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News and resources on artificial intelligence systems, innovations and initiatives worldwide.

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Expert opinions

Ellen Roberson

Ellen Roberson Global Marketing Advisor, Risk, Fraud & Compliance at SAS

Banking on GenAI: 3 techniques for fighting fraud and financial crime

Fraud, risk, and compliance departments worldwide face a rapidly evolving and expanding workload, fueled by increasingly complex modern-day fraud and financial crimes. According to data from the FBI and Deloitte, generative AI (GenAI) is expected to rapidly increase fraud losses over the next few years. But even as AI technology galvanizes bad act...

/ai /crime Artificial Intelligence and Financial Services

Franklin Manchester

Franklin Manchester Principal Global Insurance Strategic Advisor at SAS

Takeover Terminated: Preventing Life Insurance Account Takeover with Data and AI

This article originally appeared in the Anti-Fraud Alliance email newsletter and is re-published here with permission. Life insurance fraud is the second most expensive type of insurance fraud in the United States, with losses totaling an estimated $74.4 billion per year. Anecdotally, many carriers note that, while insurance fraud detection rates ...

/ai /crime Artificial Intelligence and Financial Services

Patrick Bermingham

Patrick Bermingham CEO at Adflex

The AI Act: what impact will Artificial Intelligence really have on B2B payments?

Visit any social media newsfeed and countless posts will tell you that AI means “nothing will ever be the same again” or even that “you’re doing AI wrong”. The sheer volume of hyperbolic opinions being pushed out makes it almost impossible for businesses to decipher between the hype and reality. This is an issue the European Union’s ‘AI Act’ (the ...

/ai /payments Artificial Intelligence and Financial Services

Dirk Emminger

Dirk Emminger Managing Director at knowing finance

We Think of AI Only as Optimization – But What If AI Fundamentally Changes Banking?

Introduction to an AI Series with 8 Articles A different view on AI is needed In the banking sector, as of summer 2024, artificial intelligence remains largely in the background, or, when in use, mainly within operations and occasionally in innovation labs. When AI does play a role in the front-end, it is typically in presentation rather than i...

/ai /retail Innovation in Financial Services

Ben O'Brien

Ben O'Brien Managing Director at Jaywing

Balancing AI innovation and model risk: Insights from SS1/23

Recently, the UK Government called upon key regulators—including the ICO, FCA, and Bank of England (which incorporates the PRA)—to outline their strategic approach to Artificial Intelligence (AI). In response, the Bank of England highlighted various existing regulations that demonstrate its capacity to supervise AI. Notably, SS1/23 featured prom...

/ai /regulation

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Research

White Paper

APIs, Automation, and AI

An Arsenal to Defend Against Card Transaction Fraud Fraudsters are no longer individuals who are looking to infiltrate gaps or weaknesses in how our businesses are set up. They are expert technologists and strategists that steal customer data, take over accounts and break into tough security measures. Between 2023 and 2027, merchants are expected to lose a total of $343 billion to online payment fraud, driving home the point that the time is now for technology to be leveraged to reduce card transaction fraud, which is growing in numbers and complexity. APIs, automation, and AI are all integral to an effective fraud mitigation strategy in 2024. This Finextra whitepaper, produced in association with Mastercard, discusses how these technologies – if used in the right way – can support financial institutions evolve to emerging threats with increased speed and accuracy.

189 downloads

Impact Study

Fraud and AML Case Management: How to Operate at the Speed of Risk

The digital revolution has fuelled a surge in transactions, while economic turmoil, geopolitical tensions and shifting regulations have emboldened sophisticated financial criminals. As a result, fraud is costing financial institutions more than ever before.  Traditional siloed systems and manual process have left financial institutions vulnerable by drowning investigators and analysts in data, while starving them of actionable insights to stay ahead of risk.  This Finextra impact study, produced in association with NICE Actimize, explore how institutions can bolster their fraud management and anti-money laundering (AML) prevention systems to stay ahead of risk, reduce operational costs and investigations time, and meet changing business and regulatory requirements.  We cover:  How to resolve siloed case management  How to fix fractured data  How to create a faster, more intelligent workflow  And more. 

382 downloads

Future of Report

The Future of UK Fintech - 2015-2035

An IFGS Special Edition UK Fintech Week 2024 With UK Fintech Week's flagship event - Innovate Finance Global Summit (IFGS) - returning for its 10th anniversary, Finextra and Innovate Finance have partnered to publish this report, which acts as your go-to-guide to everything you need to know about financial services and technology in the UK. ‘The Future of UK Fintech: 2015 – 2035: An IFGS Special Edition’ includes commentary from the brightest and best across the fintech ecosystem, discussing and debating the crucial issues facing the sector now and in years to come. This includes key insights from industry experts from Cogo, EY, Konsentus, Marqeta, Standard Chartered Ventures, and Zopa Bank. Scoping out the next decade to come, this report explores the agenda topics below and more: The Next Decade of FS and Innovation: What Lies Ahead Fintech Beyond FS Borders: How Fintech is Impacting other Industries and Sectors UK and the World: Keeping our Crown while Learning from Others Transformative Technologies: Opportunities and Risks Users of Tomorrow: The Next Generation of Consumers The Shifting Ecosystem: Who Will Lead?

655 downloads

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FinextraTV

Communify Fincentric Unifies Financial Data with Acquisition from S&P Global

John Wise, Chairman and CEO of Communify Fincentric, explains the backstory to the company's acquisition of Markit on Demand from S&P Global. Aimed at fixing the financial industry's persistent challenge of fragmented data, this strategic move unifies client and market information in a single platform, integrating over 4,000 global data feeds to enhance AI-driven insights for portfolio managers, advisors and self-directed investors. By merging these data sets, the business intends to set a new standard for the broking, wealth and asset sectors, enabling institutions to navigate complex data landscapes and drive growth in a digital world.

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Long reads

Níamh Curran

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...

Jay Nair

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...

Apostolos Kritikopoulos

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...