article thumbnail

When Banks Meet Bots: The AI Transformation of Finance

Tom Spencer

AI refers to computer systems that can perform tasks that normally require human intelligence, such as recognizing patterns, learning from experience, and making decisions. Traditional fraud detection systems rely on predefined rules and patterns, which often result in a high number of false positives. What is artificial intelligence?

Banking 78
article thumbnail

Data Liberation: Impact of CFPB 1033 on the Finance Industry

Tom Spencer

It aimed to increase transparency in the financial system, reduce risks, and protect consumers from abusive financial services practices. As the financial industry adapts to these changes, the focus will be on building secure, transparent, and consumer-centric systems that enhance the overall financial ecosystem.

Finance 88
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What the Finance Industry Tells Us About the Future of AI

Harvard Business

For a preview, look to the finance industry which has been incorporating data and algorithms for a long time, and which is always a canary in the coal mine for new technology. The experience of finance suggests that AI will transform some industries (sometimes very quickly) and that it will especially benefit larger players.

Finance 69
article thumbnail

Technology Ain’t Going to Solve Your Problems

Markovitz Consulting

Yes, the system is pricey, but think of the productivity improvement! Another client of mine invested in a fancy ERP system to help them manage the complexities of their supply chain, and better match supply with demand. If you have a broken process and you add technology, all you get is a faster (and more expensive) broken process.

Software 178
article thumbnail

Integrating Behavioral Economics and Consulting

Steve Shu Consulting

For those unfamiliar with the term “behavioral economics”, I generally describe behavioral economics as a combination of psychology and a traditional science like economics or finance. How do we know when a commercial or public system has been set up in a behaviorally unfriendly way, and what can or should be done about it?

article thumbnail

5 Essential Competencies for Executive Leadership

Consulting Matters

Considers the whole system (vs. They know how to partner well with other functional areas and leverage staff groups such as IT, HR and Finance to facilitate their work. They live beyond the silos and can leverage the value their functional area creates for the good of the whole organization. just functional area) when making decisions.

article thumbnail

Need Clients Now? 5 Strategies to Quickly Get More Consulting Clients

Consulting Matters

If you want to achieve sustainable success as a consultant - ideally you want to create a marketing system to ensure you have a consistently full pipeline of right-fit clients. EVEN if you feel the crunch on the finances, you do not want to under-value what you can bring to the table.