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🔆 Numbers Don't Lie: Fintech 💜 AI
How AI has shaped the way we manage finances, private AI chatbots and Apple's latest rollout.
Sarah, Emma and Allegra at Lumiera.ai
June 13, 2024
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🗞️ Issue 22 // ⏱️ Read Time: 5 min
Hello 👋
Artificial intelligence (AI) is redefining how we bank, invest, and manage our finances. While AI has been transforming the financial services industry for over a decade, the advent of generative AI marks a seismic technological shift. From intelligent chatbots providing personalized advice to machine learning models monitoring fraud in real-time, this is only just beginning.
In this week's newsletter
What we’re talking about: The transformative impact of AI on the financial technology (fintech) industry.
How it’s relevant: The fintech market is rapidly evolving, and the integration of AI is becoming crucial for companies to stay competitive. AI is being infused into various areas of fintech, from fraud detection and credit scoring to personalized financial advice and algorithmic trading.
Why it matters: As consumer demands for convenient and secure digital financial services rise, AI emerges as a game-changer. It promises to redefine the entire financial services landscape, making it more efficient, personalized, and accessible for individuals and businesses.
Big tech news of the week…
🖥️ Apple announced “Apple Intelligence” at WWDC 2024, its name for a new suite of AI features for the iPhone, Mac, and more.
📹️ Kling AI, developed by Chinese tech giant Kuaishou Technology, is a groundbreaking text-to-video generation model that has captured global attention for its ability to create highly realistic videos from text prompts.
🦆 DuckDuckGo has released a platform allowing users to interact with popular AI chatbots privately, ensuring their data remains secure and protected. Neither DuckDuckGo nor the chatbot providers can use user data to train their models, ensuring that interactions remain private and anonymous.
The Fintech Market: Lucrative Growth Driven by AI
As major banks double down on AI investments and fintechs aggressively pursue innovations, the competition is intensifying. The fintech market is witnessing explosive growth, propelled by the increasing demand for AI-powered solutions that streamline and automate financial services.
A 2024 report from Dimension Market Research shows astounding numbers.