Issue #406 - AI: Supporter Or Competitor? March 9th, 2023

AI is being used by companies across several industries and for countless reasons. Also fintech companies can benefit from artificial intelligence: from cybersecurity to reduced costs, fintech companies can implement AI to reach their goals.

Banking as a Service (BaaS) is a great occasion for companies that want to easily integrate banking services into their models.

On Monday, Karine Jean-Pierre, the White House press secretary, said that the Biden administration is comparing the situations of the different crypto companies, including the issues faced by Silvergate. She said this after the recent happenings, when banking regulators revealed how banks can protect themselves from risks associated with crypto. The problems regarding Silvergate are caused by the suspension of its exchange and the delay in filing annual reports.

What is your branch doing to exceed their expectations and meet the needs of other generations as well? Future Branches is two days of action-packed stories, conversations and connections with the top minds in retail banking. We will explore how leading financial institutions are revamping retail banking technology, retooling front line associates, and creating the branch and retail banking experience of the future. You’ll get actionable strategies to provide personalized high touch experiences for today’s customers. This is THE meeting place to benchmark against the best of the best in financial services.

Benjamin Henson, host of the Fintech Insider podcast, invited Lena Hackeloer, Mary Agbesanwa and Ruth Foxe Blader to his recent podcast episode to discuss last week’s news from financial services, fintech and banks – including JP Morgan restricting his staff from using the popular AI bot ChatGPT.

As a member of our team, your main responsibility will be to develop and expand our payment operations function, which involves managing various payment processes across different banking partners and third-party integrated platforms.

Perform statistical analysis to determine Fair Lending regulatory risks associated with CRB and its Marketplace Lending partners in underwriting, pricing, and servicing.

We have built our entire banking platform in house and mostly in Java. We are looking for people who want to work on building the tooling that is used by our engineers on a daily basis.

John Ray III, new CEO of FTX who is also leading the FTX debtors, spoke during a House Financial Services Committee, accusing Grayscale. The sister company of FTX, Alameda Research, sued Grayscale Investments for prohibiting shareholders of its Bitcoin and Ethereum Trusts from redeeming their shares.

The fintech firm Griffin is now transitioning from fintech startup to bank. The London-based fintech is officially on the Financial Conduct Authority (FCA) registry. This means it can act as a bank, but with some limits. Griffin will begin working with a few customers that will have early access to BaaS products and will prepare for general availability.

Fintech layoffs don’t stop. Banking technology company Amount cut off 25% of its workers, about 130 people. These cuts are the second round of layoffs in less than one year.

Binance, the largest cryptocurrency exchange, launched a new product on Wednesday called Bicasso. This new product will use AI to turn users’ creations into NFTs. The beta version is limited to 10,000 mints.

In a recent interview, Satya Mallick, CEO at OpenCV, said he believes that the development of generative AI is a significant innovation. This innovation brings the issue of copyright infringement in AI art, but at the same time, we should consider artificial intelligence as a collaborator that can allow humans to be more productive – and not as a competitor.

Tesla CEO, Elon Musk, announced the company's latest development in AI powered robots. Musk said that Optimus – the company’s robot – may outnumber humans in the future. He also said Tesla is making significant progress in developing these powered robots and that they are designed to cover numerous tasks. Is this going to create problems in the tech industry?