This is such a momentous day for Numerated and Citi, enabling Citi to leverage Numerated’s AI spreading solution into its enterprise lending operation for about 15,000 users over the globe.
We are proud to announce that Citi has invested in Numerated's AI-powered spreading to enhance their financial analysis. This is one of the largest deployments of AI in commercial lending to date and marks a significant expansion for Numerated into global markets. Learn more about the investment here: https://lnkd.in/eguCamE2. #commerciallending#financialanalysis#AIbanking
We are proud to announce that Citi has invested in Numerated's AI-powered spreading to enhance their financial analysis. This is one of the largest deployments of AI in commercial lending to date and marks a significant expansion for Numerated into global markets. Learn more about the investment here: https://lnkd.in/eguCamE2. #commerciallending#financialanalysis#AIbanking
The "Changing the Game: The Impact of Artificial Intelligence on the Banking and Capital Markets Sector" report by Deloitte highlights how AI is reshaping the B&CM industry. From boosting efficiency to driving strategic decisions, AI's potential is vast. Notably, AI innovations have already reduced fraud by 6% at NatWest and credit card delinquency by 32%. This is essential reading for B&CM executives aiming to leverage AI for competitive advantage.
#AI#Banking#CapitalMarkets#Innovation#Strategy
The report "Changing the Game: The Impact of Artificial Intelligence on the Banking and Capital Markets Sector":
Official Link: https://lnkd.in/gH-74DQ4
The banking and capital markets (B&CM) are undergoing major changes driven by rapid advances in #artificialintelligence (AI). This insightful report from Deloitte examines the profound impact AI will have on the sector over the next 5 years.
Key Topics:
- AI has already being used for specific tasks such as algorithmic #trading and trading management, but the advent of generative AI brings a new era of possibilities
- AI can help solve the scale challenges of banks that previously required significant increases in staffing levels. It increases the workforce without displacement.
- AI is evolving from an "instrument of strategy" to a "determinant of strategy" as leading innovators like JPMorganChase plan billion-dollar #investments.
- Specific use shows significant bottom-line impact, such as a 6% reduction in fraud at NatWest Group and a 32% reduction in credit card delinquency.
- The report analyzes the key risks and considerations that need to be managed for the successful use of AI in the value chain.
This is a must-read for #B&CM executives looking to harness the transformative power of #AI to stay ahead of the competition. The insight gives #banks a way to navigate the changing landscape.
Tony MoroneySam BoboevZvonimir FiljakArjun Vir SinghProf. Dr. Ingrid Vasiliu-FeltesDr. Khulood Almani🇸🇦 د.خلود المانع#AIinbanking#bankingAI#fintech#financialservicesAI#futureofbanking
The report "Changing the Game: The Impact of Artificial Intelligence on the Banking and Capital Markets Sector":
Official Link: https://lnkd.in/gH-74DQ4
The banking and capital markets (B&CM) are undergoing major changes driven by rapid advances in #artificialintelligence (AI). This insightful report from Deloitte examines the profound impact AI will have on the sector over the next 5 years.
Key Topics:
- AI has already being used for specific tasks such as algorithmic #trading and trading management, but the advent of generative AI brings a new era of possibilities
- AI can help solve the scale challenges of banks that previously required significant increases in staffing levels. It increases the workforce without displacement.
- AI is evolving from an "instrument of strategy" to a "determinant of strategy" as leading innovators like JPMorganChase plan billion-dollar #investments.
- Specific use shows significant bottom-line impact, such as a 6% reduction in fraud at NatWest Group and a 32% reduction in credit card delinquency.
- The report analyzes the key risks and considerations that need to be managed for the successful use of AI in the value chain.
This is a must-read for #B&CM executives looking to harness the transformative power of #AI to stay ahead of the competition. The insight gives #banks a way to navigate the changing landscape.
Tony MoroneySam BoboevZvonimir FiljakArjun Vir SinghProf. Dr. Ingrid Vasiliu-FeltesDr. Khulood Almani🇸🇦 د.خلود المانع#AIinbanking#bankingAI#fintech#financialservicesAI#futureofbanking
Research conducted by PwC has found that by 2030, AI could contribute to the global economy by up to $15.7 billion 💷
Mark Aldred, Vice President of International Sales at Auriga has said that it is crucial that banks and financial institutions leverage this technology in order to:
📌 Strengthen their operations to optimise back-office processes, enhancing fraud detection and prevention, and streamlining ompliance with regulatory requirements
📌 Personalise their services with AI-driven virtual assistants which can provide tailored financial management advice and tailor product recommendations to individual customer needs
How else can banks harness the power of AI?
Read more Finance Derivative 👉 https://buff.ly/4bfHNGv#Banking#AI
This case study in HBR was relevant for our current moment in #Banking (even if it was a tiny bit cheesy). At the very, very end it mentioned that the culture needs to change to adopt gen AI. I would add that this also requires an investment of time, $, and leadership. Just because you provide the tools, it does not mean they'll be adopted. #genai, #culturechange,
Chief Information and Client Services Officer, TIAA
As an avid reader of Harvard Business Review, it was a pleasure contributing to the publication’s latest case study about #AI investments in the banking industry. This was an important case to weigh in on, particularly as many of us in financial services are thinking about the ways in which AI can impact and influence our businesses and the way we serve our customers.
Becoming an AI-first organization in the current environment is critical, but not without strategic alignment across the business and establishing a culture of learning and innovation internally. At TIAA, this is at the heart of our strategy as we think about how we can leverage emerging technology to deliver lifetime income solutions, delight our clients and strengthen how we operate.
Many thanks to Tom Davenport and George Westerman for the opportunity to contribute.
#hbr#technology#banking
AI has been revolutionizing the banking and capital markets sector for years, enhancing functions like algorithmic trading and trade surveillance. Now, AI is enabling banks to scale operations efficiently without adding staff, offering vast operational capacity at a low cost.
We are on the brink of a paradigm shift where AI transitions from an 'instrument of strategy' to a 'determinant of strategy.' Our latest report explores AI's transformative role, key considerations for safe implementation, and the future of AI in banking.
https://lnkd.in/dSpuJJk7#AI#Banking#CapitalMarkets#Innovation#FutureOfFinance#Deloitte
🏆 Citi Bank Mainframer wins SMT Data competition at US SHARE Association conference🏆
💡 Matthew LaPosa, Citi Bank Mainframer, shared his insights on Citi Bank's readiness for adoption of AI in Capacity & Performance Management. “I believe there is an incredible amount of potential for AI in IT environments” Matthew stated and continues: “I think oversight and auditing would be needed while working to implement AI into a real-world application”.
This perfectly aligns with SMT Data's approach to AI integration, prioritizing balance and customer feedback. Huge thanks to Matthew for giving his view and thank you to all those Share participants who joined the competition!
📊 Fun Fact: 88% of participants see immense value in AI-enhanced Capacity Management. Exciting times ahead!
#CitiBank#ai#smtdata#SHARE#itbi#capacitymanagement#conference#mainframe#performancemanagement
Citi Publishes New Report on AI in Finance
David Griffiths, Citi Chief Technology Officer, said: “The pace of adoption and impact of Gen AI across industries has been astounding as it becomes clear that it has the potential to revolutionize the banking industry and improve profitability. At Citi, we’re focused on implementing AI in a safe and responsible way to amplify the power of Citi and our people.”
Ronit Ghosehttps://lnkd.in/dNKGVkUg#fintech#finance#banking#paytech#payments#fintechnews#paymentsnews
Which banks are leading the way for AI Innovation?
- JPMorgan Chase & Co. dominates the AI research landscape within the banking sector.
- Capital One and Bank of America dominate the AI patent landscape.
- While Goldman Sachs leads in overall deal flow, Citi took the lead in recent (2023 only) AI venture activity.
Want to find out which other banks are prioritising AI Innovation?
Access to the full report is for Evident members only. To find out more about membership, or to download an excerpt, click here:
https://lnkd.in/eEDmVNdE#evident#ai#artificialintelligence#banking#finance
