CIO Dive: TD Bank eyes $150M in claims cost reductions — with help from AI
TD Bank expects to cut insurance claims costs by $150 million “in the medium term” through AI deployment, vendor optimization, fraud detection and process reengineering.
The Digital Banker: AI in action: How UOB is turning intelligence into impact
UOB has taken significant strides in leveraging AI through its innovative B-Score 2.0 methodology, which incorporates several AI-driven innovations.
BankingDive: HSBC names generative AI a leading investment area
HSBC named generative AI a key technology investment area during its recent earnings call.
Finextra: North Korea: A cybercrime state
It is estimated that one third to a half of North Korea’s budget comes from cyberfraud and extortion.
Finextra: Royal Bank of Canada creates dedicated AI team
RBC has created a new AI Group to accelerate its take up of artificial intelligence.
eWeek: OpenAI’s First AI Device Could Be a Smart Speaker That ‘Sees and Hears’
OpenAI is now getting into the hardware business.
ScienceDaily: Scientists may have found the holy grail of quantum computing
Quantum Computing continues to advance.
PYMNTS: JPMorgan Chase Analysts Predict AI Costs Could Trigger Bank Mergers
The pace of artificial intelligence spending required in the financial services sector may force smaller banks into mergers.