Artificial Intelligence - Long Reads, News, Articles & Research: Finextra

Fintech Sentiment: EU AI Act comes into effect

Níamh Curran Senior Reporter at Finextra

Fintech Sentiment: EU AI Act comes into effect

The EU AI Act officially became law yesterday, the world’s first AI legislation and marking the end of a process which began back in April of 2021. We have already produced a guide on how to prepare for the AI regulation, and background on what the Act was proposing. Now that the AI Act is in law, here’s a look at how some fintechs are responding...

02 August 2024 /ai

AI spending races ahead among European banks

Jay Nair EVP at Infosys Limited

AI spending races ahead among European banks

European banking leaders are poised to increase spending on AI faster than on cybersecurity. This occurs amid challenges in recruiting top talent in both these areas and pressure to streamline costs and enhance efficiency. The second volume of the Infosys Bank Tech Index brings these key findings and more. Talent a hurdle to AI’s growth AI is at...

29 July 2024 /ai

The AI revolution in financial services: Transforming banking and investment

Apostolos Kritikopoulos Group CTO at Profile software

The AI revolution in financial services: Transforming banking and investment

The financial world is undergoing radical change, driven by the transformative power of artificial intelligence (AI). Imagine a banking experience that not only anticipates your needs, but also offers personalised financial guidance and safeguards your assets with unwavering vigilance. This is the reality being shaped by AI, and it is happening ri...

25 July 2024 /ai

How to use AI to provide personalised services

Hamish Monk Reporter at Finextra

How to use AI to provide personalised services

Today’s discourse on the nature, consequences and regulation of artificial intelligence (AI) can often obfuscate the technology’s immediate, on-the-ground applications. In this article, Finextra considers 5 distinct ways in which AI may be used by financial institutions to better serve their customers. Five use cases The proverbial secret sauce in...

09 July 2024 /ai

Will generative AI make banking jobs more efficient or replace them?

Níamh Curran Senior Reporter at Finextra

Will generative AI make banking jobs more efficient or replace them?

Generative AI is now becoming a reality within banking. McKinsey found more than 50% of banks in US and Europe are adopting “more centralised” generative AI in their organisation. The debate, or rather big neon pink elephant in the room, is whether generative AI advances will improve efficiency or replace jobs. This is emphasised by a recent stu...

27 June 2024 /ai

What is Mistral AI and why will Le Chat and Mistral Large rival ChatGPT-4?

Madhvi Mavadiya Head of Content at Finextra

What is Mistral AI and why will Le Chat and Mistral Large rival ChatGPT-4?

Arthur Mensch, former DeepMind researcher and CEO of Mistral AI, will take to the Exchange Stage at Money20/20 Europe in June to discuss the French company’s recent €490 million ($533 million) in funding, as well as the release of their two open models - Mistral 7B and Mistral 8x7B - and their multi-year partnership with Microsoft to offer Mistral...

28 May 2024 /ai

Hamish Monk Reporter at Finextra

How to prepare for the EU AI Act

The European Union’s AI Act has formally been signed by the presidents of its parliament and Council. Imminently, the regulation will be published in the EU’s Official Journal – 20 days after which, the law will be put into force. For financial institutions, there will be just two years’ implementation period. So, how should banks prepare for the...

24 May 2024 /ai

AI and Quantum pack a dual punch for financial institutions

Scott Hamilton Contributing Editor at Finextra Research

AI and Quantum pack a dual punch for financial institutions

Attorney and Certified Information Systems Security Professional (CISSP) Megan Moloney delivered the keynote address to the Northwest Association for Financial Professionals (NWAFP) annual Summit. The event brought together treasury practitioners, financial services and fintech providers, and community leaders to Bellevue, Washington, USA for a fu...

22 May 2024 /ai

Why data is the backbone of predictive AI

Dominique Dierks Content Manager at Finextra

Why data is the backbone of predictive AI

With the launch of ChatGPT in November 2022, a new wave of AI enthusiasm was kicked off that primarily centred around the capabilities and possibilities of generative AI. Signifying a transformational moment in AI technology and smoothing the ease of access to AI, many financial institutions have since started looking at how generative AI can be a...

07 March 2024 /devops /ai

Generative AI cannot replace branch banking – Niamh’s hot take of the month

Níamh Curran Senior Reporter at Finextra

Generative AI cannot replace branch banking – Niamh’s hot take of the month

NatWest announced in November 2023 that they were integrating generative AI into their chatbot tool Cora, which saw the launch of Cora+. Generative AI has been one of the hottest topics throughout 2023, and that is only likely to continue into 2024 as companies like OpenAI expand their products and capabilities. The technology offers a lot of ...

13 December 2023 /inclusion /ai

OpenAI: What just happened to the CEO Sam Altman?

Níamh Curran Senior Reporter at Finextra

OpenAI: What just happened to the CEO Sam Altman?

Sam Altman is being reinstated as the CEO of OpenAI after unexpectedly being removed from the position by the board last Friday. OpenAI is responsible for the creation of ChatGPT and recently announced a new product which will allow companies to create custom versions of AI chatbots, which the company has called GPTs, without any coding. However, ...

23 November 2023 /startups /ai

Understanding the UK High Court’s AI patentability ‘Holy Grail’ ruling

Paige McNamee Senior Reporter at Finextra

Understanding the UK High Court’s AI patentability ‘Holy Grail’ ruling

The English High Court today handed down a decision which promises to shape the patentability of key aspects of AI technology. Overruling an earlier decision of the UK Patent Office (UKIPO), the High Court ruled that Emotional Perception AI Limited (EPAI), a subsidiary of AI Venture Studio Time Machine Capital Squared (TMC2), could patent a novel t...

23 November 2023 /regulation /ai

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