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February 7, 2022

On the web

Singapore Builds Software Toolkit to Help FIs Use AI Responsibly

Finextra Research

“The Monetary Authority of Singapore and a host of industry players have released an open-source toolkit to help financial institutions use artificial intelligence ethically and responsibly. Singapore’s government outlined plans to develop a governance programme around the use of AI back in 2018 as it sought to grapple with the consequences of the rapid rise of the technology in the financial services industry.”

August 28, 2020

On the wires

Mastercard Launches Frictionless Retail Technology Solutions to Enable Touchless Economy

“Mastercard partners with Circle K, Delaware North, Dunkin’ and White Castle to reimagine the consumer shopping journey As merchants navigating the impacts of COVID-19 seek out enhanced technology for in-person engagement, Mastercard today announced a new suite of frictionless solutions for retailers to reimagine their physical shopping experience. Applicable and adaptable to any retail environment – from restaurants to pharmacies – Mastercard’s Shop Anywhere and AI Powered Drive Through solutions deliver low touch, high engagement experiences for retailers and the end consumer.”

August 26, 2020

On the wires

Visa Harnesses Real-Time Deep Learning to Enhance Transaction Processing

“Visa Inc. today announced Visa Smarter Stand-in Processing (Smarter STIP), a new capability that uses real-time artificial intelligence (AI) to help financial institutions manage transaction authorizations when service disruptions occur. Using deep learning to analyze past transactions, Smarter STIP generates informed decisions to approve or decline transactions on behalf of issuers in the event that their systems go offline.”

August 25, 2020

On the web

Banks See Pressure in AI Race From Fintechs and Big Tech

Wall Street Journal (paywall)

“Fintech and big technology companies could outpace traditional banks in the race to develop AI tools that help personalize services, evaluate credit risk and more, analysts and industry executives say. While that could fuel new partnerships in banking, it also could lead to increased competition that eats into the business of more established financial institutions, industry observers said during a panel discussion this week.”

March 3, 2020

On the web

The Future of Banking Is About Data-driven Services


“When it comes to banking, technology is helping people manage their finances when, where, and how they want. The bar has been raised when it comes to how fast consumers expect to be able to connect with their accounts, make transactions, and move on with their day. As TD looks for new ways to connect with its customer base that now spans over 25 million customers across North America, the Bank is making a big bet on personalization. Central to TD’s strategy is harnessing the power of data and artificial intelligence (AI) to create personalized and connected experiences for its customers — experiences that are extending well beyond traditional notions of banking.”

January 21, 2020

On the web

New Ally Financial CIO Prioritizes AI

Wall Street Journal

“Detroit-based Ally—formerly GMAC, the financing arm of General Motors Co.—has an online bank with no physical branches. The company offers mortgages, auto loans and investment tools… The company is using AI technologies such as Amazon.com Inc.’s Alexa for voice-enabled online banking and biometrics for customers to log into the mobile banking app.”

December 12, 2019

On the web

December 11, 2019

October 17, 2019

On the web

Square’s New Assistant Is an AI Bot That Aims to Do One Thing Well

Fast Company

“It turns out that a lot of people will avoid picking up the phone to reschedule things, even if it means being a no-show for an upcoming haircut or nail appointment.   For that reason, Square is now letting business owners automate the rescheduling process with a chatbot called Square Assistant. Business owners that are using Square’s existing Appointments service can now confirm appointments with customers—or let them cancel or reschedule them—via text message, without any human involvement. It’s the first product to come from Square’s acquisition of conversational AI startup Eloquent Labs earlier this year .”

August 12, 2019

On the web

Cashierless Stores Make Inroads in U.S.

Wall Street Journal (paywall)

“The concept got a push from Amazon Go stores, which Amazon.com Inc. launched in early 2018 ; there are now 15 stores, with two opening last week, in New York and San Francisco. Amazon Go relies on hundreds of cameras and sensors in each store to identify products that customers take off the shelves. Shoppers typically scan a code to enter the stores.”

August 8, 2019

On the web

Visa to Test Advanced AI to Prevent Fraud

Wall Street Journal (paywall)

Visa Inc. is rolling out a platform to help its engineers quickly test advanced artificial-intelligence algorithms aimed at detecting and preventing credit-card fraud. The platform, built in house and slated to be launched later this year, is an example of the broader financial-services industry trend of using AI to detect patterns in transactions that could signal criminal behavior. The platform is cloud-based, meaning that Visa’s researchers and engineers can access it online from anywhere.”

June 17, 2019

On the wires

Visa Prevents Approximately $25 Billion in Fraud Using Artificial Intelligence

“Visa Inc. (NYSE: V) today announced new analysis showing Visa Advanced Authorization (VAA) using artificial intelligence (AI) helped financial institutions prevent an estimated $25 billion in annual fraud—making the global payment ecosystem safer for retailers and consumers.i VAA is a comprehensive risk management tool that monitors and evaluates transaction authorizations on the Visa global payment network, VisaNet, in real time to help financial institutions promptly identify and respond to emerging fraud patterns and trends. Visa processed more than 127 billion transactions between merchants and financial institutions on VisaNet last year, and employed AI to analyze 100 percent of the transactions—each in about one millisecond—so financial institutions can approve legitimate purchases while quickly identifying and preventing fraudulent transactions.”

May 23, 2019

On the web

Bill.com Launches AI Platform for Automated Payments Processing


“In an era of widespread automation, it’s hard to believe manual data entry still constitutes a sizeable chunk of employees’ chores. According to a recent Salesforce survey , people at small and medium-sized businesses spend 23% of their workday manually inputting data. Another study — this one conducted by SoftwareAdvice.com — found the time sink to be particularly acute in sales, where around 71% of reps say they copy data by hand each day. While a silver bullet remains elusive, San Francisco-based Bill.com believes its new AI suite, which formally launches today after a lengthy pilot, will eliminate manual entry in at least one domain: payments. The company today took the wraps off the Intelligent Business Payments Platform, an end-to-end financial workflow automation toolset designed to streamline payment processes for Bill.com’s more than 3 million members.”

May 16, 2019

On the wires

Mastercard and ZIVELO Leverage Artificial Intelligence to Revamp the Ordering Experience at Quick Service Restaurants

Today, Mastercard announced a partnership with ZIVELO, a leader in self-service kiosk technology, to enhance the drive-in and drive-through ordering experience for quick service restaurants (QSRs) with a first-of-its-kind AI-powered voice assistant and personalized dynamic menu. Sonic Drive-In will be the first partner to pilot the new experience at selected Sonic locations in the U.S. this year. The technology will first be showcased at the National Restaurant Association Show in Chicago from May 18-21, 2019.

March 28, 2019

On the web

March 4, 2019

On the web

February 25, 2019

On the web

Humanity + AI: Better Together

Andreessen Horowitz

“So the counter-narrative I want to offer to the mainstream, front page accounts is that with careful, thoughtful, empathic design, we can enable ourselves to live longer, safer lives. We can create jobs where we are doing more creative work. We can understand each other better.But before I get to the many, many examples of where this is already happening today, let me share what’s happening in the AI ecosystem more broadly.”

January 14, 2019

On the wires

Ingenico Launches IBM Watson-enabled Chatbot to Enhance Customer Experience

Ingenico Group, the global leader in seamless payment, launched its innovative payment-enabled chatbot, which uses natural language processing (NLP) from IBM Watson to create a smooth customer experience. Watson capabilities allow Ingenico’s chatbot to better understand users’ requests once they have been inputted, whatever they may be. It can better interpret nuances in language and phrasing, handling natural variations in the way individuals communicate. As a result, the bot can respond quickly and effectively, enabling it to meet each user’s specific needs in a wide range of different languages. “

December 7, 2018

On the web

How AI in payments is being used by Amazon and Mastercard


“Artificial intelligence is creating new opportunities for businesses in the world of healthcare, IT and manufacturing – and now retail is catching up by using AI in payments to make it easier for us to part with our hard-earned cash. The power of machines is being used by the likes of Amazon and Mastercard to streamline payments through instant verification and voice recognition.”

December 5, 2018

On the wires

LivePerson launches Maven™, a breakthrough conversational AI that replaces traditional websites and 800-numbers

LivePerson, Inc. (Nasdaq: LPSN), a leading provider of conversational commerce solutions, today launched Maven, a conversational AI that enables brands to replace traditional websites and 800-numbers with personalized conversations over SMS, Facebook Messenger, WhatsApp, Google RCS Business Messaging, Amazon Alexa, and other popular messengers and voice assistants.”

December 4, 2018

On the web

November 6, 2018

On the wires

NCR Acquires StopLift, Gains Powerful Anti-Theft Solution for Self-Checkout

“Headquartered in Cambridge, Mass., StopLift has developed Artificial Intelligence capabilities that visually determine what occurs during each transaction to distinguish between legitimate and fraudulent behavior at the checkout. Most notably, StopLift’s technology detects scan-avoidance and flags unscanned, unpaid merchandise at the checkout. Examples include passing items around the scanner, leaving unscanned items in the shopping cart, and covering up the barcode while scanning.”

August 28, 2018

On the wires

Mastercard and KeyBank To Transform Banking Experience With Artificial Intelligence

“Mastercard and KeyBank today announced that the bank will now use Mastercard Decision Intelligence™, a security solution that uses artificial intelligence (AI) to make more informed authorization decisions. This will enable KeyBank to increase the accuracy of real-time approvals of genuine transactions and enhance the overall cardholder experience. This is the first use of AI being implemented in KeyBank’s fraud detection services.”

August 27, 2018

Top Post

The New Physics of Financial Services

World Economic Forum

“Artificial intelligence is a critical aspect of the Fourth Industrial Revolution and has emerged as a clear focus of discussions at the World Economic Forum’s Annual Meeting over the past few years. Financial institutions around the world are making large-scale investments in AI, while governments and regulators seek to grapple with the significant uncertainties and growing public trepidation as AI becomes central to the fabric of institutions and markets.”

July 19, 2018

On the web

Even Raises $40M To Transform The Working Class To The Savings Class


“But Even.com is increasingly focused on improving the quality of its intelligent budgeting feature. Using artificial intelligence models honed over the past few years, the company now gives users of its Even app an “Okay to spend” figure that helps them think through their cash flow. By giving a predictive figure rather than a checking account balance, Even can help its users avoid sudden surprise expenses that can trigger the kind of financial death spiral that has become a familiar story in America. The company will also soon launch an automatic savings feature similar to Digit or Acorns that helps people build up regular savings.”

July 18, 2018

On the web

Facebook Patent Sets Out How AIs Could Accept Messenger Payments

NFC World

“One or more embodiments use natural language processing to analyze messages from the user to the messaging bot, and from the messaging bot to the user, to identify a product and a request to purchase the identified product. Based on the identified product and the request to purchase the product, one or more embodiments initiate a payment transaction on behalf of the user based on a natural language conversation and without redirecting the user away from the communications session.”

July 17, 2018

Top Post

BofA Trumpets Success With Erica, Zelle

Mobile Payments Today

“Bank of America has announced that Erica, its artificial intelligence-driven virtual financial assistant, now has more than 2 million users. According to a press release, this is more than double the number of customers using the technology less than a month ago. And that’s not BofA’s only recent mobile milestone: The number active users of the Zelle person-to-person payment feature in the bank’s mobile app is now approaching 4 million.”

June 15, 2018

On the web

Visa Canada And Finn AI Collaborate To Expand Artificial Intelligence Banking Capabilities Through Visa Developer

Yahoo Finance

“This collaboration will see the Vancouver -based fintech use Visa Developer Platform APIs to enhance their conversational AI technology to provide a more personalized experience for banks to interact with their customers, including re-imagining the travel experience for cardholders. For example, a customer could chat with a virtual assistant and follow an easy, intuitive process to ensure their cards are optimized while they are travelling; from turning on travel notifications before departing, retrieving foreign exchange rates while at the airport, and locating the nearest ATM at their destination.  A customer could even disable a misplaced card to ensure protection against fraudulent transactions through a simple, natural conversation.”

April 3, 2018

On the web

NatWest and Vocalink use machine-learning to tackle invoice redirection fraud


“NatWest claims to have saved its corporate clients over £7 million through the use of a purpose-built system to detect and prevent invoice redirection fraud – where businesses are duped into paying money into a fraudster’s account rather than to their intended supplier.Vocalink Analytics and NatWest worked together to develop, test and launch Corporate Fraud Insights, which uses AI and machine-learning techniques to identify and flag suspicious non-real time payments. “

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