Skyline Bay Area, Inc.
#HelpingTheWorldTrade, 510-490 -9900


AI&Financial services



Financial Services includes:

Insurance, Banking and Capital, Asset Wealth Management


FINANCIAL SERVICES adoption acceptance

Source: PwC Research

Small Business Owners, Startups and Enterprise, you have 7 years to complete your AI Adoption Strategy


Financial Institutions are putting disruption at the heart of their strategy. By becoming self-disruptors, financial institutions are responding to innovations and thereby empower their customers on a daily basis. To address customer retention in the context of new “FinTech competition,” Financial Institutions are getting focused on developing intuitive product design, ease of use, and 24/7 accessibility


Addressing customer retention in the context of new FinTech competition



Artificial Intelligence in Financial Services :

Mainstream Financial Institutions are rapidly embracing the disruptive nature of FinTech (financial technologty) and forging partnerships in efforts to sharpen operational efficiency and respond to customer demands for more innovative services. According to research based on data from PwC’s DeNovo platform, funding of FinTech startups has increased at a compound annual growth rate of 41% over the last four years, with over US$40 BN in cumulative investment and growing. Cutting-edge FinTech companies and financial innovation are changing the competitive landscape, and are redrawing the lines of the Financial Services industry.


1. Personalized Financial Planning — AI developments such as robo-advice are now available to develop customized investment solutions for mass market consumers in ways that would, until recently, only have been available to high net worth clients. Finances are managed dynamically to match goals (e.g. saving for a mortgage, or retirement, or the coming of a new baby) and optimize client’s available funds, as asset managers become augmented and, in some cases, replaced by AI.


Wallet started by a San Francisco based startup, uses AI to builds algorithms to help the consumers make smart decisions about their money when they are spending it. The idea behind the wallet is very simple it just accumulates all the data from your web footprint and creates your spending graph.

Dream Forward 401(k) is using software intelligence to answer basic financial planning issues that can be automated such as figuring out what an emerging market is, whether someone can cash out a 401(k) or IRA account and the fees involved or offering basic investment guidance and helping users with investment selection after determining their risk level. The built-in intelligence can also answer simple questions such as whether an item can be deducted on their taxes.'

Pefin has developed what they claim is the “world’s first AI financial advisor”. The company’s program works with customers who input their long term goals, which can be updated at any time. Factors such as inflation, taxes and market conditions are added to the mix to create an 80 year financial projection. The program adapts changes in personal finances or the global economy to update projections automatically. The company charges its customers $6 per month for the first year and $12 per month afterward, which Pefin claims is one-twentieth what many human advisers charge.

Chime, the no-fees mobile bank valued at $500 million as of its last round, has put some of its funds to use with its first acquisition. The deal is for Pinch, a startup that is focused on helping millennials and other young adults build better credit. 


2. Fraud Detection and Prevention of Money Laundering — Addressing illegal finance flowing through their accounts, many large banks are partnering with AI startups. Using AI to sift through vast amounts of data also offers the opportunity to save money — banks spend £5bn a year on combating financial crime in the UK alone, according to the Financial Conduct Authority. Intelligence software are equipped to pinpoint money laundering activity in customer networks.


3. Process Automation — Including both back office functions, and customer facing operations. Robotic Process Automation is a class of software that replicates the actions of humans operating computer systems in order to run business processes. "Because the software ‘robots’ mimic exactly what the human operators do (by logging into a system, entering data, clicking on ‘OK’, copying and pasting data between systems, etc.) the underlying systems, such as ERP systems, CRM systems and Office applications, work exactly as they always have done without any changes required."

Cognitive Reasoning is another type of AI that can supplement Robotic Process Automation "by mapping all of the knowledge and experience that a subject matter expert may have about a process into a model. That model, a knowledge map, can then be interrogated by other humans or by robots, to find the optimal answer."


4. New Areas of Innovation — "Fintech innovators have the multi-trillion-dollar global retirement income market in their sights.  An exciting example is the advent of blockchain-secured tontines as an alternative to traditional pensions and annuities." One venture actively working to bring back tontines is the Gibraltar-based Tontine Trust.  This company’s mission is to create secure, low cost, highly transparent lifetime income solutions via tontines invested passively in a highly diversified set of exchange traded funds (ETFs).  The firm utilizes blockchain technology with pseudonymous immutable ledgers and biometric authentication, providing full transparency into every transaction with privacy protection.


5. Trading  As a domain, trading and investments depend on the ability to predict the future accurately. Machines are great at this because they can crunch a huge amount of data in a short while. While anomalies such as the 2008 financial crisis do exist in data, a machine can be taught to study the data to find ‘triggers’ for these anomalies, and plan for them in future forecasting as well. What’s more, depending on individual risk appetite, AI can suggest portfolio solutions to meet each person’s demand.


As younger generations enter the market they will expect the same level of service and innovation that they get from the American GAFA (Google, Apple, Facebook, and Amazon) or Asian BATX (Baidu, Alibaba, Tencent, or Xiaomi) companies. The question then that companies need to ask themselves is: what can I do to ensure that I am not caught at the back of the pack?



Business Owners, Entrepreneurs, Startups — Stay in Touch with Technology and Players



You’ll learn how to craft compelling money-related digital content for your blog, social accounts, podcast, and video channel – part of this process is learning what’s current in personal finance, deals, and investing.

You’ll learn how to establish your online platform. You’ll also learn to get your quality content in front of more of the right people using the latest in marketing, branding, networking, SEO, and community-building best practices.

You’ll learn from the proven experts exactly how to earn money by freelancing, pairing your content with relevant advertising, leveraging your influence, and creating your own products and services.


Global Blockchain Forum:

Disruptions, Investment Strategies & Transformations in the Blockchain Economy


Empire Fintech Conference:

Hear from those forging new trails in payments, blockchain, lending, robo-advisors, insurance tech, real estate and more. In addition to attracting hundreds of FinTech entrepreneurs, this conference also plays host to the investors and service providers that help accelerate startups.


Money 20/20:

Visionaries and innovators from across the spectrum who are inventing new ways to spend, manage, save, borrow, share and protect money. It is one of bigger finance and technology conference in the world.





Further Reads

Five ways AI is disrupting financial services

How Financial Services are Turning AI into ROI

Learn more about Radical Transformation in Financial Services

2019 Banking Industry Outlook

Financial Planning Software

Attend these conferences to learn about your industry and how AI is disrupting it.