The financial sector is among the “most exposed” to both the benefits and the risks of artificial intelligence (AI), the Bank for International Settlements (BIS) said Tuesday (June 24). The benefits of AI for the sector include improvements for lending and payments, while the risks include more sophisticated cyberattacks, the BIS said in a Monday press release.
Stability AI said Tuesday (June 25) that it secured “significant” new funding from an investment group and appointed a new CEO and a new executive chairman. The new capital and leadership will accelerate the company’s growth and ability to deliver generative artificial intelligence (AI) products, Stability AI said in a Tuesday press release. The firm’s
Banco Santander and Amazon are reportedly close to reaching a deal in which the bank would provide financing options for Amazon shoppers across the Europe Union (EU). The negotiations between the companies are at an advanced stage, Bloomberg reported Friday (June 21), citing unnamed sources. Reached by PYMNTS, Santander declined to comment on the report. Amazon did
“Just saying ‘AI’ 15 times is not going to cut it anymore.” So said Stuart Kaiser, head of U.S. equity trading strategy at Citi, speaking to the Financial Times (FT) Wednesday (June 19) about the state of artificial intelligence (AI) investments. As that report noted, most of the stocks that jumped amid last year’s AI
Which industry’s job market will be most impacted by artificial intelligence (AI)? According to a new report by Citi, a little more than half — 54% — of jobs in the banking sector have a higher potential for automation, while another 12% could be augmented by AI. “AI-powered clients could increase price competition in the
Bookkeeping platform Digits has acquired budgeting and forecasting startup Basis Finance. “With rising interest rates and a tightening fundraising environment, the importance of extending runway has become crystal clear to founders in 2024,” the company said in a news release Monday (June 17). “Through this acquisition Digits will accelerate its [financial planning and analysis] FP&A roadmap and extend its dashboard
America’s largest bank says the state of the cryptocurrency market may not be sustainable. This year has seen crypto net inflows of $12 billion thus far — a figure that could jump to $26 billion by year’s end assuming flows continue apace — a trend driven by demand for spot bitcoin exchange-traded funds (ETFs), JPMorgan
In the years since the industry’s founding, cryptocurrency startups have pulled in around $100 billion. That’s according to a report Saturday (June 15) by Bloomberg News, citing data from two sources: DeFiLlama which pegs the crypto sector’s total fundraising at $101 billion since 2014, and The Block Research, which has logged $95 billion in investment
Stream Innovations has secured a $400 million warehouse facility from Goldman Sachs to expand its portfolio of home improvement loans. The company, which provides point-of-sale financing for home improvement and solar installations, currently has $670 million in loans under management and expects to originate $800 million in home improvement loans in 2024, Stream Innovations said in
Has the FinTech industry hit bottom after years of skyrocketing investments? That seemed to be the sentiment among some executives and investors at the Money20/20 event in Amsterdam earlier this month, CNBC reported Thursday (June 13). Among them was Iana Dimitrova, CEO of embedded finance startup OpenPayd, who told CNBC that the market has “recalibrated.”