI in financial strategizing. Read more

AI-Powered Hyper-Personalization: A Blueprint for the Future of Banking. The fusion of AI and data is sculpting the bank of the future through hyper-personalization, enhancing customer experience and operational efficiency. Banks are leveraging AI to distill voluminous data into personalized insights, building a more intuitive and responsive financial ecosystem. This paradigm shift underscores the monumental role of AI in redefining the contours of customer engagement and service delivery in banking. Read more

Synapse and Evolve Bank Clash Over Missing $13M. A $13 million deficit in Synapse's FBO accounts at Evolve Bank has ignited a blame game between the two entities. Evolve holds a $16 million payment from Synapse and demands a $50 million reserve. The dispute erupted?as reconciliation of accounts and transactions faltered, highlighting a Banking-as-a-Service crisis. Major FinTech firms like Mercury, Rho, and Yotta, among others, are affected by this confrontation, which threatens to tarnish the reliability of?BaaS platforms. Read more

Apple Making?Bold Strides Towards Banking. Amid dwindling iPhone allure, Apple is ambitiously veering?into the financial realm, potentially redefining its legacy. It's not merely about credit cards or payments anymore; it's a daring bid to evolve into a financial nucleus for users. Yet, the menacing shadows of stringent EU financial regulations loom large. As the drama unfolds, can Apple outmaneuver these regulatory Goliaths and ascend to banking nobility??Read more

NYC Startup Promises Collaborative AI Training Tools. Fantix, a New York City-based startup specializing in multi-organizational, collaborative AI modelling with built-in data security, has garnered?$1.6 million in funding. This financial infusion is slated to accelerate the development and deployment of Fantix's cutting-edge AI models in the FinTech domain. Fantix says its systems will allow consultancies and their clients to train AI together, while also segmenting and?protecting organizational data from outside exposure.?Read more

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