Artificial intelligence is reshaping finance, with PwC predicting increased efficiency in banking, FINOS introducing an AI governance framework, and Devexperts bringing AI-powered trading to Discord.
These advances highlight the impact of AI across financial services, from enhancing security and streamlining operations to enhancing user access and addressing governance issues.
PwC: GenAI reshapes the banking industry
According to a PwC report, generative AI is set to transform the banking sector, offering opportunities to increase efficiency, security and customer satisfaction.
This report highlights how generative AI can streamline processes, enhance cybersecurity, and deliver personalized banking services.
The report said loan processing, fraud detection and risk management could be affected. By using advanced AI models, banks can reduce loan approval times and make more accurate decisions.
“GenAI is a game changer for the banking industry,” the report states. “This will go a long way in making the entire financial services process more secure, efficient and customer-friendly.”
However, the report also warns of potential risks associated with deploying generative AI, including data privacy concerns and the need for security measures. To mitigate these risks, PwC recommends implementing data governance, strengthening the security of AI systems, and adhering to established frameworks such as the National Institute of Standards and Technology’s (NIST) AI Risk Management Framework. did.
The report suggests that banks that develop customized generative AI strategies are best placed to leverage their benefits while managing the associated risks. As technology continues to evolve, the capabilities of generative AI in the banking sector are likely to be further expanded through integration with other emerging technologies such as blockchain and the Internet of Things (IoT).
FINOS launches AI governance framework for financial services
According to an October 1 press release, the Fintech Open Source Foundation (FINOS) announced a draft AI governance framework designed to help financial institutions securely and compliantly deploy AI technologies.
Developed by FINOS’ AI Readiness Special Interest Group, this framework outlines 15 risks and 15 controls explicitly tailored for AI systems using large-scale language models in financial services. . It aims to address the challenges of introducing AI into the regulated financial industry.
“It is very interesting to see how FINOS members have come together in a relatively short period of time to address important fundamental guidelines for introducing AI into the complex and regulated world of financial services.” said FINOS Secretary General Gabriele Colombro in a release.
This announcement is part of FINOS’ broader AI initiative that aims to accelerate AI readiness in the financial sector.
Devexperts adds Discord to its AI assistant
According to a press release on Tuesday (October 8), Devexperts has integrated its AI assistant, Devexa, with Discord to expand its multichannel capabilities.
Already supporting Telegram, WhatsApp, and Facebook, Devexa’s new integration aims to streamline transactions for users directly within Discord’s platform.
Traders using Discord “have access to all the benefits of Devexa, including knowledge-based support, in-depth financial analysis capabilities, and virtual assistance and support,” Jon Light, head of OTC platforms at Devexperts, said in the release. mentioned in.
According to the release, traders can retrieve financial data, perform technical analysis, and place orders without switching apps.
This integration allows brokers to connect directly with traders and broadcast trading signals, updates, and messages to their community without leaving Discord. Unifying communications allows brokers to keep users engaged and provide real-time information on each release.
The move highlights the company’s commitment to simplifying and centralizing trading processes across widely used communication platforms and making financial tools more accessible on the go.
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See more: Artificial Intelligence, Banking, Cybersecurity, Devexa, Devexperts, Discord, FINOS, Fintech Open Source Foundation, Fraud, GenAI, Innovation, News, PWC, PYMNTS News, Security, Technology
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