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AI and generative AI use cases in banking: 6 real-world examples

Abrigo

A common example of a generative AI-driven tool that many in the financial services industry are familiar with is ChatGPT, which can produce coherent and diverse texts on various topics. An example of a use case for predictive AI is Signature Bank of Georgia ’s addition of AI-driven check fraud detection software that finds fraud faster.

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The Lures – And Challenges – Of Central Bank Digital Currencies

PYMNTS

On the global stage, too, digital currencies should be fungible with one another – a dollar, for example, is worth 0.9 The BIS report issued this week that focuses on “foundational principles” defines a CBDC as “a digital payment instrument, denominated in the national unit of account, that is a direct liability of the central bank.”.

National 175
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Entrepreneurial Upscale Chefs Are Plating Recovery Plans

PYMNTS

Quick-service restaurants (QSRs), fast casual eateries and fast-food drive-thrus keep dominating headlines throughout the pandemic as a nation is understandably obsessed with staying fed on lockdown and after, when breathing the open air still feels oddly risky.

Boston 205
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Spending Rush During China’s Golden Week Signals Economic Uptick

PYMNTS

The province of Hainan, for example, has shown a 150 percent increase in sales —1.04 Boston Consulting Group in September has estimated that the demand for luxury goods could underpin a spending boost on the order of 30 percent as the Chinese economy rebounds. billion yuan ($155 million) over the same period in 2019.

Boston 130
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Amazon Sidewalk Eyes IoT Beyond The Connected Home

PYMNTS

For example, integrating Sidewalk into parking meters would bring low-cost network access for the city, but it will also provide more mesh nodes to strengthen network coverage and capacity.”. But he noted that Sidewalk would “struggle to match 5G’s national coverage.” It could certainly benefit from adoption within smart-city projects.

Boston 210
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Australia Central Bank Sees No ‘Public Policy’ Case For CBDC (For Now)

PYMNTS

But: The bank is keeping an eye on the experiences and progress of other nations, and still is researching its own technological and “policy implications” of wholesale forms of CBDC. As has been widely reported, 80 percent of 66 central banks queried by the Bank of International Settlements (BIS) said they were working on CBDCs.

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Crypto 2020: One Step Up; Two Steps Back

PYMNTS

Square, for example, said in its latest earnings report that revenue from bitcoin trading came to $1.6 The Federal Reserve said this year that its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency.