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Rise in Fraud Anticipated with Increased AI Use in Finance, Warns UK Watchdog
The Financial Conduct Authority (FCA), the United Kingdom’s chief financial watchdog, has issued a warning about the increased risk of fraud associated with the growing adoption of Artificial Intelligence, or AI, in financial services.
While AI can provide endless benefits, such as cutting prices for consumers and streamlining operations, it may also pose significant threats to market integrity and consumer protection if not properly managed.
The watchdog has already observed how volatility during a trading day has doubled and amplified compared to during the 2008 global financial crisis.
“This surge in intraday short-term trading across markets and asset classes suggests investors are increasingly turning to highly automated strategies,” the watchdog says.
The…
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Govt, PSU Banks Asked To Deploy Artificial Intelligence For Increasing Productivity By Finance Ministry – Trak.in
The finance ministry has asked state-controlled banks to consider using emerging technologies such as account aggregators and generative artificial intelligence (AI) to improve their operational efficiency and customer experience.
Leverage technology
In a meeting chaired by Union Finance Minister Nirmala Sitharaman to review the performance of public sector banks (PSBs), banks were told to use technology to provide enhanced services and to cut costs.
“Process automation happens across every digital back office, automation of branch facing roles etc,” a senior finance ministry official said.
Collaboration among lenders
They also said that PSBs are spending money separately for technology upgrades in artificial intelligence and machine learning, which is adding to costs.
Thereby…
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EBC wins two awards at 2023 World Finance Forex Awards
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2023-07-04
2023-07-04
LONDON, July 4, 2023 /PRNewswire/ — EBC, the integrated financial service provider founded in London, has received two awards titles at the World Finance Forex Award, including Best FX Trading Platform and Best Trading Execution.
Despite fierce competition for the title of Best FX Trading Platform, EBC has emerged as a clear winner, thanks to its safe, professional, and efficient service; the title of Best Trade Execution is a newly established award in 2023, the group is thrilled to be the inaugural winner. Both awards solidified the group’s status as a top player in the industry.
EBC aims to enable fast and…
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Chirag Shah, Founder and CEO at Nucleus Commercial Finance, Introduces Pulse…
Chirag Shah, founder and CEO of Nucleus Commercial Finance, introduces Pulse, an innovative new lending and data insight platform that supports SMEs. Since its launch at the end of 2022, it has been an invaluable source for firms trying to secure the necessary funding to grow their business.
Tell us about Pulse – how did you come up with the idea and what markets do you serve?
We currently serve small and medium-sized enterprises across the UK market. With Pulse, we have developed a market-leading technology that will soon enable SMEs to achieve one-click lending, meaning that more than 90% of lending decisions will be made within seconds.
This is made possible by improved access to lending for SMEs through the use of open banking and open accounting. We decided to further build out…
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