November 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 take a look back at five of the top AI stories from November, featuring LSEG, Revolut, Moody’s and more.
iCapital looks to boost data management capabilities with AltExchange acquisition
iCapital snaps up AltExchange for an undisclosed sum
Alternative investment fintech iCapital has entered into a definitive agreement to acquire AltExchange, a Colorado, US-based firm that leverages AI to enhance data aggregation, management, and reporting for financial advisors and asset managers. Financial details are undisclosed.
AltExchange’s AdvisorVue platform uses AI to help financial advisors aggregate client portfolios and organise data and documentation.
Meanwhile, its Digital Custodian Platform (DCP) automates investor reporting and standardises post-investment data.
Lawrence Calcano, chairman and CEO of iCapital, says the acquisition “complements the investments we are making in our internal R&D to further enhance our data management capabilities”.
Zand Bank partners Alibaba Cloud and Ant Digital Technologies to drive GenAI adoption in UAE
Zand Bank, a Dubai-based digital challenger, has come together with Alibaba Cloud and Ant Digital Technologies to “accelerate the applications of generative AI, blockchain and payment technology” among corporate, institutional and wealth clients in the UAE, according to CEO Michael Chan.
Zand highlights “GenAI use cases and fintech solutions including real world assets, e-wallet, mobile Platform-as-a-Service (mPaaS) and other services” as key focus areas for the partnership.
Alongside mPaaS, Peng says Ant Digital Technologies’ provision of “one-stop digital banking solutions” will also include the biometric authentication platform ZOLOZ and software framework SOFA.
LSEG taps IDVerse for AI-powered ID verification solutions
LSEG partners IDVerse for ID verification tech
The London Stock Exchange Group (LSEG) has selected IDVerse’s identity verification tools and infrastructure to “scale global coverage and fight digital deception in customer onboarding”.
LSEG will utilise IDVerse’s regenerative AI solution, Zero Bias AI, which is used to mitigate discrimination based on race, age or gender within deep neural network systems.
The offering will be integrated into the group’s Document and Biometric Verification solution, which also comprises the vendor’s Deepfake Defender AI.
Daniel Flowe, head of digital identity at LSEG, says the group’s selection of IDVerse “adds yet another means of low-friction, high assurance identity verification for our customers”.
Revolut unveils 2025 product vision, including mortgages, an AI assistant, and branded ATMs
Nik Storonsky and Vlad Yatsenko, co-founders of UK challenger Revolut, unveiled the fintech’s product vision for 2025 at the company’s “Revolutionaries” event in London this month.
This vision includes the gradual rollout of a new AI-powered assistant which will “adapt to customers’ needs and preferences in-app, guiding them towards smarter money habits, enhanced financial decision-making and streamlined admin”.
In August, the company also became Europe’s most valuable private tech company, reaching a $45 billion valuation after a secondary share sale.
Moody’s expands lending tech suite with acquisition of Numerated Growth Technologies
Moody’s acquires Numerated for an undisclosed sum
Numerated Growth Technologies, which offers a commercial lending platform for banks and credit unions, has been acquired by Moody’s Corporation for an undisclosed sum.
The platform, founded in 2017, uses AI-powered financial analysis to streamline the end-to-end lending process for 30,000 financial institutions and over 500,000 businesses.
Numerated previously entered into a partnership with Moody’s in January to power its lending suite with front office, decisioning and loan operation technologies.
Now the total integration of Numerated’s tech is intended to culminate in “a powerful end-to-end loan origination and monitoring solution”, according to a statement by Moody’s.
