Artificial Intelligence (AI)

Businesses who use AI see 38% growth

30th July 2024 Consumer Lending | #AI #Artificial Intelligence (AI)#technology

New research has indicated that businesses that use Artificial Intelligence (AI) to drive innovation can see 38% larger impact on growth according to IDEO research The research also shows that using AI to accelerate innovation rather than efficiency can increase growth by more than a third. Business leaders who received AI generated questions to help…

2.4m SMEs could be left behind by advances in AI

14th June 2024 Commercial Credit Management | #AI #Artificial Intelligence (AI)#technology

2.4 million business leaders could be left behind by the advances in Artificial Intelligence (AI), posing a huge economic risk to the UK recent findings from Be the Business have found. The analysis found that over half of SMEs say AI is not being used in their business, with just below half saying they have…

Jaja Finance announces Gen AI chat assistant partnership

23rd May 2024 Consumer Lending | #Artificial Intelligence (AI)#technology

Jaja Finance has announced it has become one of the first UK fintechs to launch a Generative Artificial Intelligence (Gen AI) chat assistant using Anthropic’s state-of-the-art Claude 3 model family, accelerating the fintech’s journey to becoming the UK’s leading digital lender. The new service, ‘Airi’, uses Amazon Bedrock, a fully managed service from Amazon Web…

Warning over threat of AI generated fraud

17th April 2024 Consumer Lending | #Artificial Intelligence (AI)#fraud

Fraud prevention service, Cifas has released its 2024 Fraudscape report, detailing the latest fraud data and intelligence recorded by its members during 2023. The research found that more than 374,000 cases were reported to the Cifas National Fraud Database (NFD), with members recording an incident of fraud every two minutes, preventing more than £1.8bn in…

CMA raises concerns over big tech’s AI dominance

15th April 2024 Consumer Collections | #Artificial Intelligence (AI)

The Competition and Markets Authority (CMA) has expressed concerns that the biggest technology companies are using their dominance in artificial intelligence (AI) in a way that could harm consumers. As AI develops rapidly with the potential to create social disturbance, such as replacing jobs, global regulators want to ensure that big tech is not able…

Over half of financial services sector say AI initiatives are a high priority

19th January 2023 Consumer Collections | #Artificial Intelligence (AI)

New research by FICO has found that the demand for Artificial Intelligence (AI) products and tools is on the rise with more than half of the financial services sector (52%) saying they are a higher priority than 12 months ago, despite the fact that the vast majority (71%) have not implemented ethical and Responsible AI…

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