Visa & Mastercard ’Gen’iuses Fight Fraud
Visa & Mastercard ’Gen’iuses Fight Fraud
FoF Specials – Generative AI News Nexus | Edition #5 (May 2024)
Ever thought your TV could pick the perfect show for you? Or that a chatbot could manage your finances? This month, we're diving into a world where AI is everywhere, from boosting your productivity to redefining entertainment. We've got the scoop on how the future is getting seriously AI-mazing!
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Today’s ‘ÀI’ la carte:
Zuck Assembles His AI Avengers
Algorithm A-List: 10 Must-Know AI Headlines This Month!
Code-undrum decoded, sorted by segment!
AI Alchemy: AI Resources for the Curious Minds
Zuck Assembles His AI Avengers 🦸
Mark Zuckerberg's got his sights set on the future, and that future apparently involves a whole lot of artificial intelligence. Meta announced the formation of a brand new product advisory council with a focus on steering the company's AI and technology efforts. Let’s deep into Meta’s AI plan -
Big Names on Board: The council includes heavy hitters like Stripe CEO Patrick Collison and Shopify's Tobi Lütke, who bring expertise in building game-changing online platforms.
AI for the Metaverse: Meta has been hinting at using AI to power its metaverse vision—a virtual world where people can work, shop, and hang out. This council could be the brain trust behind building the AI that makes that vision a reality.
Some question if this is a genuine push for the future, or a strategic move to deflect from past issues.
Meta's social media dominance was built on understanding user behaviour and creating engaging experiences. That expertise perfectly aligns with the challenges of building a compelling metaverse. By leveraging the council's experience in building large-scale online platforms (like Stripe and Shopify), Meta could gain a significant advantage.
With this new AI council in place, Meta is definitely making a bold statement about its future. Whether it's a game-changer for the metaverse or just the latest chapter in the ongoing AI arms race, this move is just one part of a bigger puzzle that holds potential implications for the future.
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Now Streaming: Edition #5 Exploring the Limitless Potential of AI >>>
🔝 Top 10 AI Updates from May 2024 🔝
AI powers up with Upgrades -
↳ OpenAI launched Chat GPT-4o in its Spring Update conference and unveiled several upgrades for ChatGPT, including an updated interface, real-time video conversation and translation capabilities, and a standalone desktop app for MacOS.
Find all the juicy details of OpenAI's Spring Update in our Carousel.
↳ At the same time, Google hosted its annual developer conference Google I/0, where it announced a range of new features for Gemini, including Gemini 1.5 Flash, Gemini Nano, and interoperability capabilities with Google Workspace.
Unwrap Google's I/O 2024 Latest Updates here.
Shakeups & Scrutiny -
↳ Ilya Sutskever, co-founder and Chief Scientist of OpenAI, parted ways with the organisation after a period of internal discord and leadership challenges.
↳ Slack landed in controversy over its AI training policies, which tap customer data to train some of its new AI services and require a user to send a mail to the company in case they want to opt-out.
BigTechs' AI Showcase -
↳ Truecaller partnered with Microsoft to integrate Microsoft Azure AI Speech's Personal Voice technology into Truecaller Assistant, allowing users to create a digital version of their voice for incoming calls.
↳ Apple launched the M4 chip in the upcoming iPad Pro. These new OLED iPad Pro models will come with an upgraded chip, enhancing performance for AI tasks in iPadOS.
Payment giants use AI to outsmart fraudsters -
↳ Visa launched a Gen AI-powered fraud solution to help identify the likelihood of enumeration attacks in card-not-present transactions.
↳ Mastercard announced plans to use generative AI to speed up fraud detection of compromised bank cards.
Expert eyes oversight AI -
↳ Meta CEO Mark Zuckerberg created a product advisory council to guide the company’s artificial intelligence (AI) and technology efforts.
↳ The EU's ChatGPT taskforce published a report on the privacy compliance of AI chatbots, with a focus on identifying potential risks and challenges.
Now, let's decode the ‘code’-undrum –
May has been quite an eventful month for OpenAI, with the firm either teaming up with tech titans for coding conversations and real-world data or focusing on safety with a new committee.
OpenAI collaborated with Stack Overflow, the Q&A forum for software developers, to improve its generative AI models’ performance on programming-related tasks. As a result of the partnership, OpenAI’s models should enhance over time with respect to answering programming-related questions.
OpenAI reached a deal with Reddit to use the social news site’s data for training AI models. This partnership will provide it access to “real-time, structured and unique content” — e.g. posts and replies — from Reddit, allowing its tools and models to “better understand and showcase” that content.
Following the launch of GPT-4o, OpenAI's latest multimodal large language model, ChatGPT’s mobile app saw the "biggest spike in revenue ever" and the most revenue in a single day. According to data, ChatGPT's mobile revenue increased by 22% on the day GPT-4o was announced.
OpenAI formed a new committee to oversee “critical” safety and security decisions related to the company’s projects and operations. The panel is made up entirely of OpenAI insiders, which some observers noted could result in little or no independent oversight.
This month's Startup Showcase is a tech tidal wave! We've got AI assistants conquering new continents, and travel planning getting a futuristic upgrade. Plus, a major player in the AI game just raised a mountain of cash to challenge the big shots:
Anthropic ‘AI’mbitions:
Artificial intelligence startup Anthropic unveiled its first mobile app for iPhone users and a new subscription plan for enterprise customers. The subscription offering, called Team, costs $30 per user a month and is available for corporate customers with a minimum of five users.
Anthropic AI's latest announcement allows teens and preteens to use third-party apps powered by its generative AI models. This policy change permits minors to access the technology, provided specific safeguards and measures are implemented.
Claude, Anthropic's AI assistant, expanded to Europe to help people and businesses enhance their productivity and creativity. Europeans can access Claude for free online at claude.ai or through an app designed for Apple mobile devices.
TikTok's Tech Tweak
TikTok updated its community guidelines, including specific labelling requirements for AI-generated content. This means that any videos or images created using artificial intelligence will be marked as such, allowing users to make informed decisions about the content they consume.
TikTok also unveiled TikTok Symphony, a new generative AI suite aimed at revolutionising its ads business. This suite includes the Symphony Creative Studio for generating TikTok-ready videos and the Symphony Assistant for scriptwriting and campaign enhancement.
Other sizzling moves :
Airbnb introduced group booking features along with AI technology to improve the travel booking process for groups. They also added a new category called “Icons,” which are cool experiences hosted by famous folks from music, movies, TV, and sports.
Elon Musk's AI startup, xAI, raised $6B in a new funding round to compete with OpenAI, Microsoft, and Alphabet. Investors include Andreessen Horowitz, Sequoia Capital, Fidelity, Valor Equity Partners, and more.
BigTechs are having a major AI throwdown! They're building cloud castles for everyone to access AI, robots are becoming marketing masters, and so much more:
IBM's Innovative Innings
IBM and AWS forged a global alliance, streamlining access to AI and hybrid cloud solutions. This partnership will allow businesses in 92 countries access to IBM’s software products, including data technologies and AI, directly through the AWS Marketplace.
IBM launched IBM Copilot Runway, a new offering from IBM Consulting designed to help enterprises create, customise, deploy and manage copilots, including Copilot for Microsoft 365. With the new offering, clients can seamlessly integrate copilots' generative AI into their organisations to enhance productivity and drive business success.
IBM and SAP expanded their partnership to infuse generative AI across SAP’s industry cloud solutions and enterprise processes. IBM plans to integrate its advanced AI models, including Watson and watsonx Granite, into SAP’s platform and solutions like RISE with SAP, SAP Business Technology Platform, and industry clouds.
Other AI Triumphs -
Elon Musk's X introduced 'Stories on X,' a new feature powered by Grok AI. This feature uses Grok AI to summarise personalised trending stories - displaying them in the app's Explore section.
Meta introduced advanced generative AI features for advertisers, integrating image and text generation tools under the Advantage+ Creative platform. These tools enable Meta's 10 million advertisers to upload product images and generate new versions along with accompanying text for marketing.
Microsoft upgraded its AI app-building platforms, Azure AI Studio and Copilot Studio. Azure AI Studio now supports additional languages like Python and Java, while Copilot Studio integrates seamlessly with popular development tools like Visual Studio Code. This aims to offer developers greater flexibility and efficiency in AI application development.
AI is becoming the new finance bro in town - with robots picking investment portfolios, and chatbots becoming financial advisors. The future of money is here, and AI Finance is making money smarter than ever:
J.P. Morgan's AI Gambit:
JPMorgan Chase unveiled an artificial intelligence-powered tool designed to facilitate thematic investing. The tool, called IndexGPT, delivers thematic investment baskets created with the assistance of OpenAI’s GPT-4 model.
J.P. Morgan is to give AI training in the onboarding process for all new employees as the bank seeks to cement its reputation as an AI powerhouse.
Other Fintech X AI breakthroughs:
Dutch neobank bunq upgraded its GenAI assistant Finn to make it "fully conversational" and rolled out a travel insurance product. The upgrade means Finn can now answer back-to-back questions and provide deeper insights into users’ finances at twice the speed, promising personalised, context-rich answers.
Temenos, a SaaS cloud banking provider, unveiled its initial Responsible Generative AI solutions for core banking as part of its Gen AI-infused banking platform. These solutions, integrated with Temenos Core and Financial Crime Mitigation (FCM), aim to revolutionise banks' data interaction, enhancing efficiency, operations, and product management.
Philippine digital bank Tonik incorporated GenAI featuring ChatGPT into its operations. Now, nine out of ten customer queries are directed through Tonik's in-app chat feature, with GenAI autonomously resolving 75% of these queries without human intervention.
Get ready for an AI hardware revolution! PCs are transforming into AI mind-readers and TVs that become personal entertainment curators. Here’s to a future of gadgets, infused with a healthy dose of AI!
MediaTek launched Dimenstiy 9300+ SoC, the company’s latest processor for high-end mobile applications. The new flagship smartphone SoC takes an unconventional approach to on-device generative AI and gaming with MediaTek's “All-Big-Core” architecture.
Microsoft unveiled AI-powered Copilot Plus PCs, a line of personal computers designed to provide a seamless and intuitive experience for users.
LG launched its AI-powered television, called GenAI TV. This new technology enables the television to analyse and understand the content being watched, providing personalised viewing experiences.
The whole AI Regulation scene is getting a safety upgrade, so buckle up for a future where intelligence meets responsibility:
Microsoft won’t be facing antitrust scrutiny in the UK over its recent investment in French AI startup, Mistral AI, with the country’s Competition and Markets Authority (CMA) - concluding that the partnership does not qualify for investigation under the merger provisions of the Enterprise Act 2002.
The European Council announced that ministers from the European Union (EU) member states have given their final approval to the bloc's Artificial Intelligence (AI) Act, subjecting high-risk AI applications to stricter regulation.
The British government at the AI Seoul Summit announced a new agreement with 10 countries and the European Union to establish an international network for AI safety. Coming together, the network will build “complementarity and interoperability” between their technical work and approach to AI safety, to promote the safe, secure and trustworthy development of AI.
The Federal Communications Commission (FCC) floated a requirement that AI-generated content be disclosed in political ads — but not banned. Under the envisioned framework, both candidate and issue ads would be required to include an on-air and filed disclosure that AI-generated content was used.
The world of tech talk and gadgets galore might look like a binary maze, but fear not! We're here to guarantee the techno-lingo won't scramble your neural network. 🧠
Come aboard each edition as we decode some AI terms:
And that's a wrap 👋
We hope this AI expedition has sparked your circuits, filled you with wonder, and ignited a hunger for more! Keep your data lines active with our Generative AI News Nexus, because we're committed to serving up a monthly feast of AI marvels!
🔗 As thanks for cruising with us through the AI journey together, grab these awesome resources to supercharge your AI engine and keep the momentum going:
AI for Social Good: Improving Lives and Protecting the Planet - Mckinsey
AI in Full Bloom: Agency Guide to Scaling from Pilot to Production - General Dynamics, Google Cloud
Generative Artificial Intelligence and Cyber Security in Central Banking - BIS
Next Gen Tech: Artificial intelligence - Bank of America
The Threat and Promise of Generative AI - Mastercard, Banking Dive
AI and ML in Financial Services - Publicis Sapient, Google Cloud
Demystifying Algorithms and Artificial Intelligence (AI) - Deloitte
If you're hungry for more fintech insights, check out some of our other work at WhiteSight.
If you're someone who likes to read think pieces, you will likely love our monthly blog, Fintersections, where our team members analyse the convergence of fintech with the world.
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