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

What California's AI Safety Bill SB 1047 means for fintech

Madhvi Sonia Head of Content at Finextra

What California's AI Safety Bill SB 1047 means for fintech

The Wall Street Journal reported this week that SB 1047, the first-of-its-kind, controversial AI safety state bill that had Silicon Valley tech giants such as Meta, Google and OpenAI divided, had been vetoed by California Governor Gavin Newsom. Here’s everything you need to know. What is SB 1047? Also known as the Safe and Secure Innovation fo...

01 October 2024 /ai

How can a nonprofit become a for-profit?

Madhvi Sonia Head of Content at Finextra

How can a nonprofit become a for-profit?

OpenAI is restructuring to no longer be led by a non-profit board, and will become a for-profit company, as exclusively reported by Reuters. The ChatGPT creator will own a minority stake in the for-profit and CEO Sam Altman will receive equity in OpenAI, predicted to be worth $150 billion and removing the cap on returns for investors. This news ...

30 September 2024 /ai

AI validation and governance: How banks are securing their AI models

Níamh Curran

AI validation and governance: How banks are securing their AI models

Artificial intelligence (AI) and generative AI have become one of the largest topics in banking in the last two years. From OpenAI’s launch to the EU AI Act coming into effect, things are heating up. Banks are becoming more comfortable with the use cases AI is offering them, which means that ensuring AI models are being validated properly (doing wh...

25 September 2024 /ai

AI is eating up our energy – how will sustainable ambitions survive?

Sehrish Alikhan Reporter at Finextra

AI is eating up our energy – how will sustainable ambitions survive?

It has become clear to everyone that uses the internet that artificial intelligence (AI) is the next big thing. Nearly every company is releasing an AI chatbot/AI product/AI service to enhance their customer experience and improve efficiency of their products. It is true that AI can improve the lives of customers in many ways, such as facilitating ...

11 September 2024 /ai

Fintech Sentiment: EU AI Act comes into effect

Níamh Curran

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 Senior 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

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 Sonia 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 Senior 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

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