For corporate banking, data platforms and data management top the list of technology priorities, followed very closely by cybersecurity, according to Celent's Dimensions survey. In contrast, in 2023, data and cybersecurity were low-ranked priorities, with data platforms not even making the top 10 technology priorities. In the past year, many banks have uncovered a capability gap. Data may be the fuel for AI, but the promise (and hype) of AI in all its forms has exposed weaknesses in the ability of the data platforms at many banks to support growth in AI. Read more from Celent, a business of Oliver Wyman > https://owy.mn/45NJiKR #banking #AI
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Generative AI can redefine a bank’s competitive edge in client relationships, evolve and streamline core banking operations, and bolster cybersecurity. Talk to us today to arrange a Gen AI briefing session for your business! #genai #banking #bankingsecurity #cybersecurity https://lnkd.in/eKN_r5k4
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Senior Program Manager & BA Chapter Lead (Erste Digital GmbH) | Speaker, Conference Moderator/Chairman, Agile Coach & Executive Consultant for Project/Program/Change Management/Digital/Architecture (Freelance/Contract)
Great first day on World Banking Forum , excellent speeches and lessons learnt about #innovations, #EmbededBanking, #Lending, #Payments and many more. A few ons to share: - Good luck rasing investment funds without mentioning #AI. So, mind your buzzwords. - Men tend to rely on reason and logic, women on feelings and empathy. This makes men easier to replace by AI. - Banks focus and invest a lot in #cybersecurity of own infrastructure, while biggest threats are coming from clients themselves. Investing in clients‘ education pays off. - It’s 3x more poweful to launch embedded banking than a #neobank. - Scanning and creating digital documents isn’t #digitalisation. #Data shall be in databases, ideally structured. Not in #digital documents.
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VP Global Digital Banking & Business Development EMEA @Hexaware: Building and transforming Digital Banks that provide real value
We just launched our latest report: Emerging technologies in Banking 2023! This report dives into the emerging technologies and digital tooling that are reshaping the banking industry. We examined the key trends, opportunities, and challenges presented by the adoption technologies like cybersecurity, ML, GenAI, Augmented/Virtual Reality and Digital Wealth Management technologies. With expert views and contribution from Jieke Pan, VP Engineering & CTO, Mobiquity. Download now: https://lnkd.in/eNkaT65y #Mobiquity #banking #emergingtech #cybersecurity #ML #AI #GenAI #mixedreality #wealthmanagement
Emerging technologies in banking 2023
mobiquity.com
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AI implementation in #banking : Unleashing opportunities, tackling legal risks. Many thanks to Stefan Paulmayer, our partner at CMS Reich-Rohrwig Hainz and expert in Banking&Finance, for his invaluable contribution in co-hosting a session on the legal risks and opportunities of AI systems in banking. As banks navigate the complexities of AI implementation, Stefan and I, we talked about the crucial legal aspects of real-case AI systems in banking - a sector significantly impacted by #genai. Key topics we covered included: • Management of security risks. • Detecting and mitigating biases in AI. • The importance of human oversight. • Cybersecurity challenges. • Protecting IP and customer data. Also many thanks to our colleague from Bardek, Lisac, Mušec, Skoko and partners in cooperation with CMS Reich-Rohrwig Hainz Eva Maria Ivanko, for sharing the insights on the development of AI systems. #bankingandfinance #aiact #aiinbanking #ethicalai
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Kasisto's CEO & Co-Founder, Zor Gorelov's shares his thoughts with Forbes on how banks of all sizes are exploring ways to apply #generativeAI to their businesses and how they must carefully evaluate the platforms and partners they are bringing on to do so to ensure privacy and security is kept top priority. Read more! 👇 https://lnkd.in/gweT-6Ce #GenerativeAI #Banking
Council Post: How Banks Can Manage Privacy Pitfalls When Exploring Generative AI
forbes.com
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State of the art EU banking supervision This is an excellent overview of the digital transformation the European Central Bank has been undergoing in relation the Single Supervisory Mechanism (SSM). It highlights the new tools at their disposal exploiting technical innovation and incorporating Artificial Intelligence. In the future we assume other sources of information are included such as the DORA Register of Information on critical third-party service providers. As this data lake of supervisory information grows it makes for a major target especially for hostile nation state actors. We hope the ECB has taken note of DORA and undertaken the necessary Threat Led Penetration Testing and other advanced cybersecurity assessments to keep such highly sensitive information safe. With 2,600 staff having regular access it would have been useful if the presentation included a page on access safeguards, segregation of duties and remote access restrictions. We hope you find this presentation as insightful as we did. #SSM #Suptech https://lnkd.in/eN3qqXtc
SSM digitalisation - from exploration to full-scale adoption
bankingsupervision.europa.eu
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What Changes will Artificial Intelligence Bring to Banking Security? By Edwardcher Monreal, Principal Solutions Architect with HID Companies in the banking and financial services industry - just like many other businesses - increasingly need to equip themselves with highly adaptable cyber-defense solutions against bad actors’ ever-evolving attack strategies. Artificial Intelligence (AI) throws yet another variable into the mix. Many banks and credit unions are already exploring opportunities to deploy AI-based solutions to proactively intercept these bad actors’ attempts to compromise their networks or access assets. At the same time, these bad actors are, themselves, taking advantage of AI-powered solutions to execute their attacks. To read more - https://lnkd.in/eZ-4E-s3
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Experienced C-level @ NextApps & Obserwatorium.biz | Cybersecurity | Mobile Solutions | AI and Data Science Engineering
Do you know how artificial intelligence is transforming the banking sector? I've decided to prepare a series of posts on AI in various sectors. Today, let's look at some innovations that are changing banking: 💼💡 1️⃣ 𝐀𝐈 𝐅𝐫𝐚𝐮𝐝 𝐃𝐞𝐭𝐞𝐜𝐭𝐢𝐨𝐧:Advanced algorithms, such as those used by Darktrace (a company specializing in cybersecurity that uses artificial intelligence and machine learning to detect and respond to cyber threats), enable the detection of suspicious transactions in real-time, minimizing the risk of financial fraud. Darktrace employs self-learning technology to analyze behavior patterns and identify anomalies. 2️⃣ 𝐀𝐈 𝐂𝐡𝐚𝐭𝐛𝐨𝐭𝐬: Solutions like Amelia from IPsoft, a virtual assistant developed to utilize artificial intelligence for user interactions. Amelia can engage in natural conversations, understand the context and intentions of the user, offering 24/7 help and support, significantly improving service quality. 3️⃣ 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧: Banks like BBVA use AI to analyze data to tailor their offers to individual needs, increasing satisfaction and loyalty. BBVA employs AI tools for customer segmentation and creating personalized financial products. Thanks to these technologies, banking is becoming safer, more efficient, and tailored to individual customer needs. 🚀💰 Which innovations interest you the most? Do you know any others? Share in the comments! 📣 #artificialinteligence #innovation #service #banking #fintech
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Some key takeaways from Gartner's research on What Banking Leaders Must Know When Adopting Generative AI; ✔️Rapid Adoption: Over 40% of banking CIOs are deploying GenAI, with a focus on internal applications for fraud prevention, personalized marketing, and code generation. ✔️Enhanced Security & Efficiency: GenAI strengthens fraud detection and streamlines tasks like report generation and code writing, boosting employee productivity. ✔️Personalized Customer Experiences: Banks are leveraging GenAI to tailor recommendations and create AI-powered financial coaches for customers. ✔️Challenges & Risks: Bias in AI outputs, data privacy, and security vulnerabilities require careful mitigation strategies. Read the full report below. 💯 Imran Sumra, Gartner, Jasleen Sindhu, Agustín Rubini, Moutusi Sau #generativeai #banking #gartnerinsights #digitaltransformation
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Generative AI stands at the brink of revolutionizing the banking sector by enhancing software development, customer service, cybersecurity, and personalized experiences. However, the successful integration of this technology requires overcoming significant challenges related to data privacy, bias, accuracy, and regulation. By addressing these issues and implementing robust safeguards, banks can unlock the full potential of generative AI and drive significant economic value.Mastercard https://lnkd.in/eiey6y77
Signals | Generative AI: transforming banking | Q4
https://ceros.com
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