Connect with us


Banking meets Artificial intelligence

Dictated by the decisions we make, our entire lives are made both inside and outside. As we are hardwired to continuously learn even in our subconscious , from our mistakes , from our surroundings. Especially to avoid taking bad decisions and questioning our capabilities of improving our decision making when faced with consequences in the future. The concept for machine learning (ML). AI (artificial intelligence) brains are, by and large, programmed the same way as a human brain. Both are meant to learn from human decisions , asking the same questions and reinforcing the same principles.

A machine learning algorithm watches by identifying the good decisions and learning from the bad ones, just like a human brain does by constantly evaluating the decisions. And that’s the maturity level which we now can be found accelerating along with us, one built on ML algorithms and AI models that are beginning to operate, inexorably, in the same way that we do, through constant positive and negative re-enforcement feedback. Technology on a whole has become more available and it is not a secret at all. It is more accessible and democratized. The main reasons AI and ML have been able to continue their relentless march is because of specific open-source mathematical software such as Tensorflow (deep learning) and Kubernetes (distributed computing), which have made data science infinitely more efficient and effective. We can expect more ideas and innovations as and when the more people become fluent in Tensorflow and Kubernetes. The ideas will help us flow and flourish and more the advance artificial intelligence more the machine learning will become. Machine learning pipelines is now industrialized and operational and commercialized. The process of machine learning was a task done offline traditionally using data outside the production. Now it is built on algorithms and models that are efficiently learning as and when the data flows through systems. The deep learning code has been cracked by the brands and will most definitely they will keep their cards close to their chest as it is so valuable.

The use of AI and ML has increased exponentially in the way in which their insights are presented and the human trust and connection that enriches. Data scientists were able to find out and extract the information from machine produced data. Since it was written by a machine, it was intangible and had no links to the human’s thought process patterns. With the changing times and with the technology evolving, our way of presentation is also altering. The way we present algorithms now are different and have become very personal. The gradual shift that is being experienced as AI and ML are evolving from an intangible ideology to a more rational practical execution is because of the increased sophistication. 63 percent of people don’t even realize they’re already using AI techs.  Just think of your Spotify ‘s song recommendations or the reroutes taken by G Maps, then the understanding and trust on this technology will strengthen.  The key here is that artificial intelligence is starting to solve single issues across entire organizations by overcoming issues from the management end to the ones where everyone can relate. It’s a self-fulfilling prophecy. The more we trust this technology, the more we interact with it on a human level and more the interaction, the more human it becomes.  In a nutshell, you receive data, you make transformations, you make a prediction, and then you learn from it. Your machine brain is always learning from new insights given to it, just like a human brain.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Goldman banker hired by the Citi bank

Citigroup has hired Luisa Leyenaar-Huntingford from Goldman Sachs. This new hire is to co-head its global infrastructure franchise. Because, it seeks to win more business from cash-rich investment firms focusing on infrastructure deals. Leyenaar-Huntingford will be based in London. Responsibility will be shared with Todd Guenther in New York.

The pair will work closely with industry teams covering healthcare, industrials, natural resources and clean energy transition (NRCET), technology and communications. Leyenaar-Huntingford helped in the establishment of the Goldman’s infrastructure franchise in her time at the Wall Street bank. They will team up with Citi’s Iberia co-head of banking, capital markets and advisory (BCMA) Jorge Ramos will continue to be a senior member of the global infrastructure franchise.

The infrastructure sector is poised for further growth, according to the memo. The memo was released by Citi’s global co-heads of the alternative assets group Anthony Diamandakis and John Eydenberg, and its EMEA head of BCMA Nacho Gutierrez-Orrantia. There was significant private investment demand across the globe to deal with environmental, energy, transportation, waste, communication, digital and other social needs.

Continue Reading


Banks make slow progress on UK gender pay

Major banks in Britain made a slight dent in their gender pay gaps. Several insurers went backwards. Companies in Britain with more than 250 employees have been required to publish the difference between the pay and bonuses of their male and female employees. They got a reprieve due to the pandemic, last year. The financial services sector has shown one of the largest genders pay gaps in Britain. The lack of women in senior jobs is the main reason.

Pay gap data from 21 major financial institutions showed a narrowing in their average mean gender pay gap. This is just 0.4 percentage points. Banks alone had a pay gap which narrowed by one percentage point. Ann Francke, chief executive of the Chartered Management Institute said that the UK’s financial services industry has often been singled out. It really does have to get its house in order. Goldman Sachs had the widest gender pay gap in the year to April 2020. Goldman posted a gender pay gap of 51.8%. The bank told the staffs that narrowing the gap further was a critical priority. A spokesperson for banking lobby group UK Finance said, that there is clearly more still to be done.

FTSE 100 insurers Prudential, Legal & General and M&G reported a widening in their pay gaps. Prudential’s UK gender pay gap widened to 45.2%. M&G also reported a widening in its pay gap in the most recent year to 30.5%. The M&G spokesperson said that they are determined to narrow their gender pay gap and will do this by achieving better representation of women in all roles at all levels of our organization. Legal & General’s mean gender pay gap widened to 30.8%.

The insurer said that the legal & general is tackling the underlying causes of its pay gap. This is by creating a more diverse workforce and a more inclusive culture through sustained, long-term action. Admiral had a gender pay gap last year of 12.8%. The 21 firms surveyed were Barclays, HSBC, Lloyds, NatWest, Standard Chartered, Bank of America Merrill Lynch, Goldman Sachs International, JPMorgan, Morgan Stanley, UBS, Credit Suisse, Deutsche Bank, PGMS (a Phoenix unit), abrdn, Schroder Investment Management, St James’s Place, Legal & General, Prudential, Admiral Group, Aviva and M&G.

Continue Reading


BOJ to lower inflation target-Japan’s finance minister

Japan’s outgoing finance minister, Taro Aso, said that he had proposed lowering the central bank’s 2% inflation target. This is when the prices took a hit from plunging oil prices. He was the finance minister for nearly nine years. The slump in oil price was among the main reasons the government could not officially declare an end to deflation. In his final news conference as finance minister, Aso said that he proposed to Governor Kuroda that, with oil prices falling this much, it would be hard to achieve 2% inflation. Hence, the target must be lowered at some point. He stated this by referring to Bank of Japan (BOJ) chief Haruhiko Kuroda.

Aso also said that the governor said he would do his best to achieve the target. This is stated by adding that policymakers must scrutinise at some point, why the BOJ’s inflation target of 2% has not been met. The remarks highlight how the government and lawmakers distanced themselves from the BOJ’s target years ago, despite central bank reassurances that achieving the target was possible by maintaining or increasing stimulus.

Aso was deeply involved in negotiations with the BOJ. After Kuroda took over as governor, he deployed a massive asset-buying program. This is for pulling Japan out of deflation. Aso supported the BOJ’s stimulus efforts. He is a member of the cabinet. And also, had raised many doubts that monetary policy alone can reflate the economy out of the doldrums. New Prime Minister Fumio Kishida is set to form a cabinet.

Continue Reading