3 Ways Technology is Changing the Car Insurance Industry

 

You’re probably familiar with the many ways technology is changing how you drive – whether it’s driver assist technology helping you make decisions behind the wheel, built-in cameras giving you a 360-degree view of the road, or energy-efficient advances helping you spend less on gas. But new technology isn’t just changing the way you drive, it’s also changing the way you’re insured. Read on to learn about three advances in technology that are revolutionizing the auto insurance industry.

Telematics devices

What if you could prove to your insurance company that you are a safe driver – and reduce your premium as a result? That’s exactly what insurers are offering with Usage-Based Insurance (UBI) plans. Under this type of plan, drivers install a telematics device in their car to record information about their habits behind the wheel. In return for their data, drivers qualify for a small discount to their premium upon signing up for a UBI plan, and a potentially larger discount when they renew – depending on their habits. If you’re hesitant to share this much information with your insurance company, read these news stories:

  • One insurer reports that 70 percent of drivers with this type of plan earn some kind of discount.
  • A study by the University of British Columbia showed that real-time driving feedback resulted in better habits for most participants.
Something to also be mindful of is that insurance companies are not allowed to use the information they collect to raise your premiums or deny you coverage – only to offer a discount.

Machine learning

Thanks to the internet, shopping for insurance is easier than ever. There are many sites online that will allow you to quickly compare multiple quotes from insurers so that you can find the best – and most affordable – plan. When it comes to servicing clients online, one company that is leveraging machine learning to raise the game is Kanetix Ltd.

Machine learning refers to a type of artificial intelligence in which computers are programmed to “learn” by themselves as they are exposed to more data and new experiences. In this case, Canadian firm Kanetix Ltd. partnered with Integrate.ai to offer customized buying experiences to their users. Leveraging their website’s deep pool of data, they were able to predict a customer’s likeliness to purchase insurance – and tailor the next steps of their buying experience based on the information. The result? A win-win scenario for Kanetix, which saw an increase in lead generation and marketing ROI, and their customers, who benefited from an improved online experience.

Autonomous vehicles

Experts have predicted that self-driving cars could save Canadians $65 billion a year in reduced fuel costs, fewer collisions and decreased congestion, making autonomous driving technology an exciting trend. Even self-driving cars, though, will require human co-drivers who are paying full attention, otherwise, they’ll still be susceptible to collisions – like in this case where a Tesla Model S that was in autopilot mode caused a fatal highway accident. So what does this mean for the auto insurance industry? Insurers will need to have policies in place to determine who is liable for an accident that involves an autonomous vehicle: the maker of the vehicle or the human driver. U.K. lawmakers have proposed a vehicle technology bill that suggests the manufacturer of a self-driving car could be liable in some instances, rather than the ‘driver.’ Under the bill, insurance companies would need to offer two types of insurance for autonomous cars: one to account for when the car is operating on its own, and one to provide coverage when the driver takes over.

For the most part, these trends are just emerging, so it’s impossible to say for certain what the car insurance industry will look like as technology advances. It’s safe to say, though, that as we change the way we drive, there will be many new opportunities and challenges for insurers in the future.

 

 

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5 Weird New Tech Devices

Advancing Technology Produces New Products

The advancement of technology has made it possible to discover a broad range of devices including those that have inspired, amazed, and amused. In the weirder corner of innovation, technology has delivered some strange gadgets might induce a sense of disbelief.Whether you swear by the usual or are looking for something to make your day awesome, we’ve put together a list of some of the latest unusual tech products that are sure to evoke a range of emotions.

  1. Somnox Robotic Pillow

This pillow, which claims to help you “sleep faster, longer and wake up refreshed,” is one of the most bizarre tech gadgets out there today. Intended as a sleep companion, the pillowy four-pound kidney bean-shaped huggable sleep robot mimics your breathing rhythm and plays a lullaby to help soothe the mind and get you to sleep.

  1. Opro9 SmartDiaper

The Opro9 SmartDiapera is a smart humidity sensor designed to make life easier for parents of newborn babies. The device, flat wetness sensor for nappies, sends alerts to parents when their toddler pees. The smartdiaper is usually connected to a parent’s smartphone via Bluetooth 4.0.So when the nappy is wet, it sends a signal to the parent or carer so they could instantly change the diaper. This helps to prevent the occurrence of diaper rash and keeps parents from unnecessarily changing their child’s diaper.

  1. Toyota e-Palette Concept

The Toyota e-Palette is a fully automated, next-generation battery electric vehicle that is intended to move people, products, and services in a very efficient way. The weird-looking car is the result of a partnership between Toyota and Softbank. Toyota’s ultimate goal is to make the e-Palette into autonomous mobility as a service device capable of serving a multitude of functions such as ride-sharing, carpooling, mobile office and retail space, medical clinics, hotel rooms, etc. As the name implies, the device is still just a concept. So it remains to be seen whether it will materialize.

  1. Laika Interactive Companion for Dogs

Laika interactive companion for dogs is a smart mobile robot designed to allow you to monitor and interact with your dog from anywhere in the world using your smartphone. CamToy, the French-startup behind the innovation named the device after the first dog in space. The robot comes with a built-in speaker that lets you talk to your pet regardless of your location. Laika is also equipped with a pet camera that allows you to face-time. In addition, you can reward your dog using the gadget’s built-in treat dispenser, which is designed to hold treats of different sizes.

  1. Philips SmartSleep headband

If you experience difficulty sleeping, Philips wearable solution, the SmartSleep headband, might be the answer to your problems. The gadget is designed to improve sleep quality by playing quiet tones to help you get a good night’s sleep. The gadget, which links to a SleepMapper app via Wi-Fi and Bluetooth and can be charged via USB, claims to increase energy in the same sleep time and makes you feel less tired during the day.

Technology Is Opening New Ideas To The World Everyday

 

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2019 Banking Industry Outlook 6 themes driving banking industry trends counting the Costs of a Data Breach

 

Banking And Technology

For 2019 and past, banks must contend with many issues engaged to regulations and legacy systems, upsetting models along with technologies, new challenge, and an impatient customer base while chasing new techniques for lasting growth. Our 2019 Banking Industry Outlook inspects the six macro themes from customer centricity to cyber risk facing all the industry’s five primary business portions in the coming twelve to eighteen months. Companies that can address these issues opportunities to effortlessly balance long-term goals with short-term performance pressures might be amply compensated.

There is considerable opportunity for banking institutions on the coming year, but lasting development will probably rely on navigating 6 dominant themes.

The banking industry comes in 2019 having a fresh air of careful confidence among clouds of policy doubt. Today, the clouds have cleared a little. For banking institutions around the globe, 2019 might a crucial year for accelerating the change into more strategically minded, digitally connected, and operationally agile organizations better equipped to maintain market leadership in an ecosystem that is rapidly evolving.

But this present year also promises multiple challenges, including complex and diverging regulations and legacy systems, troublesome models and also technologies, new competitors, and an often restive customer base with ever-higher anticipations. For banks’ 5 company lines retail banking and corporate banking, capital areas, payments, and wide range management 6 broad themes might be particularly critical for sustainable long-term development into the coming twelve to eighteen months:

Customer-centricity: True customer centricity is certainly a Holy Grail for banking institutions, which have made notable strides in moving away from sales-dominant countries. But clients objectives are evolving at a much faster speed, many thanks in particular to the superior experiences they enjoy with other industries. Being alert in experience delivery is as essential today as aiming at right areas as well as right consumer segments with all the ideal resolutions.

Financial Technology and Banking

Fintechs and techs are going to have a very strong impact on banking in the near future . Banking institutions can learn from fintech firms, which have set a benchmark that is new surpassing customer objectives in financial services. Fintechs have changed the direction of innovation in banking. However, incumbent institutions that are financial likely to keep their dominance offered their scale of operations, regulatory barriers to entry, and customers’ reluctance to change. That does not mean that banks should lean on their market laurels, but just the opposite. Rather, they are able to discover techniques to improve the customer experience. Banks could reproduce just what fintechs are doing, collaborate with them, or obtain them. Moreover, banks could take an expansive view of competitive benchmarking to consist of the most beneficial in class fintechs along with big tech companies.

Tech Administration

Technology administration. As much as banks may wish they might, discarding legacy systems just isn’t an option. Modernizing the main generally seems to be considered a concern on par with buying a profile of new technologies for example Blockchain as well as robotics and intellectual automation. There exists a lot to be done, as well as it is not going to be easy. Banks can aim to strike a balance between retaining competitively differentiating activities in-house as well as others that are externalizing. By 2020, technology units inside banks will possible start making changes by themselves from running platforms to arranging technology information flows across most of the stakeholders.

 

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The Successes and Failures of Fintech

The global fintech market is characterised by a booming digital payments industry valued at $3,403,168 million in 2018, with a total transaction value projected to increase by 13.2% by 2024. Among the largest sectors of the fintech industry are the personal finance sector and the burgeoning Robo-Advisors sector. According to market research (Research and Markets), the total market’s transactional value for 2019 through 2024 is forecast to grow at a compound annual growth rate (CAGR) of 8.6%. Fintech’s rise to prominence was facilitated to a large degree by the failure of central banks and established financial systems following the global financial crisis. A growing demand for workable financial solutions, structures and frameworks yielded innovative fintech solutions for improved efficiency, better management, and enhanced cost effectiveness.

Financial Tech Companies

The leading financial technology companies have set the standards high, with ambitious objectives aimed at solving real-world problems. Sometimes these incubator solutions have prospered, at other times they have failed. The rationale for ongoing R&D into Fintech solutions is to replace redundant, expensive financial frameworks and entrenched systems with leaner and more efficient solutions. Fintech’s advances have not been without the occasional stumbling block. One such area of concern is small business lending. Predatory pricing techniques and invasive business practices have tarred this particular segment of the fintech industry. Greater regulatory compliance and oversight are needed to establish credibility among users.

Challenges Ahead for Sectors of the Fintech Industry

So, what’s really going on in the Fintech space? What are the notable failures and what are the possible bright spots on the horizon? It appears that the most significant losses are attributable to banking companies and online lenders. Several big-name enterprises like CAN Capital, OnDeck and even Lending Club have suffered acute losses, as reflected in their stock prices. For example, LendingClub Corp stock has dropped from over $25 per share in 2014 to just $3.60 per share today. This begs the question: Why are online lending companies failing while traditional financial institutions are enjoying incremental growth? An interesting insight is provided by acclaimed investor, J. Christopher Flowers. His analysis of fintech companies is revealing. Fintech companies don’t follow the narrative of financial companies. Fintech is geared towards massive growth and dominance in double-quick time. Financial enterprise is typically slow and steady, with incremental growth over time.

Funding For Technology

With tech funding, investors plough huge amounts of money into new ventures with a short-term perspective. In financial circles, trust needs to be built, reputations established, and market penetration achieved. All of these things take time to process. With fintech it’s about who gets to market first in a rush for dominance. Fintech enterprises in the online lending industry are all about pushing sales, first and foremost. Proof of this dash towards rapid growth and dominance in the online lending market is evident in the high cost per click with keywords on Google. To cut a long story short, advertising campaigns with many online lenders are geared towards growth at all costs. By working with established fintech enterprises, fintech newbies fall into the trap of stagnation. The reason d’etre of fintech is disruptive technology, while incumbent enterprises are set in their ways. This makes it rather difficult to gain traction.

Fintech Success Stories to Rebalance the Scales

Fintech has a place in today’s fast-paced world, particularly in areas where clunky processes hamper the efficiency of important business functions. One striking example of fintech at work is in the area of global payroll payments processing. Payroll costs are a major bugbear for companies all over the world. Global payroll operations across multiple territories and jurisdictions typically cost companies substantial sums of money and they are associated with significant security concerns, legal complexities, and compliance-related issues. Fintech companies offering sophisticated solutions in the form of automated payroll processing solutions are having an impact on the profitability and efficiency of company operations. Many companies have touted solutions for global payroll, but only a select few generate the types of results that are needed to validate their adoption. The hallmarks of effective global workforce management platforms are cost-reducing solutions, fully automated payroll systems, and full compliance with GDPR. By eliminating email dependency in the payroll function, it is possible to improve data security and coverage for employees and the company.

 

A big part of the inefficiency problem with global payroll management is compliance. Each country, territory or jurisdiction has specific rules in place regarding payroll management. With automated payroll solutions, compliance is guaranteed. Thanks to local verified experts in place, it is easy to enjoy complete control and transparency of all payroll-related activity. Automated payroll solutions run on autopilot, without any complexity. By connecting with local suppliers, companies can enjoy best-in-class payroll management through secure, efficient and compliant payroll solutions. Many other promising areas are ripe for fintech development. Innovative technologies are giving rise to systems, products and services making it easier to manage finances for businesses and individuals, secure payments channels, and facilitate greater efficiency across the board. Digital banking is slated to double in size within a few years, and mobile payments are expected to reach $275 billion by 2021 (Statista). Various other fintech fields are being cultivated, including biometric banking identifiers, insuretech, regtech (fintech regulatory compliance systems), blockchain, and concepts such as ‘Social Money’. Each of these fintech markets is enjoying substantial investment, and adoption of these new technologies is quickly gaining traction.

The Future of FinTech

The future certainly looks bright for fintech and all its applications. New developments are being brought to market at breakneck speed. While some concepts will inevitably fail, but offer solutions to existing challenges.

 

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The Revolution in Virtual Reality

 

A new front-runner has emerged in IPO New technologies; Wall-Street.com spotlights this new exciting technology from MIT Technology Review.

Virtual Reality: The Next Frontier

Virtual reality technology has revolutionized, challenging everything humanity knows about virtual worlds. Imagine being able to find yourself in a beautiful and magical land simply by putting on a pair of goggles. This may sound far-fetched or like something in a Sci-Fi movie, but it is months away from being a reality.

Why Now?

Though virtual reality goggles were invented almost three decades ago, they did not take off because of exorbitant prices and poor technology. The first virtual reality goggles from thirty years ago cost $100,000 for a single pair! Furthermore, players of another virtual reality game in the 1990’s complained of nausea and disorientation while playing.

Oculus Rift

Now things have changed. Oculus VR is introducing the Oculus Rift in 2014, an affordable virtual reality headset that utilizes smartphone technology for an incredibly clear and realistic experience. As players lean in to look at a flower, the simulation follows their movement in real time.

Palmer Luckey, the 21 year-old founder of Oculus VR, has dreamed of virtual worlds since his video games day as a child. From a young age he worked towards his dream; he designed a working prototype that would evolve into Oculus Rift at the age of 16.

How Much?

At the moment, Oculus Rift cost around $300, which makes it affordable for the general gaming public.

Not Just for Gamers

Although currently aimed at video games, virtual reality could have many uses in other fields such as phobia therapy, emergency response training, and architecture.

Investment Opportunities

Oculus Rift has already gained $91 billion in funding and much media attention. Facebook recently bought the company for the large sum of $2 billion. Therefore, it may seem as if there are no IPO investment opportunities.

However, Oculus Rift has inspired many other companies to start their own virtual reality development. Large companies such as Sony and smaller, more specialized video game companies need investors to take on this challenge.

There’s More!

This revolution in virtual reality is by no means the only exciting development in IPO new technologies. There are hundreds more articles about possible investment opportunities here at Wall-Street.com, each one archived and easily accessible through the search bar in the upper right hand corner of the site.

Sources: Tech Review

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How Artificial Intelligence (AI) is Transforming Mobile Technology

The Future of Smartphones

Artificial Intelligence is making its way into almost all areas of modern life. From monitoring fraud to powering virtual assistants, autonomous cars, and airline autopilot, the impact of AI in everyday life is far-reaching than you might think. Now, the technology is fast becoming one of the highlight features of smartphones, making our handy devices smarter than ever.

In this post, we look at how artificial intelligence will drive transformation in smartphones. But before going on to discuss the fundamental changes AI will bring to mobile devices in more detail, we will, first of all, explore what artificial intelligence is and why it has become so important.

What is Artificial Intelligence?

Artificial Intelligence refers to the simulation of human intelligence processes by robots. It involves the development of programs that can process information, and respond in a way which is closer to human reasoning. These machines “think” like a human and behave in the way a person would.

The applications can perform a variety of tasks mostly observed through human intuition such as problem solving, knowledge gathering, and logical reasoning. As a result, businesses use AI to collect information that enables them to deliver more personalized, predictive experiences, and smarter customer engagement, which consumers expect. Smartphone manufacturers now deploy the technology in a bid to make their devices more “intelligent.”

Artificial Intelligence and Smartphone Camera

One of the areas AI will have the most impact on smartphones is camera. AI is used on smartphone cameras for scene recognition, facial recognition, as well as photo sorting. For instance, the A12 Bionic AI processor in the iPhone XS enables the smartphone to recognize the environment as quickly and accurately as possible. On its part, Huawei’s new Kirin 980 processor, which is featured on the Huawei Mate 20 (Pro), offers facial recognition, direct translation on the phone, as well as scene recognition capabilities. Another Huawei device, the Honor 10 features a program that can split pictures into many areas and then edit each section individually via the application.

AI and Phone Battery

Android and DeepMind have joined forces in a bid to improve phone battery life. The team developed an AI-packed feature called “Adaptive Battery,” which monitors your device’s battery consumption and automatically close apps running in the background that you rarely use.

AI and User Interface

AI will make it possible for you to have more convenient smartphone experiences. Already, the newer version of Android uses machine learning to suggest apps to you based on your habits so that you can proceed quicker and with much more efficiency. The system anticipates your next action based on the current action and suggests a shortcut to take you to an app quicker.

AI, Smart Display, App Slices, and Smart Reply in Notification

Google is leveraging AI to create a more robust experience for smartphone users. App Actions and Slices allow Android users to perform tasks outside of an app without necessarily opening it. The feature provides a smaller version of a preloaded app inside Google Search, providing specific app functions that let you execute tasks without having to open and operate the full application.

Similarly, the smart reply in notification feature allows you to type replies directly from the notification area without the need to open and operate the full application. Another feature that benefits from the integration of AI in smartphones is Adaptive Brightness. Android now uses AI to learn from your manual screen adjustments to automatically tailor screen brightness to levels that are best suited to you.

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How 5G Will Impact Communication and Industry

 

As the next generation superfast wireless networks technology, 5G promises to change our lives fundamentally. The network is expected to have much higher speeds and capacity that allows files to be downloaded in the blink of an eye.

Beyond this, 5G will play a significant role in shaping the cities of tomorrow by powering other technologies that will revolutionize communication, enable travel, learning, and innovation. From The Internet of Things to smart homes, self-driving cars, Telemedicine, Virtual and Augmented Reality and everything between, the wide-scale deployment of the 5G network will drive the reinvention of several businesses and consumer applications.

Its impact is expected to be significant, as an IHS Markit report estimates that 5G will boost the global economic output by $12.3 trillion by 2035.

5G and Communication

As the 5G network makes higher transfer speeds and lowers network latency a reality, it will bring about significant improvements in communication. The faster speeds and much greater network efficiency will make communication a breeze, while the significantly lower latency will significantly improve response time.

Because 5G can send and receive signals almost instantaneously, individuals and businesses will have instantaneous communication with co-workers, friends, or clients, and not have to contend with dropped calls and poor connections. 5G will also be able to connect many pieces of devices, from phones, to computers, to security cameras, and several other types of equipment.

Also, the mobile network is expected to offer mobile internet speeds of more than 10 gigabits per second (Gbps), which is about a hundred times faster than the 4G can provide. This will mean a 5G user could download a feature-length movie in High Definition in less than five seconds.

How the 5G Network Will Impact Industry

The Internet of Things World Wide

Outside of communication, 5G is expected to bring about a widespread implementation and adoption of the Internet of Things (IoT). This could greatly improve the interconnection of devices and their ability to collect, transmit and store data, which will have obvious advantages for industries like manufacturing that increasingly rely on the IoT to connect their processes and factories digitally.

An improvement in IoT will bring about direct benefits such as a reduction of operating costs, an increase in productivity and efficiency, as well as enhanced workplace safety. The capacity to collect, monitor and analyze data from social media, video surveillance, mobile and internet usage will also enable businesses to understand consumer behavior better and improve customer service delivery.

The impact of 5G on IoT will mean that work can be completed in time, more efficiently, more flexibly, concurrently, and in a safer and more environmentally friendly manner.

It is believed that 5G will also have significant impacts on self-driving vehicles, remote healthcare, virtual training, innovative classroom learning, Financial Markets run by robotics, and new military capabilities.

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Top 5 Most Popular Online Games in 2019

 

 

Virtual Reality The Next Generation of On-Line Gaming and 5G

New technology has made it easier than ever for people from different parts of the world to be online. As rapid digital technology advancement continues to impact lives, society keeps finding new ways to create and develop more convenient ways to live.

This has led to significant advances in gaming technology which appear to enhance the attraction of online game among video game enthusiasts. Online video games becoming a significant aspect of gaming culture prompted us to itemize a collection of the best and most popular online games in 2019 to help you connect with gamers from different parts of the world in the right places.

  1. Fortnite Battle Royale

Fortnite Battle Royale is a free-to-play strategic action game developed and published by Epic Games. The game, which is available on PS4, Mac, Windows, Nintendo Switch, and Xbox One, is currently the most popular game in the gaming world with almost 5 million concurrent players. This game of survival pits 100 players against each other. Players can choose to play solo or group into duos or squads of four players where they can have another set of eyes watching their back.

  1. PlayerUnknown’s Battlegrounds (PUBG)

PUGB is a battle royale game built and published by PUGB Corporation. The game is based on a few Arma mods and H1Z1. In this multiplayer game, an individual player along with 99 other real-time players are all taken to a remote island that has been abandoned by its inhabitants. The goal of the game is for the player to eliminate the competition using any means necessary and be the last person standing. PUBG is currently one of the most played games in the world and is available on several platforms including Xbox One, PC, Android, and iOS.

  1. League of Legends (LoL)

It may be almost a decade old, but LoL remains evergreen because of its stunning mode scene and the excitement that it generates. League of Legends is a multiplayer action RPG game developed and published by Riot Games. The game allows an individual to control their own “Champion” and pits them against other champions. LoL boasts more than 7 million concurrent players as well as over a hundred million active ones.

  1. Splatoon 2

Splatoon 2, the sequel to Platoon, is a colorful team-based multiplayer shooter game that brings something unusual to the shooter genre. It was created and published by Nintendo and is available exclusively on the Nintendo Switch. Players are required to ink everything visible in an attempt to spread colors over the whole map area.

  1. Hearthstone

Hearthstone is a free-to-play online card game created and published by Blizzard Entertainment. The collectible card game requires players to obtain cards that depict characters, spells, and abilities, which they would then use to build decks of 30, and fight each other afterward.

While there are several other terrific online games you can choose from, the games mentioned above are some of the very best and offer an online gaming experience that allows you to enjoy all of the beauty and opportunities that gaming provides.

 

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Apple Still working on Ambitious Self Driving Car Project

 

Apple Advances on Self Driving Car

What was once human fantasy may soon become the norm. Self-driving cars are becoming increasingly common to see on the roads nowadays. And as they hit the streets in growing numbers, one company is making efforts to ensure driverless vehicles do so in style and with as less trouble as possible.

Last year, Chief Executive Officer of Apple Inc., Tim Cook dismissed reports saying the company was building its own self-driving cars, claiming instead that his firm was working on “autonomous systems” that will power a range of different products. However, it has since become clear that Apple is indeed working on an autonomous vehicle of some sorts under the name “project Titan.”

A Cleantechnica piece claims that Apple’s self-driving car project is still in the works. The California-based company is said to have brought more people on the self-driving car project, including a Waymo engineer, Jaime Waydo. Apple also hired another notable personality in the person of John Gianandrea, a former Google executive and AI expert.

Ambition

The emergence of Tesla, Waymo, Uber and Google’s ambition to push the limits of innovation to deliver maximum comfort for passengers has led to breakthroughs in the quest for self-driving cars. Recent events suggest Apple hopes to join the train by manufacturing a driverless vehicle of its own.

If Mr. Cook’s earlier submissions are any indication, then Apple will stop at nothing until it has realized its goals. The CEO had stated that Apple’s then new self-driving technology was the “…mother of all AI projects,” which is “is something that’s incredibly exciting for us.”

Considering it’s a big rich company with a vast amount of resources and influence, there’s little to suggest that Apple’s Project Titan will be anything other than a success. The organization has all it takes to lay its hands on the right technology and attract the best brains to help speed up the project.

Steady Progress

It is not yet clear what form Apple’s self-driving car initiative would take. For now, however, it appears that the company’s autonomous driving team will concentrate their efforts on building self-driving employee shuttles in collaboration with Volkswagen, according to The Verge.

The tech giant settled for Volkswagen after talks regarding partnerships with Mercedes-Benz and BMW ended, per New York Times. It would be recalled that Apple obtained permits to test self-driving vehicles in California in furtherance of its driverless car ambition sometime in 2017.

The Drive reported that the company’s fleet of self-driving cars registered with the California Department of Motor Vehicles has grown to 55 cars. This makes Apple the company with the second largest fleet of autonomous vehicles in California after General Motor’s Cruise.

It may not be there yet, but Apple seems to be making continued progress with its self-driving car project.

 

 

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Artificial Intelligence and the Future of Banking and Finance

A I Artificial Intelligence On Guard Against Fraud

Artificial intelligence (AI) is expected to be the next big thing in the banking and financial services sector; it has been touted as next great breakthrough that will change the way we bank and conduct financial transactions.

Why not, the vast amount of data, high volume transactions, and the quantitative nature of the banking and finance industry makes it one of the sectors where artificial intelligence will be better applied. It is believed that financial institutions can leverage the power of AI to transform current processes and improve services delivery as well as the use of financial products.

A Powerful New Weapon Against Financial Fraud

In today’s low-trust environment, artificial intelligence offers a new way to tackle financial fraud, build trust, and create a secure financial atmosphere. New forms of AI are being introduced to catch fraudsters with exceptional speed and efficiency.

Thanks to such new technologies, artificial intelligence could identify irregularities or patterns in transactions which might point to fraud, money-laundering, or terrorist activity. Tools like machine learning and data analytics could be used to scrutinize the vast amounts of data AI holds on clients and transactions, and compare this information against publicly held data to flag suspicious activity for security teams.

Asides these anomaly detection apps, future security measures will require biometric data such as facial recognition, voice recognition, etc., to provide more protection to customers.

Role in Customer Service as well as Sales and recommendation of Financial Products

Other potential future applications of AI in banking and finance lie in the area of customer service and sales of financial products. An Accenture report states that artificial intelligence will become the primary channel through which financial institutions and their clients will interact in future. Indeed, this prediction is fast becoming a reality thanks to organizations like Kasisto, which are developing chatbots that enable bank customers to chat with their financial institution using text-based natural language.

The Kasisto app facilitates finance-specific interactions by allowing customers to ask finance related questions via chat. Similarly, McLean-based Capital One Finance has developed a chatbot called Eno to enable its clients to complete a broad array of tasks on their smartphone. Customers can use the app to transact, check their account balances, as well as request card information such as bill dates and limits.

Beyond its role in enhancing customer experiences, AI is also expected to play a significant part in the sales and recommendation of financial products. For instance, a robo-advisor might recommend portfolio changes. It is also believed that robo-advisors could potentially employ some level of machine learning to recommend a specific car or home insurance plan.

As AI continues its journey into the mainstream, it is predicted that the technology will play a more prominent role in reinventing the banking and financial services landscape by making it much easier for banks to analyze risks and assess the behavior of a prospect to discover any possible fraud, among other things.

Overall, the future of AI promises a new era of disruption in the banking and finance industry.

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