AI Raises Privacy Concerns - Issue #438 October 19th, 2023

Meta, previously known as Facebook, has openly admitted to utilizing public posts from its Facebook and Instagram platforms to train its new artificial intelligence system, Meta AI. This AI is a conversational assistant designed to respond to text queries and even generate photorealistic images based on text prompts. However, this revelation has sparked concerns among users regarding privacy and ethical considerations, especially since explicit consent was not obtained from users before their posts were used for AI training. Additionally, there are worries about the potential misuse of this data and the generation of misleading content.

Unlock access to a community of top-tier fintech professionals by posting your job listings on FintechWeekly. Starting from just €299, you can amplify your recruitment reach and find the perfect match for your team. Post your job today and attract the talent you need to elevate your business.

Mick Mulroy discusses the Israel conflict and U.S. diplomacy. Ed Ludlow notes a decline in Apple iPhone sales in China. Michael Weisz shares market reactions to geopolitical uncertainties. Bobby Ghosh delves into the Israel-Hamas conflict and Egypt's potential role. Kati Penney talks about public offerings, highlighting the Birkenstock IPO and potential government shutdown effects. Brian Hyndman discusses his company's focus on overnight and electronic trading. Hosted by Paul Sweeney and Matt Miller.

GradRight is an ed-fin-tech company committed to drive transparency and accountability in global higher education sector.

With the next big leap in this space, we are looking to strengthen our Product Team by bringing in a solid leader in this space, who can further grow the business and help us achieve the leadership status across all Business Units

You are excited to be a part of a data science team on a mission to improve access to credit and technology in emerging markets. You are eager to learn about the intersection of machine learning and financial credit. You want to develop data features and machine learning models that allow us to confidently predict customer risk.

Exciting opportunities await in the dynamic world of fintech! Explore all of FintechWeekly's current job listings. Whether you're an industry veteran or a budding professional, our curated selection has something for everyone.

The DKGcon in Ljubljana on October 9, 2023, brought together experts in Internet, blockchain, and AI. They explored the differentiation of credible information in the age of generative AI using technologies like blockchain. The conference also delved into the broader societal and economic implications of these technologies in relation to AI.

The fintech sector has evolved from being seen as a competitor to traditional banks to becoming a collaborative partner, ushering in a new financial ecosystem. According to the European Institute of Innovation and Technology (EIT Digital), the narrative that once positioned fintechs in opposition to established financial institutions has shifted. While competition still exists, the emphasis is now on collaboration within a growing ecosystem of diverse players offering integrated services. The challenge for regulators lies in promoting innovation while effectively managing associated risks. EIT Digital suggests that there are four potential scenarios for the future development of fintech in Europe.

Goldman Sachs is testing a generative AI initiative aimed at enhancing the productivity of bankers' meetings and strengthening client relationships, as revealed by CIO Marco Argenti. This AI suggests talking points for bankers based on previous meeting minutes and other relevant data, aligning with the relationship-driven nature of banking. While Wall Street is exploring how generative AI can transform the industry, Goldman Sachs emphasizes the importance of human oversight, especially concerning compliance and data privacy.

Australian Payments Plus (AP+), a consortium fintech backed by BPAY, eftpos, and NPP Australia, has introduced ConnectID, a digital ID solution designed to combat verification issues, fraud, and identity theft. ConnectID allows users to verify their identity without repeatedly sharing unnecessary data, reducing the risk of data breaches. The service, which doesn't store personal information, acts as a bridge between organizations verifying identities and those providing verification, ensuring a secure and streamlined process.

The children's FinTech sector is experiencing significant growth as parents increasingly seek tools to equip their kids for a financially secure future. Recognizing the importance of early financial education, FinTech firms are introducing kid-friendly apps that encompass a range of features, from managing allowances and tracking chores to offering investment accounts and debit cards. These platforms aim to foster financial independence in youngsters, allowing them to learn through experience while ensuring they remain free from debt. Among the notable platforms in Europe are GoHenry, MyMonii, Osper, Ruuky, and Vybe card, each offering unique features to cater to the needs of the younger generation and their parents.

Super-apps, which offer a multitude of services within a single platform, are gaining traction globally. In regions like China and South-East Asia, these apps, such as WeChat, have become integral to daily life, offering everything from messaging to financial services. However, the Western market has been slower to adopt this trend due to factors like user preferences for specialized apps, stringent data privacy regulations, and market saturation. Despite these challenges, the potential of super-apps in the fintech sector is undeniable. They can bridge various industries, streamline financial processes, and offer unparalleled user convenience. For fintechs to harness the power of super-apps effectively, they must prioritize seamless integration, user engagement, and data privacy.