May 2024: Top five AI stories of the month
The topic of artificial intelligence (AI) continues to dominate headlines and narratives throughout the world of fintech. Here, we recap five of the top AI stories from May, featuring Cube, M&T Bank, Duco, BBVA, Thomson Reuters, OpenAI and more.
Franklin Templeton partners Microsoft to build “advanced financial AI platform”
Franklin Templeton taps Microsoft Azure AI services
Investment management firm Franklin Templeton is partnering with tech giant Microsoft as it looks to build and deliver an “advanced financial AI platform” for its employees and clients.
With over $1.6 trillion in assets under management (AUM), the US-based firm will leverage the development tools offered by its partner’s Azure AI service suite to bring the platform to fruition.
This includes the suite’s OpenAI service and corresponding GPT-4 large language model, as well as its AI Search and AI Document Intelligence functions.
According to Franklin Templeton, the partnership will enable AI to be rapidly embedded into its processes, with the aim to improve the productivity of its sales and marketing teams.
CIBC Mellon taps Duco for AI-powered data automation tech
CIBC Mellon has partnered with UK-based Duco to implement AI-powered data automation technology into its asset servicing platform.
CIBC Mellon will adopt Duco’s no-code data automation capabilities to help it “manage data effectively while reducing operational risk and improving client experience”, according to CEO Mal Cullen.
“By harnessing AI-based automation, CIBC Mellon ensures that its processes are exception-based and sustainable in the long run,” Cullen says.
CIBC Mellon’s chief client officer Richard Anton adds that the partnership seeks to promote the automation of “repetitive tasks”, increase the unit’s focus on “insight and analysis” and enhance the way “data is managed, processed and utilised”.
AI-powered regtech Cube acquires global regulatory intelligence enterprises from Thomson Reuters
Cube acquires Thomson Reuters’ regtech units
In a continuation of its acquisition streak, UK-based regtech firm Cube has purchased the Regulatory Intelligence and Oden products and businesses of Thomson Reuters.
Through this acquisition, Cube claims that it will deliver an “expanded and comprehensive” array of “specialised regulatory intelligence and regulatory change services”, aiming to “set a new bar for the industry in regulatory automation”.
Regulatory Intelligence’s solution serves financial institutions by tracking and analysing regulatory changes from 2,000 regulatory bodies across 20 countries.
Meanwhile, Oden provides a suite of automated solutions designed to ensure compliance with “state rules and regulations on the provisioning of personal and business insurance in the US”.
BBVA partners OpenAI to deploy ChatGPT among its employees
Spanish banking giant BBVA has partnered with ChatGPT developer OpenAI to distribute generative AI tools among its workforce.
The Bilbao-headquartered group says that it has now started to deploy 3,000 ChatGPT Enterprise licenses among employees operating its central services in Spain.
According to a statement, it intends to extend licences to employees in the group’s other “main countries” in due course, with the technology’s deployment to “increase productivity and process efficiency, while stimulating innovation across the group”.
“The aim is for all areas and departments to have access to ChatGPT, so that licensed employees can collaborate with their colleagues in undertaking various projects,” the group’s statement continues.
Rich Data Co inks first US deal for AI decisioning platform with M&T Bank
M&T adopts RDC’s AI decisioning platform
Australian start-up Rich Data Co (RDC) has extended its AI-powered decisioning platform to M&T Bank as its first major client in the USA.
The business and commercial lending-specific platform will enable North America’s sixth largest commercial bank to “detect more early warning signs” within its risk management and lending strategy.
Leveraging explainable AI technology, the solution will equip the bank with lending and risk insights applicable throughout the customer relationship lifecycle.
The deal was facilitated through RDC’s collaboration with its reseller partner, nCino, whose Continuous Credit Monitoring solution leverages RDC’s AI decisioning platform.
