Issue 406 · Mar 9, 2023 Weekly edition · 5 min read

Issue #406 - AI: Supporter Or Competitor?

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Issue #406 - AI: Supporter Or Competitor?

2023-03-09

Our newsletter opens with the regulatory issues that constantly hit fintech companies – especially after the collapse of FTX. The effects of the fall of the exchange still affect companies and, of course, its debtors. But today, we would like to focus on AI. It’s no secret that artificial intelligence is already changing how businesses work and develop, but not everyone agrees on the topic: while some consider AI as a competitor of humans, others consider AI as a great supporter. Binance and Tesla are only some of the companies that are introducing AI-products – and even workforce. This debate is even more important if we consider that fintech layoffs don’t stop. This and much more on FinTech Weekly, the free fintech newsletter to stay ahead of competition and discover the latest fintech news and events.

By FinTech Weekly

via FinTech Weekly

AI is being used by companies across several industries and for countless reasons. Also fintech companies can benefit from artificial intelligence: from cybersecurity to reduced costs, fintech companies can implement AI to reach their goals.

Banking-as-a-Service: What It Is & How To Play

via FinTech Weekly

Banking as a Service (BaaS) is a great occasion for companies that want to easily integrate banking services into their models.

Top Events

Future Branches in Boston

via WBR Event

What is your branch doing to exceed their expectations and meet the needs of other generations as well? Future Branches is two days of action-packed stories, conversations and connections with the top minds in retail banking. We will explore how leading financial institutions are revamping retail banking technology, retooling front line associates, and creating the branch and retail banking experience of the future. You’ll get actionable strategies to provide personalized high touch experiences for today’s customers. This is THE meeting place to benchmark against the best of the best in financial services.

Podcasts and Videos

News: JP Morgan bans ChatGPT, while female founders are on the rise

via Fintech Insider

Benjamin Henson, host of the Fintech Insider podcast, invited Lena Hackeloer, Mary Agbesanwa and Ruth Foxe Blader to his recent podcast episode to discuss last week’s news from financial services, fintech and banks – including JP Morgan restricting his staff from using the popular AI bot ChatGPT.

Jobs

via Unit

As a member of our team, your main responsibility will be to develop and expand our payment operations function, which involves managing various payment processes across different banking partners and third-party integrated platforms.

via CrossRiver

Perform statistical analysis to determine Fair Lending regulatory risks associated with CRB and its Marketplace Lending partners in underwriting, pricing, and servicing.

via StarlingBank

We have built our entire banking platform in house and mostly in Java. We are looking for people who want to work on building the tooling that is used by our engineers on a daily basis.

Crypto

FTX: Alameda Research sues Grayscale Investments in effort to recover funds

via Fox Business

John Ray III, new CEO of FTX who is also leading the FTX debtors, spoke during a House Financial Services Committee, accusing Grayscale. The sister company of FTX, Alameda Research, sued Grayscale Investments for prohibiting shareholders of its Bitcoin and Ethereum Trusts from redeeming their shares.

Banking

London fintech Griffin receives authorisation with restrictions to become an official bank

via Tech Funding News

The fintech firm Griffin is now transitioning from fintech startup to bank. The London-based fintech is officially on the Financial Conduct Authority (FCA) registry. This means it can act as a bank, but with some limits. Griffin will begin working with a few customers that will have early access to BaaS products and will prepare for general availability.

Banking technology provider Amount cuts 25% of staff

via Banking Dive

Fintech layoffs don’t stop. Banking technology company Amount cut off 25% of its workers, about 130 people. These cuts are the second round of layoffs in less than one year.

Innovation

Binance Launches Bicasso To Turn Users Creativity Into NFTs

via Benzinga

Binance, the largest cryptocurrency exchange, launched a new product on Wednesday called Bicasso. This new product will use AI to turn users’ creations into NFTs. The beta version is limited to 10,000 mints.

Fintech

via AIM

In a recent interview, Satya Mallick, CEO at OpenCV, said he believes that the development of generative AI is a significant innovation. This innovation brings the issue of copyright infringement in AI art, but at the same time, we should consider artificial intelligence as a collaborator that can allow humans to be more productive – and not as a competitor.

Tesla Day: 'Optimus' AI robots may outnumber humans in future, claims Elon Musk

via Interesting Engineering

Tesla CEO, Elon Musk, announced the company's latest development in AI powered robots. Musk said that Optimus – the company’s robot – may outnumber humans in the future. He also said Tesla is making significant progress in developing these powered robots and that they are designed to cover numerous tasks. Is this going to create problems in the tech industry?

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