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May 30, 2024 | 
finextra.com | Mayuri Jain |Adam Lieberman |Ketharaman Swaminathan |Ahmad Almoosa
Real-time payments do exactly what the name implies. They refer to transactions that clear and settle (almost) instantaneously. This type of payment is characterised by settlement finality, instant confirmation, and immediately available funds. For businesses
with transactions that span countries – or continents – this is invaluable in fostering smarter financial management.
But how does the tech behind this process work? And why is it worth the investment for financial institutions?
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May 29, 2024 | 
finextra.com | Adam Lieberman |Ketharaman Swaminathan |Ahmad Almoosa |Abhishek Bhasin
In the ever-evolving landscape of finance, Natural Language Processing (NLP) has emerged as a game-changer. This innovative technology, which enables computers to understand and interpret human language, is transforming the way financial institutions operate,
enhancing efficiency, and offering new insights. Here’s a deep dive into why finance is increasingly leveraging NLP and its profound impact on the industry.
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May 28, 2024 | 
finextra.com | Ketharaman Swaminathan |Ahmad Almoosa |Abhishek Bhasin |Steve Morgan
With the explosion of Gen AI in recent times, financial services organizations are looking to harness the technology to its fullest potential.
Early forms of generative AI have been used across the industry for a decade, particularly in the form of synthetic data generation, but fear and fascination dominate boardroom conversations in equal measure. As a heavily regulated industry, trepidation
is understandable, but exciting use cases are just on the horizon.
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May 28, 2024 | 
finextra.com | Ahmad Almoosa |Abhishek Bhasin |Steve Morgan |Eldad Tamir
In
Ten Revolutionary Things About AI - Part 1, we described five gamechangers about ChatGPT and other Generative Artificial Intelligence platforms.
In this Part 2, we shall cover five revolutionary things about AI.
6. Weird Regulatory Proposals
There are broadly two lobbies for regulating Gen AI:
A) Closed Source (via Sam Altman and Vinod Khosla): Tightly regulated, closed source.
B) Open Source (via Mark Zuckerberg and Marc Andreessen): Unregulated, open source.
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May 15, 2024 | 
finextra.com | Shagun Malhotra |Ross Kolodyazhnyi |Benjamin Avraham |Ahmad Almoosa
All insurtechs have something in common: they promise to improve the customer experience over traditional players.
And yet I’m surprised to see that many of them have decided to focus more on the tech and building a great digital customer acquisition experience without investing in customer lifecycle management (aka customer care) – and even less in claims management.
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May 13, 2024 | 
finextra.com | Brandon Spear |Ahmad Almoosa |Max Koretskiy |Aleksandra Kitina
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External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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May 13, 2024 | 
finextra.com | Brandon Spear |Ahmad Almoosa |Max Koretskiy |Aleksandra Kitina
In the rapidly evolving landscape of financial services, credit unions face a unique set of challenges and opportunities. While committed to their member-first ethos and community focus, credit unions must navigate an increasingly digital world.
Modernization is not just an option; it’s essential for survival and growth. Here’s how embracing technology can benefit credit unions and help them thrive in the digital age. Modern members expect seamless, personalized interactions.
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May 10, 2024 | 
finextra.com | Brandon Spear |Ahmad Almoosa |Max Koretskiy |Aleksandra Kitina
In today’s financial landscape, Credit Union Service Organizations (CUSOs) face significant challenges that stem from outdated technological infrastructures. As digital transformation reshapes the banking sector, CUSOs not yet transformed are encountering
several critical issues:
Inefficiencies in Operations
Legacy systems are not designed to handle the volume or complexity of today’s banking transactions, leading to slower processing times and increased operational costs.
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Apr 29, 2024 | 
finextra.com | Ross Kolodyazhnyi |Benjamin Avraham |Ahmad Almoosa |Eldad Tamir
The month-end close is a pivotal moment for any finance team—a time where accuracy reigns supreme, and missteps can have devastating consequences. As organizations look to ensure that all financial statements are in order, they encounter numerous challenges
that can hinder their progress and expose them to unnecessary risks.
According to a recent
study by Ventana Research, finance departments face a challenge in providing timely information during month-end close periods.
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Jan 17, 2024 | 
finextra.com | Aleksandra Kitina |Ekmel Cilingir |Ahmad Almoosa
As the global community grapples with the urgent challenges of climate change, the role of fintech in driving meaningful solutions has never been greater
In the quest for solutions to sustainable development, inviting fintechs to join prestigious forums like the World Economic Forum (WEF) in Davos is not just a necessity but a strategic imperative.
