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Tech Talk: AI, digitalization, biometrics, and more!

AI platform enhances financial crime detection
Here’s how the FedNow® service is working
Use AI to modernize workflows
Apple AI outpaces cloud-based banking AI
Financial services reluctant to embrace AI
Are biometrics key to replacing passwords?
Microsoft reveals AI security flaw
Key trends and next steps in digitalization
AI: Helping banks to reduce false positives
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

AI platform enhances financial crime detection
Hawk’s artificial intelligence (AI)-powered anti-financial crime platform now includes additional capabilities for spotting risk by identifying links between data points. With these capabilities, financial institutions spot links and other clues that will help them identify suspicious activity, at a time when money launderers are constantly trying to throw them off course by creating a "smokescreen". PYMNTS.com has the details.

Here’s how the FedNow® service is working
FRFS recently established the FedNow User Group to provide continuous and transparent collaboration between the Federal Reserve and the financial institutions actively using the service. Among the goals of that partnership is to elicit feedback on the use cases for the FedNow Service and how they can be expanded or improved upon. Banking Dive has the details.

Use AI to modernize workflows
No matter where the world may fall on the AI hype cycle, as the technology continues to evolve and access further democratizes, its integration into internal workflows will likely become even more sophisticated and widespread as companies look to focus on areas like improving productivity, automating processes, and modernizing the customer experience. PYMNTS.com has the details.

Apple AI outpaces cloud-based banking AI
Unlike traditional cloud-based AI, on-device AI, as introduced by Apple, processes data locally, ensuring greater security and reducing latency. For financial institutions, the adoption of on-device AI presents a promising solution to deliver secure, efficient, and highly personalized banking experiences. Finextra has the details.

Financial services reluctant to embrace AI
AI may cut costs, but financial services companies have reportedly been slow to embrace it. That’s according to a report on June 30 by the Financial Times, which said that regulatory concerns and worries about job losses have kept banks from adopting AI products. PYMNTS.com has the details.

Are biometrics key to replacing passwords?
Everyone hates passwords. Even with the advent of password managers, keeping track of the dozens of strings of characters necessary to manage daily online activities is a burden. Passwords are constantly compromised by data breaches and resetting them has become a prevailing irritation of modern life. Are biometrics going to replace them? Information Week has the details.

Microsoft reveals AI security flaw
A newly discovered security vulnerability in AI systems could pose significant risks to eCommerce platforms, financial services, and customer support operations across industries. Microsoft has unveiled details of a technique called “Skeleton Key,” which can bypass ethical safeguards built into AI models businesses use worldwide. PYMNTS.com has the details.

Key trends and next steps in digitalization
Join FinextraTV at the Temenos Community Forum 2024 as Robert Wint, Senior Product Director, at Temenos, and Lorenzo Villa, Head of Touchpoints at Credem, discuss how to engage customers in the digital age of mobile banking. Focusing on open banking, the conversation highlights financial wellness and GenAI as key trends in the retail banking space and delves into how digital channels are expanding and how banks should proceed with digital onboarding. Finextra has the details.

AI: Helping banks to reduce false positives
Traditional rules-based systems for detecting payments fraud are increasingly inadequate due to the complex schemes devised by fraudsters. This leads to high false positives and limited adaptability. Predictive artificial intelligence (AI) improves on this by reducing false positives and adapting to new schemes using machine learning. PYMNTS.com has the details.

Spams, Scams, and Breaches

Updates, Patches, and Alerts...

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

And on the lighter side...

After all the stories about AI and robots doing possible harm, here's a nice story: Robot cats, dogs and birds are being deployed amid an 'epidemic of loneliness'

First published on 07/05/2024

Briefing type:

Tech Talk

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