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FinTech 101: How financial technology affects everyday life [video]

82 points by urahara 9y ago

spudlyo 9y ago
Can we change the link to point to the full video[0]? [0]: http://www.reuters.com/video/2017/07/12/fintech?videoId=372088194 http://www.reuters.com/video/2017/07/12/fintech?videoId=3720...
downrightmike 9y ago
Adblock, adblock Plus and ghostery all together blocked 13 things. That's after what Pi-Hole blocked.
scribu 9y ago
I enjoyed the overview about what fintech is. But the middle of the video, the startup guy makes some bold claims about their AI - essentially that it has human-level understanding of natural spoken language.
- jsemrau 9y ago
  >a start up that builds an artificial intelligence platform for financial services. I didn't even started watching after reading this sentence. That's like saying "System using Applied Mathematics in Financial Service"
erikb 9y ago
If this is fintech, traditional banks don't have to worry much. The real tech is something that replicates every day things like paying for something, checking bank account, transfering to other accounts or friends, making saving plans, analysing how a loan for a car or house or investment would fit into the current situation. What AI can do on top is making assumptions about the future, e.g., based on the last 3 years spending and the current loan you consider taking out, how will your bank account look like in 10 years and why? What AI can do is give risk/opportunity assessments for certain scenarios based on anonymized data from all the users, e.g., getting a raise, moving to another town, losing your job, getting divorced, having a baby. What AI can do is figure out based on activity patterns (like a computer virus scanner) when you get an offer that tries to cheat you, when you don't have enough info to make a decision, or when someone hacks your account, stole your credit card or similar. And last but not least it can tell you if you forgot to pay the utility bill yesterday, because yesterday was the 1st and you usually pay that on the 1st. What AI, at least in its current form, is probably not able to do is talk to you like a human.
- spking 9y ago
  Can confirm. Just this past week I observed mortgage loan officers taking inbound calls from prospective customers. The nuances involved in answering the huge spectrum of questions and complex answers around home loans (for instance) won't be replicated by machines for quite some time. In general, when people are making big financial decisions they will be more comfortable talking to another person than AI until there truly is no detectable difference anymore (20+ years away)?

82 points by urahara 9y ago

Can we change the link to point to the full video[0]? [0]: http://www.reuters.com/video/2017/07/12/fintech?videoId=372088194 http://www.reuters.com/video/2017/07/12/fintech?videoId=3720...

downrightmike 9y ago

Adblock, adblock Plus and ghostery all together blocked 13 things. That's after what Pi-Hole blocked.

scribu 9y ago

I enjoyed the overview about what fintech is. But the middle of the video, the startup guy makes some bold claims about their AI - essentially that it has human-level understanding of natural spoken language.

jsemrau 9y ago
>a start up that builds an artificial intelligence platform for financial services. I didn't even started watching after reading this sentence. That's like saying "System using Applied Mathematics in Financial Service"

erikb 9y ago

If this is fintech, traditional banks don't have to worry much. The real tech is something that replicates every day things like paying for something, checking bank account, transfering to other accounts or friends, making saving plans, analysing how a loan for a car or house or investment would fit into the current situation. What AI can do on top is making assumptions about the future, e.g., based on the last 3 years spending and the current loan you consider taking out, how will your bank account look like in 10 years and why? What AI can do is give risk/opportunity assessments for certain scenarios based on anonymized data from all the users, e.g., getting a raise, moving to another town, losing your job, getting divorced, having a baby. What AI can do is figure out based on activity patterns (like a computer virus scanner) when you get an offer that tries to cheat you, when you don't have enough info to make a decision, or when someone hacks your account, stole your credit card or similar. And last but not least it can tell you if you forgot to pay the utility bill yesterday, because yesterday was the 1st and you usually pay that on the 1st. What AI, at least in its current form, is probably not able to do is talk to you like a human.

spking 9y ago
Can confirm. Just this past week I observed mortgage loan officers taking inbound calls from prospective customers. The nuances involved in answering the huge spectrum of questions and complex answers around home loans (for instance) won't be replicated by machines for quite some time. In general, when people are making big financial decisions they will be more comfortable talking to another person than AI until there truly is no detectable difference anymore (20+ years away)?