Artificial Intelligence is currently one of the most discussed technological trends and its impact on our society is expected to be significant. For this reason, we have decided to launch a monthly bulletin focused on key AI events within the financial sector.
This bulletin will feature a curated selection of news, papers, and articles designed to keep you informed about AI developments without overwhelming you with the inevitable noise surrounding this rapidly evolving field.
#1 Visa has unveiled three new AI-powered tools within its Visa Protect suite to enhance fraud prevention across multiple payment types and networks, part of a wider effort to bolster digital payment security through AI and technology investments – Source: https://investor.visa.com/news/news-details/2024/Visas-Growing-Services-Business-Infused-with-New-AI-Powered-Products/default.aspx
#2 Klarna introduced an AI assistant that has significantly improved customer service efficiency by handling a large portion of chats, equating to the work of 700 agents, and is expected to increase revenue by $40 million – Source: https://www.klarna.com/international/press/klarna-ai-assistant-handles-two-thirds-of-customer-service-chats-in-its-first-month/
#3 Revolut launched BillPay, an AI-driven tool aimed at streamlining accounts payable processes for CFOs by automating invoice data extraction and transfer approvals, contributing to a broader strategy to enhance B2B offerings – Source: https://the-cfo.io/2024/02/26/could-revoluts-ai-driven-billpay-be-a-potential-game-changer-for-cfos/
#4 Central Bank is employing an AI-driven platform by Personetics to provide personalized financial advice and savings recommendations, aiming to improve financial wellness for its customers in the digital age – Source: https://ffnews.com/newsarticle/fintech/central-bank-boosts-financial-wellness-for-customers-through-personetics-ai-powered-platform/
#5 LHV Bank has integrated ChatGPT Enterprise to achieve operational efficiencies, marking its position as an early adopter of AI in the financial sector – Source: https://ffnews.com/newsarticle/fintech/lhv-bank-deploys-chatgpt-enterprise-for-all-employees/
#6 The European Parliament approved the Artificial Intelligence Act to regulate high-risk AI applications, focusing on protecting rights and promoting innovation. – Source: https://www.europarl.europa.eu/news/en/press-room/20240308IPR19015/artificial-intelligence-act-meps-adopt-landmark-law
#7 Singapore’s monetary authority highlighted AI’s potential in banking but advised caution, suggesting AI models currently lack the necessary structure for policymaking in central banking. – Source: https://www.mas.gov.sg/news/speeches/2024/modelling-approaches-at-central-banks
#8 SEC Chairman Gary Gensler expressed concerns over the rapid integration of AI in the financial industry, urging for a collaborative regulatory approach to address potential risks – Source: https://politico-tech.simplecast.com/episodes/sec-chair-gensler-on-ais-threat-to-wall-street-i-dont-want-everybody-to-drive-off-the-cliff
#9 Brittany Allen of Sift discussed the challenges of AI-driven misinformation and fraud trends, emphasizing the importance of advancing detection technologies to combat these issues effectively – Source: https://www.finextra.com/newsarticle/43852/mpe-2024-ai-driven-misinformation-and-consumer-education-in-fraud
The bulletin is curated by Evgeny Krapivin. With 15 years in software development, system architecture, and team leadership, he now empowers business leaders to harness AI. He distills complex ideas into clear, actionable strategies. Follow him on LinkedIn for sharp AI insights
