The financial services industry has witnessed an ever-increasing interest in automation through artificial intelligence (AI). Prudential Financial Inc., a prominent player in the sector, has recognized the potential of AI-driven automation to unlock new revenue areas and enhance the overall user experience. In this article, we explore the critical importance of downtime management, the value of re-engineering processes before automation,
The rapid evolution of technology and shifting customer expectations have posed significant challenges for the insurance industry. However, the Vienna Insurance Group (VIG) stands out as an industry leader that is proactively addressing these challenges by embracing a digital transformation approach, leveraging the power of Artificial Intelligence (AI) as a key enabler. This article explores how VIG is reimagining its
In today’s rapidly evolving insurance landscape, leveraging technology infrastructure investments has become crucial for insurers. The goal for 2023 and beyond should be to fully realize the benefits of these investments, making insurers increasingly agile, innovative, and customer-centric. This article explores the fundamental shift in perspective and priorities required for insurers, the boom in InsurTech investments, the advancement of data
Pegasystems Inc. (NASDAQ: PEGA), a leading provider of low-code platforms, has unveiled the Pega Financial Crime and Alerts Investigation Management Accelerator. This innovative solution aims to assist financial institutions in effectively managing the growing number of risk alerts and streamlining investigations, leveraging Pega’s intelligent automation, case management capabilities, and groundbreaking generative AI-powered features. Problem Statement Financial institutions face a mounting
SymphonyAI, a leading provider of predictive and generative AI enterprise SaaS solutions, is delighted to announce the appointment of Blythe Masters as an independent member of its board. This strategic expansion of the board signifies SymphonyAI’s commitment to driving innovation and growth in the field of AI technology. With an impressive background in financial services and financial technology, Masters brings
Visa, a leading global payments technology company, recently unveiled its ambitious $100 million Generative AI Ventures initiative. This strategic move aims to invest in companies focused on developing generative AI technologies and applications that have the potential to revolutionize the world of commerce and payments. By actively supporting the growth and innovation in this field, Visa seeks to stay at
The financial industry is undergoing a transformation as non-banking service providers recognize the value of embedding payments into their suite of offerings. This shift towards embedded payments not only enhances the customer experience but also opens up new opportunities for issuers to build valuable ecosystems and capture emerging markets. In this article, we will explore the power of instant virtual
As businesses continue to embrace digital transformation, Stampli, a leading provider of artificial intelligence (AI)-powered accounts payable solutions, recently announced a Series D funding round that raised an impressive $61 million. This boost in capital, led by funds managed by Blackstone, brings the total amount raised by Stampli to an impressive $148 million. With this significant investment, Stampli aims to
Visa, a global leader in payments technology, has recently announced the establishment of a $100 million fund dedicated to investing in companies that harness generative AI technologies and applications for commerce and payments. With its vast potential to shape multiple industries, Visa Ventures, the corporate investment arm of Visa, aims to lead the way in driving advancements in this transformative
Financial institutions (FIs) are increasingly turning to AI-powered solutions to streamline their operations and improve efficiency. WorkFusion, a leading provider of AI digital workforce solutions, has recently launched its latest innovation – an AI Transaction Monitoring Investigator called Isaac. This digital worker is designed to assist anti-fraud analysts in managing transaction monitoring alerts more effectively, allowing them to focus on
Banking is on the cusp of a transformative shift as new technologies and evolving consumer demands reshape the industry. In a recent survey, banking executives shared their insights on the future of banking, revealing a consensus on the rise of embedded finance and the need to act as true digital ecosystems. This article delves into the survey findings, highlighting key
The adoption of artificial intelligence (AI) is rapidly gaining traction in enterprises and organizations across industries. Its potential to create new value propositions is undeniable. However, the successful implementation of AI at scale faces significant challenges with data infrastructure and sustainability. In the banking sector, where sensitive data drives operations and customer experiences, these challenges must be properly addressed. AI
