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Mastercard’s Five Pillars of AI

Businesses are rushing to adopt AI — but they need to consider ethics right off the bat if they want to build trust and future-proof their business. This special report from Brighterion highlights how more than 60% of consumers consider brands more trustworthy if they think their use of AI is ethical — meaning today’s businesses must be able to demonstrate responsible AI as the technology becomes critical to the future of work.

Is AI the Future of the Insurance Industry?

In this contributed article, Paul Ford, CEO of TRAFFK, discusses how the insurance companies that are able to successfully merge cloud-based data driven AI technology with the traditional methods of engagement through their agents are the ones who will rise to the top.

How Harnessing Data Can Lead to Better Financial Outcomes

In this special guest feature, Greg Wright, Executive Vice President and Chief Product Officer for the Experian Consumer Information Services (CIS) business in North America, discusses how the financial services industry must continue to utilize the most accurate and comprehensive data solutions to enrich credit decisions, while also educating consumers about the options available to them. Educating consumers about the information included in their credit report and ways they can improve their credit histories is an important step in getting the economy as a whole humming again and helping those most in need.

Financial Chief Data Officers Making Advances in Data Management and Compliance but Over Half of Manual Processes Remain

A new survey, conducted by WBR Insights among data and information technology executives within the financial services sector and sponsored by InterSystems, highlights that financial organizations are allocating significant portions of their budget to compliance initiatives, and that 54% of those surveyed further revealed that at least half of these functions are still performed manually within their organization.

How Financial Institutions Can Deal with Unstructured Data Overload

In this contributed article, Chandini Jain, CEO of Auquan, outlines how new AI-powered tools can aggregate, query, analyze and leverage unstructured data to unveil deep insights in record time. She takes a look into how these tools are providing value and helping financial institutions turn mounds of unstructured data into decision-making power.

Federal Reserve Considering Formal Request for Public Feedback about the Adoption of AI in the Financial Services Sector

It’s great to see the Fed move in the direction of potentially providing clarification and additional guidance around supervision of AI/ML in financial services. Additional guidance from the Fed and other agencies (OCC, CFPB) would help a lot to clarify supervisory expectations when AI/ML models are used. Specific guidance around these topics, provided by Anupam Datta, the Co-Founder, President, and Chief Scientist of Truera, are important.

Data Science Salon for Healthcare, Finance & Technology

insideBIGDATA is pleased to announce that it is a Community Partner for the upcoming “Data Science Salon for Healthcare, Finance & Technology” virtual event (use special discount code: insideBIGDATA20 when registering). DSS Virtual Salon | Applying AI & Machine Learning to Healthcare, Finance & Technology is the only industry conference that brings together specialists in healthcare, finance and technology data science fields to educate each other, illuminate best practices, and innovate new solutions in a casual atmosphere.

Driving with Data: How AI is Personalizing the Auto Insurance Industry and Saving Lives

In this special guest feature, Gilad Avrashi, CTO & Co-Founder at MDgo, believes that now is the time for the insurance industry to leverage AI technology to unlock the power of data and provide personalized services that customers demand to retain them as loyal customers.

Big Data & Credit Score: What’s Changing

In this contributed article, Magnolia Potter describes how the availability of large quantities of consumer data, also known as big data, has broad implications for the way we measure credit. No longer will consumers be tied to traditional banking for building credit. Now, all kinds of metrics can help prove credit worthiness.

How Can We Best Identify and Nurture Promising AI Startups?

In this special guest feature, Salvatore Minetti, CEO, Fountech.Ventures, outlines a number of important points for how we ought to help promising early-stage startups build towards commercial success. Investment alone is not enough, and solving key societal problems will only happen if we properly support and nurture the innovative AI startups who are developing the actual technology.