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Financial firms should leverage machine learning to make anomaly detection easier

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Anomaly detection is one of the more difficult and underserved operational areas in the asset-servicing sector of financial institutions. Broadly speaking, a true anomaly is one that deviates from the norm of the expected or the familiar. Anomalies can be the result of incompetence, maliciousness, system errors, accidents or the product of shifts in the underlying structure of day-to-day processes.

For the financial services industry, detecting anomalies is critical, as they may be indicative of illegal activities such as fraud, identity theft, network intrusion, account takeover or money laundering, which may result in undesired outcomes for both the institution and the individual.

There are different ways to address the challenge of anomaly detection, including supervised and unsupervised learning.

Detecting outlier data, or anomalies according to historic data patterns and trends can enrich a financial institution’s operational team by increasing their understanding and preparedness.

The challenge of detecting anomalies

Anomaly detection presents a unique challenge for a variety of reasons. First and foremost, the financial services industry has seen an increase in the volume and complexity of data in recent years. In addition, a large emphasis has been placed on the quality of data, turning it into a way to measure the health of an institution.

To make matters more complicated, anomaly detection requires the prediction of something that has not been seen before or prepared for. The increase in data and the fact that it is constantly changing exacerbates the challenge further.

Leveraging machine learning

There are different ways to address the challenge of anomaly detection, including supervised and unsupervised learning.

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Source: https://techcrunch.com/2021/07/28/financial-firms-should-leverage-machine-learning-to-make-anomaly-detection-easier/

AI

10 Universities Dedicated To AI Research

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Artificial Intelligence (AI) has developed into a technological phenomenon that has spread through various industries. From data analytics to deep learning, to big-data mining, and so on, AI has transformed technology for the better, it seems.

So, if you want to join this lucrative industry in working with AI, consider getting a degree from an accredited college or university. Here are 10 universities that are dedicated to AI research: 

Cambridge University

Cambridge’s Department of Engineering is one of the most sophisticated schools in the world. From constant research to ongoing developments, students not only learn about AI, but also develop their foundational roots in disciplines that allow them to work hands-on with technology. With a large network, students can share and develop what they’ve learned.

Carnegie Mellon University

Carnegie Mellon University invites students to learn about AI. With more than 400 startups linked to this prestigious university, as well as endorsements and backing from companies like Argo AI, Aurora, and Uber, CMU is all about turning novice engineers into the driving force that brings AI further and further into the spotlight.

Columbia University

Columbia University also shares its enthusiasm for engineering. From healthcare to electrical engineering, CU understands the complexities and roles that AI plays in such industries. With acclaimed engineers and scientists like Gordana Vunjak-Novakovic, Christine Hendon, Tal Danino, and Elham Azizi assembling the roundtable of tech-based discussions in conjunction with Columbia Engineering magazine, they share their inputs on AI in healthcare and electrical engineering.

Harvard School of Engineering and Applied Sciences

The Harvard John A. Paulson School of Engineering and Applied Sciences (SEAS) exposes students to realities concerning technological advances, including AI. Since 1847, Harvard has been the champion of engineering and applied sciences. And now, with AI, the school continues to be the champion for engineering excellence, especially in a time when AI is growing more and more in popularity.

Massachusetts Institute of Technology

MIT takes pride in America’s industrial revolution. The school understands that technology has many avenues that people can pursue – AI included. With rising talent and jobs to fill, MIT is committed to growing the AI community by offering relevant disciplines, and by allowing its students to work with technology through artistic and inventive ways.

Oxford University

Oxford offers Engineering Science, which is made up of various subjects like microelectronics and offshore oil platforms. With amazing studies in engineering:

Biomedical

Chemical

Civil

Electrical

Information, AND

Mechanical

… students will learn how AI is at the forefront of engineering. 

Stanford University – School of Engineering

Stanford takes AI seriously through research and innovation. Here, students will know the going-ons of technology in the 21st century, along with the major challenges that surround this generation. By studying various backgrounds, beliefs, and perspectives, students will learn to incorporate what they’ve learned about AI into the real world.

University College London

With global data networks, renewable energy, driverless vehicles, etc. on the rise, UCL is committed to teaching students about the high-tech world, and how AI is involved behind the scenes. From mathematics to physics to engineering and computer science, UCL ensures that students will learn the full extent of this growing technological phenomenon. 

University of California-Berkeley

UC Berkeley’s Department of Industrial Engineering and Operations Research has a new professional degree program in the College of Engineering. Students will learn about optimization, data analytics, risk modelling, simulation, and so on, which are vital to understanding the complexity of AI. UC Berkeley is there to teach students about the various scenarios that AI is most needed – healthcare, transportation, finances, the works.

University of Texas (Austin) – Cockrell School of Engineering

Finally, UT Austin’s Cockrell School of Engineering is focused on growing tech trends like AI. Here, students will learn about the leading pioneers of the high-tech world, and how AI is cementing its greatness in such a world. Students will eventually be subject to an ever-growing network of opportunities in AI, including jobs, internships, etc. from various companies like Apple, IBM, Dell, Samsung, Google, and many more. 

Conclusion

So, you see, AI is a desirable skill to obtain. So, when you consider these 10 universities, you’ll know just how popular AI is, and what benefits you’ll get from attending one of them. Knowledge in AI opens many doors, so why not open the door to any of these wonderful schools today? 

~ Christina Lee is a writer and editor at Studydemic. As a content writer, she writes articles about technology, coding, and engineering.

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Source: https://www.aiiottalk.com/universities-dedicated-to-ai-research/

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AI

How Might Technology Help Your Business? Three Ways Explained

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It’s challenging to keep up with the latest advances in technology, especially if you’re not a natural techie like most people. Instead of following every new technology craze, I propose that you focus on context, relationships, and intelligence within your company so your corporation can grow and achieve results. However, depending on the nature of your business, you should examine whether having the most cutting-edge technology can benefit your company and its products or services because having the best technologies incorporate within your business may not contribute towards your end goal.

In addition, we will look at three ways in which technology might help you enhance and develop your business within this article. 

Using Technology to Promote Your Business

You may use technology to advertise your business in a variety of ways. For starters, you are already promoting your business by having a website, and hopefully, you’re being active on your website and as well as all your relevant social media platforms. 

You can also use technology to advertise your business by conducting video marketing strategies, a lot of companies tend to make short videos because they’re known to grab people’s attention far easier than a paragraph about a product. 

In hindsight, there are so many online strategies to advertise your business and to make your corporation thrive. 

Enhanced Security

As technology advances, more businesses seek to incorporate the latest elements of technology into their business models in order to stay ahead of their competitors and stay on top of their respective industries.

As cybercrime becomes more widespread, more websites are attacked. Technology has greatly enhanced security measures, such as firewalls, password locks, and admin controls, all of which are difficult to penetrate. 

Almost every online business will put security first because they understand how crucial it is to protect their customers’ personal information and data. For example, online banks have the highest level of security because they deal with money and vital information about the public, one more example would be the casino gambling industry, just like these Curacao casinos they have the highest level of security available and that is because of the advancement of technology. 

Productivity Improvements

Employees now have access to a variety of productivity tools that help boost overall productivity, which means you’ll receive more work done by your staff and hopefully increase the company’s overall earnings and income. We can now use project and task management tools to stay on top of our responsibilities, as well as e-mail management tools to stay organized with the daily messages we receive on a day-to-day basis.

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Source: https://1reddrop.com/2021/09/21/how-might-technology-help-your-business-three-ways-explained/?utm_source=rss&utm_medium=rss&utm_campaign=how-might-technology-help-your-business-three-ways-explained

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Conversational AI Could Make Financial Info More Accessible, Understandable, Commonwealth Report Reveals

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A report from national non-profit Commonwealth notes that “powerful” emerging technologies (Emtech) have the “unprecedented” potential to “shape the future of people’s financial lives, often in ways that will be with us for decades or longer.”

According to the Commonweatlh report, Emtech like Big Data-powered AI (e.g. chatbots and virtual assistants), machine learning, and blockchain/distributed ledger solutions—are evolving a very rapid pace.

Due to their highly transformational nature, these next gen technologies offer creative ways to enhance financial security and “opportunity for all.” However, they also present new types of risks “if distributed unevenly, with some populations using emerging technology to get ahead, while others may be left out of the system.”

The Commonwealth research report added:

“To achieve the promise of these technologies for all, Commonwealth is focused on ensuring that the needs of financially vulnerable people are understood, visible, introduced into relevant conversations, and integrated into solutions. Ultimately, our vision for this work is that financial services leaders, fintech entrepreneurs, social impact innovators, nonprofits, and others shaping the financial system act to harness these powerful emerging technologies to serve this untapped consumer segment, benefiting financially vulnerable people and their businesses.”

Commonwealth’s research identified conversational AI as one “critical area” that may be ripe for innovations “to address the financial needs of low- to moderate-income people.” Conversational AI technologies like virtual assistants and chatbots are “growing in ubiquity in financial services, becoming a primary way that people interact with their banking systems,” the report revealed.

According to Commonwealth:

“Conversational AI has the power to make financial information more accessible and understandable to customers; help customers resolve their financial needs efficiently; and allow financial institutions to reach an untapped consumer segment, improve trust and ultimately improve customers’ financial security.”

The report concluded:

“The financial technology landscape continues to shift, and Americans have ever-expanding options for banking and managing their finances. Our research suggests that financially vulnerable people are open to changing the way they bank and looking to fintech apps and financial services organizations for support. Fintechs and financial institutions can engage this market segment, benefiting their businesses and enabling financial security for all.”

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Source: https://www.crowdfundinsider.com/2021/09/180424-conversational-ai-could-make-financial-info-more-accessible-understandable-commonwealth-report-reveals/

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AI

Conversational AI Could Make Financial Info More Accessible, Understandable, Commonwealth Report Reveals

Published

on

A report from national non-profit Commonwealth notes that “powerful” emerging technologies (Emtech) have the “unprecedented” potential to “shape the future of people’s financial lives, often in ways that will be with us for decades or longer.”

According to the Commonweatlh report, Emtech like Big Data-powered AI (e.g. chatbots and virtual assistants), machine learning, and blockchain/distributed ledger solutions—are evolving a very rapid pace.

Due to their highly transformational nature, these next gen technologies offer creative ways to enhance financial security and “opportunity for all.” However, they also present new types of risks “if distributed unevenly, with some populations using emerging technology to get ahead, while others may be left out of the system.”

The Commonwealth research report added:

“To achieve the promise of these technologies for all, Commonwealth is focused on ensuring that the needs of financially vulnerable people are understood, visible, introduced into relevant conversations, and integrated into solutions. Ultimately, our vision for this work is that financial services leaders, fintech entrepreneurs, social impact innovators, nonprofits, and others shaping the financial system act to harness these powerful emerging technologies to serve this untapped consumer segment, benefiting financially vulnerable people and their businesses.”

Commonwealth’s research identified conversational AI as one “critical area” that may be ripe for innovations “to address the financial needs of low- to moderate-income people.” Conversational AI technologies like virtual assistants and chatbots are “growing in ubiquity in financial services, becoming a primary way that people interact with their banking systems,” the report revealed.

According to Commonwealth:

“Conversational AI has the power to make financial information more accessible and understandable to customers; help customers resolve their financial needs efficiently; and allow financial institutions to reach an untapped consumer segment, improve trust and ultimately improve customers’ financial security.”

The report concluded:

“The financial technology landscape continues to shift, and Americans have ever-expanding options for banking and managing their finances. Our research suggests that financially vulnerable people are open to changing the way they bank and looking to fintech apps and financial services organizations for support. Fintechs and financial institutions can engage this market segment, benefiting their businesses and enabling financial security for all.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/09/180424-conversational-ai-could-make-financial-info-more-accessible-understandable-commonwealth-report-reveals/

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