Decentralized Venture Ecosystem

Category Archives: Fintech AI/ML, Data-driven

AI will (not) have a record year in 2022 the way you think

AIAuthority | | Dec 17, 2021

AI 2022 - AI will (not) have a record year in 2022 the way you thinkArtificial intelligence is being used in an increasing number of industries and business categories, leading to a record year of revenues and investment in 2021. That trend will only accelerate in the coming year as the race to apply the technology to new industries and new purposes within leading industries leads to record numbers in venture capital and acquisitions.

It’s difficult to overstate the importance of AI as a systematic force; according to a Statista report, the AI industry generated some $35B in revenue in 2021, and is likely to increase that by 50 percent or more in 2022. On the other hand, it’s quite easy to overstate its effect in any single application. That it is a considerable part of the future of any software-based business is inarguable, but its power comes from being almost universally helpful, not a miracle solution for a particular problem.

Three Core Fronts

Interested parties are looking beyond the hype and realizing the actual limits and potentials presented by the technology as a whole. The opportunities for advancing it fall into three general categories.

See:  Why Artificial Intelligence Will Solve All Our Money Problems

1. DATA which one might think of as the raw material for machine learning systems, is arguably the most important and one where we will see increasingly sophisticated competition and investment. Software has always been limited by the “garbage in, garbage out” idea and AI is no exception — and its designers are learning how much data is needed to avoid that trap. The US and China in particular have begun siloing their precious data stores and companies are hoarding wherever possible; the EU, with its tighter regulations on collection and storage of data, will likely lag in this respect due to fear of violating frameworks like the GDPR.

2. INTELLECTUAL PROPERTY in the form of actual models or machine learning engines and platforms is the next most important.  One way to track this is in numbers of patents filed, a metric that puts US companies like IBM, Google, Microsoft, and Intel well out in front, with Korea’s Samsung and the EU’s Siemens behind. However, this picture is incomplete due to China’s unique approach to IP, and the shrewd observer will assume that, as in other measures, the country is likely competitive on the level of the US even if it’s difficult to reliably quantify its presence.

See:  RBC Research: Preparing for Hyperdrive – Themes that will define our new future

3. FUNDING:  The last area of the competition is funding, which is, of course, important but hard to summarize. AI startups attracted some $36 billion in venture capital in 2020, and that number was surpassed within the first six months of 2021. This growth is impressive, but so is the investment by governments and research institutions that fund basic research and open-source projects often cited or iterated on in private research. China especially has dedicated tens and likely over a hundred billion towards AI research through direct funding or through corporations under government influence. Whatever the real numbers, they will only increase in the near and medium-term.

From Dipping a Toe to Plunging In 

According to a Deloitte survey, half of all companies asked were bringing AI processes into their operations, and this number is likely to increase to 75 percent by 2023. But increasingly these companies are realizing that AI is a game-changer in a broad, systematic sense rather than a magic bullet.

Continue to the full article --> here


NCFA Jan 2018 resize - AI will (not) have a record year in 2022 the way you think The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - AI will (not) have a record year in 2022 the way you thinkFF Logo 400 v3 - AI will (not) have a record year in 2022 the way you thinkcommunity social impact - AI will (not) have a record year in 2022 the way you think

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - AI will (not) have a record year in 2022 the way you think



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

Surveillance Capitalism: Policymakers must put an end to abusive practices

Financial Post | Jim Balsillie | Dec 15, 2021

surveillance capitalism - Surveillance Capitalism: Policymakers must put an end to abusive practicesI believe that capitalism in a liberal democratic society is by far the best system to promote human flourishing. It’s the best economic system for the generation of new wealth, which is why even authoritarian states like China have embraced it. The generation of new wealth is a critical first step for any debate on redistribution or expanding publicly funded social services.When entrepreneurs have access to capital, they can channel their ideas into products and services that can improve the lives of fellow citizens, industry and even governments. No other economic system allows a single individual to profoundly shape society for the better and to simultaneously create public and private good — this is why capitalism is worth protecting.

Today, there is a renewed belief that government invariably shapes the economy, and that it must continue to do that effectively. This is especially critical now in the age of surveillance capitalism, which is not only reshaping markets but threatening to unmake liberal democracy.

See:  Biden’s ‘Antitrust Revolution’ Overlooks AI—at Americans’ Peril

As Professor Shoshana Zuboff has shown in painstaking detail, surveillance capitalism leaves a trail of social wreckage in its wake: the wholesale destruction of privacy, the intensification of social inequality, the creation of a mental health crisis amongst our youth, the poisoning of social discourse with misinformation, the demolition of social norms and the weakening of democratic institutions.

If we are to preserve the very best of capitalism and especially its ability to generate new wealth, we must bring this mutant form of capitalism under democratic control. Throughout the last century, industrial production-based capitalism was tamed through employment rights, new social supports, mandatory environmental practices and many other industry-specific regulations.

Today, because we lack meaningful regulation of the data-driven economy, we have competition to control markets rather than competition within markets. Unlike physical assets, data has unique features such as its “economies of scope and scale,” “network effects” and “information asymmetries.”

If capitalism is going to survive this century, our policymakers must put an end to abusive practices and develop marketplace frameworks that force companies to contribute to the productive capacity of the market.

See:

Only then can entrepreneurial individuals make the best use of what capitalism has to offer and continue to sustain and advance shared economic prosperity and democratic values, as they have done for centuries.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Surveillance Capitalism: Policymakers must put an end to abusive practices The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Surveillance Capitalism: Policymakers must put an end to abusive practicesFF Logo 400 v3 - Surveillance Capitalism: Policymakers must put an end to abusive practicescommunity social impact - Surveillance Capitalism: Policymakers must put an end to abusive practices

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Surveillance Capitalism: Policymakers must put an end to abusive practices



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

RBC Research: Preparing for Hyperdrive – Themes that will define our new future

RBC Wealth Management Research | Dec 7, 2021

preparing for hyperdrive RBC - RBC Research:  Preparing for Hyperdrive - Themes that will define our new futureGet ready for accelerated disruption. As we think forward to the future, progress will be faster than it has ever been and it will not be linear. Just as we did in our Landmark 2018 Imagine Report, in this thought leadership study we have taken a global, cross-sector approach to determining the themes that will define our new future.

Challenging our global research teams in their respective areas of expertise and coming together to share ideas in recent months, we identified five key themes investors and executives alike across all industries must collectively understand to prepare for the years ahead.

Themes that will define our new future

1. The Quest for Immortality – Biopharma breakthroughs, life science real estate, 5G, autos, consumer wellness, space exploration and more come together to increase life expectancy rates globally.

2. The Individual Revolution – Data monetization, blockchain, gene editing and an evolving gig economy put the individual front and center like never before.

3. Artificial Intelligence Activated – This is no longer a drill. The path is set for the latter stages of AI to be integrated into our global economy. Don’t be left behind.

See:  WEF Insight Report: Digital Assets, Distributed Ledger Technology, and the Future of Capital Markets

4. Hybrid Living – Our physical and digital worlds are rapidly combining, suddenly becoming indistinguishable and the implications are radical.

5. The Great Balancing Act – An accelerating rate of change on multiple fronts has the potential to create unprecedented instability. Resources are constrained and as we make tremendous forward progress on global sustainability, we must always keep in mind the other side of the coin. Innovation will thrive and new tensions will arrive.

Download the 263 page PDF RBC Research report --> here


NCFA Jan 2018 resize - RBC Research:  Preparing for Hyperdrive - Themes that will define our new future The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - RBC Research:  Preparing for Hyperdrive - Themes that will define our new futureFF Logo 400 v3 - RBC Research:  Preparing for Hyperdrive - Themes that will define our new futurecommunity social impact - RBC Research:  Preparing for Hyperdrive - Themes that will define our new future

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - RBC Research:  Preparing for Hyperdrive - Themes that will define our new future



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

Wealthsimple exits UK market (for now) – Too many investment apps in the UK?

Betakit | | Dec 6, 2021

elephant bank - Wealthsimple exits UK market (for now) - Too many investment apps in the UK?As Wealthsimple exits another international market, the Canadian FinTech giant has completed the transition begun earlier this year to focus solely on Canada.

Wealthsimple announced today that the company has sold its UK book of business to European digital wealth manager Moneyfarm (terms of the deal were not disclosed). Wealthsimple UK will transfer its existing 16,000 customers to Moneyfarm by end of January next year, and no longer provide advisory services.

The sale is the last step in a transition out of international markets begun earlier this year. Wealthsimple sold its US book of business to Betterment in March, citing a desire to focus more directly on the Canadian market.

“I think what you’ve seen from us, as we’ve divested from the advisors business a year ago, as we left the US market to focus on Canada, it’s about focus,” Katchen said, referencing Wealthsimple’s sale of its advisory service in 2020.

See:  Wealthsimple adds crypto portfolios to group-retirement plans

In contrast to its market scale-back, Wealthsimple has been aggressive in expanding its product offerings, adding savings and spending, cryptocurrency asset purchasing and spending, as well as peer-to-peer payments. In June, Katchen also told BetaKit that the company is exploring credit and insurance offerings.

Still, at that time, the CEO noted “our ambitions remain beyond Canada, and certainly we’re excited about other markets in time.”

The phrasing closely mirrors that of Murphree, which indicates Wealthsimple might not remain Canada-only forever.

Before new markets might come an IPO. In 2019, Katchen told BetaKit that Wealthsimple had set a target of $20 billion in assets under administration (AUA) before considering an initial public offering. According to the company, Wealthsimple currently sits at $15 billion in AUA, with over 2.5 million clients and tax filers across its Invest, Trade, Crypto, Tax, and Cash services; that’s three-quarters of the way to the finish line and a significant number of customers.

At the start of the decade, the standard FinTech approach to growth was to own one segment of the local financial value chain and scale to own it globally. Such global ambitions have mostly been dashed by a highly-regulated space where regulations differ per market, limiting the traditional scaling benefits of technology businesses (see Revolut’s on and off and perhaps on again-relationship with Canada).

See:  Rise of the super app

Following this year’s Money 20/20 conference in Las Vegas, the aspiration for FinTechs now seems to be becoming financial services ‘super apps’, adopting the model of Chinese giants like Alipay and WeChat. Both Revolut and PayPal have warmed up to the branding, and with some analysts skeptical that local wedge-product incumbents have what it take to compete globally with the likes of Apple and Amazon, the proposition of using regulatory hurdles as a walled garden to becoming a national FinTech super app seems quite appealing.

Continue to the full article --> here


The Armchair Trader | Stuart Fieldhouse | Dec 6, 2021

Low cost investment app Wealthsimple announces exit from UK market

Investment app Wealthsimple has announced it is closing down its UK operations and transferring its existing clients over to rival service Moneyfarm. The Canadian-based investment service said it would instead be refocusing efforts on its Canadian clients.

Wealthsimple had been active in the UK offering low cost investment services for almost five years. The company said it had contacted all its UK customers today about the transfer to Moneyfarm. Eligible assets will be transferred over in cash and will be reinvested in Moneyfarm portfolios based on the client’s investment goals.

Too many investment apps in the UK?

The decision by Wealthsimple to pack its bags is being seen by some experts as evidence that the low cost money app game is getting a little overcrowded. Further withdrawals and collapses are anticipated next year, including some M&A activity. There just seem to be too many so-called robo-advisers operating in the UK market, and margins are very thin indeed.

See:  How Do Canadian Discount Brokers Compare With Robinhood?

“The difference between setting up an app-based investment service and full financial advice couldn’t be larger and the general public is clearly waking up to this,” said Adam Walkom, co-founder of IFA Permanent Wealth Partners in London. “Finance can be scary and intimidating and people can and will make mistakes. That’s unfortunate but there is no substitute for a real person to talk through your situation and help you. Yes, of course it costs more, but what price do you put on peace of mind and long-term wealth building?”

The apps have succeeded in assisting many first time investors into the market in a cost-effective way, including helping them to benefit from the massive rally in stocks last year. But now it does look as if the UK market has become too crowded. Some pundits are wondering this morning whether Wealthsimple was getting distracted by the Canadian market.

Continue to the full article --> here


NCFA Jan 2018 resize - Wealthsimple exits UK market (for now) - Too many investment apps in the UK? The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Wealthsimple exits UK market (for now) - Too many investment apps in the UK?FF Logo 400 v3 - Wealthsimple exits UK market (for now) - Too many investment apps in the UK?community social impact - Wealthsimple exits UK market (for now) - Too many investment apps in the UK?

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Wealthsimple exits UK market (for now) - Too many investment apps in the UK?



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

[Nov 18, IIROC Virtual Event]: Quebec’s Bill 64 regarding the Protection of Personal Information

IIROC | Nov 2, 2021

Speakers for IIROC Quebec Bill 64 event on personal information - [Nov 18, IIROC Virtual Event]:  Quebec’s Bill 64 regarding the Protection of Personal InformationIIROC will host a live virtual conference about Quebec’s Bill 64 regarding the protection of personal information.  The conference will feature a panel discussion about the new privacy requirements that apply to all public and private firms operating in Quebec. While the requirements of Bill 64 will be phased in over a three-year period, the task of ensuring compliance is significant and will require dedicated time and resources. Join us to learn key aspects of the new legislation.

Details:

Thursday, November 18

1:00 to 1:45 p.m. Eastern Time (ET)


Panelists include:

  • Claudyne Bienvenu, Vice-President, Quebec and Atlantic, IIROC
  • Eloïse Gratton, Partner and National Co-Leader, Privacy and Data Protection group, Borden Ladner Gervais LLP
  • Elisa Henry, Partner and National Co-Leader, Privacy and Data Protection group, Borden Ladner Gervais LLP

See:  Privacy Implications of an Open Banking System in Canada

The conference will be broadcast in French and English, and we will accept questions in both languages. We encourage you to send your questions in advance to Suzanne Lasrado, Director, Member Regulation and Strategy at slasrado@iiroc.ca, and if time permits, we will respond to all questions.

A recording of the webcast will be released shortly after the event date.

This conference will qualify for Compliance CE credit. CE letters will be distributed via email at the conclusion of the event.

Register for the November 18 IIROC event --> here


NCFA Jan 2018 resize - [Nov 18, IIROC Virtual Event]:  Quebec’s Bill 64 regarding the Protection of Personal Information The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - [Nov 18, IIROC Virtual Event]:  Quebec’s Bill 64 regarding the Protection of Personal InformationFF Logo 400 v3 - [Nov 18, IIROC Virtual Event]:  Quebec’s Bill 64 regarding the Protection of Personal Informationcommunity social impact - [Nov 18, IIROC Virtual Event]:  Quebec’s Bill 64 regarding the Protection of Personal Information

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - [Nov 18, IIROC Virtual Event]:  Quebec’s Bill 64 regarding the Protection of Personal Information



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

5 Ways Businesses Can Gain More Profit

Guest Post | Nov 1, 2021

Business profit and productivity - 5 Ways Businesses Can Gain More Profit

Businesses exist, at least in part, to turn a profit. The pursuit of doing that more effectively has occupied the free market since its inception. But in today’s fast-paced and saturated world, it’s difficult to know where to turn for realistic ideas to increase your business’s revenue. Here are a few top strategies you can employ to propel your business’s bottom line.

Use Business Analytics to Drive Revenue

The amount of data available to businesses today far outweighs what has been available in any other period of history. The trick is channeling data, and its application, in effective ways to drive business growth. Businesses that apply data analytics to their processes can experience revenue gains in a number of ways. Applying descriptive analytics can help a business gain deeper insights into trends, patterns, and spending tendencies within their market. Collecting data on patrons or participants can inform tailored marketing campaigns and decrease spend per recruit or conversion. Studying external market trends can help businesses identify market gaps and predict new opportunities.

Analytics can be thought of in four distinct categories:

  1. Diagnostic
  2. Descriptive
  3. Prescriptive
  4. Predictive

Whether you are looking to incorporate analytics for the first time or to diversify and increase the way your business employs analytics, there are ways to find ample ideas in each of those categories for getting more out of data analytics practice within your business.

Analyze Current Business Practices to Mitigate Costs

One particular method of applying analytics to business practice is by using “diagnostic” analytics to better understand current business practice and identify areas where costs can be minimized through improving processes.

See:  Accelerate—it’s time for insurers to move swiftly and decisively

Applying diagnostic analytics to your business doesn’t require expensive software packages to employ. Unlike other forms of analytics, this particular strategy can be implemented in simple, low-tech ways. Performing diagnostic analytics can be as straightforward as organizing a roundtable meeting with your floor managers; taking a day away from your desk to learn from your manufacturing staff; or taking notes for a week on a particular aspect of normal processes to see what you can glean by way of inefficiencies and ways to mitigate or remove them.

Supply Chain Pandemic Shortages & Management for Business Growth

The strength and health of a business’s supply chain is often overlooked, but has significant implications for a business’s profit and growth capabilities. Defined as “the network and relationships required to make and deliver goods and services,” your business’s supply chain (and its quality or lack thereof) can impact customer service, operations, costs and cash flow, and more. Some best-practice techniques to improve your supply chain’s strength include the following:

  1. Train all your personnel on supply chain understanding and management. Even though many of your departments or employees won’t deal with your supply chain directly, it’s important that each person in your organization understands how the supply chain affects their work.
  2. Incorporate “Total Cost of Ownership” into your analysis. Until recently, most supply chains considered only the cost of product acquisition and didn’t factor in costs relating to storage, security, transportation, and more. Calculate your figures accurately by counting ALL costs.
  3. Emphasize strong contract management for your supply chain team. Negotiating strong contracts with suppliers and other external entities in your supply chain can yield significant savings over time and lessen potential risks.

Of particular relevance in today’s post-pandemic economy is being aware of your supply chain’s strengths and weaknesses, and having strategies in place to combat unforeseen changes that could jeopardize any of its elements. Now more than ever, compromises to your business’s supply chain are possible that could cause significant loss in revenue. Take a hard look at the weak links in your supply chain and be proactive about developing strategies to minimize loss if anything goes wrong.

Create More Responsive Relationships with Consumers to Drive Retention

Marketing personalization and responsive customer relationship management are quickly becoming essential in many of today’s saturated markets. Developing strategies for connecting with your customers on a more personalized level can increase retention and boost lifetime customer value. Taking a more individual approach to marketing and customer engagement processes also allows your business to remain more in touch with their needs and preferences, get better feedback, and develop a stronger customer profile to inform your decision-making.

Nonfungible Tokens (NFTs): A New Tactic for Innovative Businesses & Nostalgia Prints

Nonfungible Tokens (NFTs) - the term sounds like something out of a space-age movie. However, NFTs represent an exploding craze that many envision may become a future normalcy across substantial realms of business and transaction. NFTs are “digital tokens — a unit of value built on top of an existing blockchain network.” Blockchain refers to a specific type of technology that acts as a “digital ledger of transactions.” Blockchain is also the technological foundation for cryptocurrency.

See:  Ways NFTs Can Reinvent Your Small Business

NFTs are specific, unreplicatable digital assets. Just like pieces of art, they are verified and unique and can accrue value over time. Certain industries, like e-gaming and collectibles, are already embracing NFTs as an alternative to currency. Well-known celebrities and companies like Atari are beginning to release NFTs for sale or auction. While NFTs are in their beginning stages of adoption and development, companies interested in diversifying or attracting tech-savvy early adopters are already incorporating the creation, trading, and promotion of NFTs into their marketing and product strategies.

Ready to start increasing your business’s profit? There’s no magic formula. All you need to do is pick a strategy and test it out. Some may work better than others - that’s part of the process. Don’t worry too much about picking right the first time. Any of these strategies can affect your bottom line, and if one you try doesn’t make a meaningful difference, it will reveal ways to move forward and provide you with new insight.


NCFA Jan 2018 resize - 5 Ways Businesses Can Gain More Profit The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - 5 Ways Businesses Can Gain More ProfitFF Logo 400 v3 - 5 Ways Businesses Can Gain More Profitcommunity social impact - 5 Ways Businesses Can Gain More Profit

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - 5 Ways Businesses Can Gain More Profit



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate




 

Why Artificial Intelligence Will Solve All Our Money Problems

Guest Post | Nov 1, 2021

AI in personal finance - Why Artificial Intelligence Will Solve All Our Money Problems

Artificial intelligence is already pretty big in the finance industry, but it's going to get better within a few years. It will get to the point where it makes life easier for the average person on a daily basis.

Things like paying off credit cards and applying for loans are still tough, but technology is coming on leaps and bounds. Let's take a look at some of the most popular ways AI will play a large part in our lives.

Easier To Apply For A Loan

When loan providers are unable to make smart lending decisions fewer people will be approved. It's important to err on the side of caution when you don't know whether or not someone will pay back a loan or default.

You can skip high-interest payday loan companies once AI reaches a point where it can accurately predict who deserves a loan. Not only will your application be approved, but it's going to go through much quicker too.

Paying Off Your Credit Cards

Too many people need to get a loan in Ottawa and other expensive places to pay off credit cards. Banks are at fault because they give you too much credit in the first place. AI will tell them a safe amount you can handle.

It will also let banks know when your credit limits should be raised because AI doesn't stop learning. More people will be approved for cards if they can afford them, and risky customers will be rejected when applying for credit.

Protecting You From Fraudsters

Multi-factor authentication helps people avoid fraudsters right now. Other systems put in place to protect you are effective too, but scammers always find a way to steal money because they're intelligent.

See:  Synthetic Media and Deepfakes: An insurance industry threat

Artificial intelligence is getting much better at detecting odd behavior and blocking transactions. I know it's sometimes frustrating when they get it wrong, but it's going to learn from any mistakes going forward.

Beat The Stock Market Regularly

Most professionals who've worked in the financial industry for decades can't beat the S&P 500, so what chance does the average person have? It means the stock market isn't enticing if you want to make lots of money.

AI is helping us predict the future more accurately, and machines can learn from things like the 2008 financial crisis. Once you know the right time to buy, hold, and sell stocks you'll be able to retire faster.

What To Spend Your Money On

We have apps that can help us understand how much we have to spend, but none that tell us if it's a good idea. Can you imagine the day when AI will be able to tell you whether or not to make a purchase you're thinking about?

See:  Kraken Crypto report and On-Chain Analysis: SHOKTOBER

You will be told why it's not a great idea and what you should do instead. If you can get a little better at spending on a regular basis it will add up. You'll also save time when you don't need to mull over financial decisions.

Will AI Improve Your Life

Will any of the advancements in technology we've talked about today improve your life? We're still in the early stages at the moment, but wait to see what it's like in a few years.


NCFA Jan 2018 resize - Why Artificial Intelligence Will Solve All Our Money Problems The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Why Artificial Intelligence Will Solve All Our Money ProblemsFF Logo 400 v3 - Why Artificial Intelligence Will Solve All Our Money Problemscommunity social impact - Why Artificial Intelligence Will Solve All Our Money Problems

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Why Artificial Intelligence Will Solve All Our Money Problems



For more information about FFCON21: BREAKING BARRIERS, on-demand videos and ways to participate