Further expansion of the digital ecosystem while addressing key challenges such as interoperability, policy frameworks, cybersecurity, and others will empower the fintech sector to provide out-of-the-box financial solutions to a broader audience, experts said on Tuesday.
Given past impetus on technology-led development, the momentum on digital payments, tech-based startups, entrepreneurship and innovation could continue, despite the likely return of coalition politics.
The European Securities and Markets Authority (ESMA) issued a warning to banks and investment firms in the EU regarding the use of artificial intelligence (AI) and the legal obligations to protect customers.
FinTech unicorn Paytm reported record loss of Rs 550 crore for Q4FY24 as compared to Rs 167.5 crore in Q4FY23, mainly due to the regulator's intervention and ban on its payments bank arm. Post this record loss, in a letter to the shareholders, Paytm CEO Vijay Shekhar Sharma hinted on job cuts, improving governance and leveraging AI among other things.
SoftBank Group, based in Tokyo, announces intention to be more assertive in AI and chip venture following profitable second quarter. Net income exceeds expectations with help from investment gains and increase in Arm's stock. CFO Yoshimitsu Goto says the company's net asset value reaches record $178 billion. Founder Masayoshi Son seeks $100 billion for chip venture to rival Nvidia.
According to sources familiar with the matter, state-owned banks are preparing to devise a comprehensive strategy and roadmap for implementing generative artificial intelligence (GenAI) systems. Pilot projects are slated for launch within the current fiscal year.
The BFSI sector has seen a rise in the use of automation due to several factors, including a notable degree of automation integration into service offerings provided by business process organizations, centralized robot dashboard administration, enterprise-level robot deployments, and robot orchestration.
Tailored solutions are being developed to specifically target various challenges within the industry. For example, automated damage assessment utilises computer vision and sensor data analysis to swiftly evaluate vehicle and property damage. "Similarly, treatment expense prediction AI harnesses Natural Language Processing (NLP) to extract valuable insights from diagnoses and reports, facilitating the assessment of health insurance claims," the report mentioned.
Digital innovation will further fuel cross-border and cross-sectoral financial interconnections, requiring collaboration among central banks and regulators to achieve an appropriate regulatory baseline to oversee the use of AI and ML, de Cos said. The Basel Committee will soon publish a more comprehensive report on the digitalization of finance and its implications for regulation and supervision, he said.
AI's impact on finance careers could lead to significant cuts in junior analyst hiring at major banks like Goldman Sachs and Morgan Stanley. The rise of AI threatens traditional tasks performed by entry-level employees, potentially reshaping the industry's future. While Goldman Sachs stated that it has no plans to alter its incoming analyst classes, the bank acknowledged that it is in the early stages of exploring AI technology and is pleased with the results thus far.
AI's impact on finance careers could lead to significant cuts in junior analyst hiring at major banks like Goldman Sachs and Morgan Stanley. The rise of AI threatens traditional tasks performed by entry-level employees, potentially reshaping the industry's future. While Goldman Sachs stated that it has no plans to alter its incoming analyst classes, the bank acknowledged that it is in the early stages of exploring AI technology and is pleased with the results thus far.
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