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Barclays’ global head of FIG banking says fintechs need 88% fewer programmers thanks to AI

FinCrypto Staff

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Barclays' global head of FIG banking says fintechs need 88% fewer programmers thanks to AI

Sabry Salman, global head of financial institutions at Barclays and fintech banking, attended Money2020 Europe, a finance and technology conference in Amsterdam, and learned a few things about the future of fintech as a result.

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Even more significantly, Salman suggests that fintech companies will need fewer developers in the future. Significantly less.

A fintech that hired 40 programmers a few years ago would need to hire just 5 who “write intelligent code and use artificial intelligence,” Salman says. This is a drop of 88%.

If he’s right, the fintech jobs that have been popular alternatives for developers leaving the banking sector could be on the verge of drying up just as banks are also looking to artificial intelligence and automation to reduce their costs.

The main fintechs they’re not necessarily backing Salman’s claim, for obvious reasons, but they’re definitely experimenting with the technology. John Collisonfounder of Bandhe said in a chat in front of the fire last October that the payments fintech is “using and implementing multiple uses of LLM across many parts of the product.” However, he said somewhere else that fintech’s implementation of artificial intelligence is “bottom up”. This means that the company was “get[ting] LLM in everyone’s hands” and allowing them to find their own tricks for efficiency.

However, it is certainly not a case of plug, play and lay (off); Collison stated that “one of the major obstacles to serious business applications is the fact that [LLMS] we just make things up every now and then.” That was Stripe intensification of hiring recently indicates that these issues have yet to be fully resolved.

Big banks aren’t that impressed with programmers these days. Chief Economist at UBS Paolo Donovan call coding a “well stranded” while Goldman Sachs CIO Marco Argenti suggested that timely engineering languages ​​(that is, English) are what young people should study.

The incursion of AI could coincide with another major cultural shift for fintech; his metamorphosis from financial brother. The days of sloppily dressed CEOs could be numbered, as Salman noted, conference attendees had “changed their wardrobes for some smart jackets (and financial bros) vest).”

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Lloyds and Nationwide invest in Scottish fintech AI Aveni

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Lloyds and Nationwide invest in Scottish AI fintech Aveni

Lloyds Banking Group and Nationwide have joined an ÂŁ11m Series A funding round in Scottish artificial intelligence fintech Aveni.

The investment is led by Puma Private Equity with additional participation from Par Equity.

Aveni creates AI products specifically designed to streamline workflows in the financial services industry by analyzing documents and meetings across a range of operational functions, with a focus on financial advisory services and consumer compliance.

The cash injection will help fund the development of a new product, FinLLM, a large-scale language model created specifically for the financial sector in partnership with Lloyds and Nationwide.

Joseph Twigg, CEO of Aveni, explains: “The financial services industry doesn’t need AI models that can quote Shakespeare, it needs AI models that offer transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.

“FinLLM’s goal is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models in our selected financial services use cases.”

Robin Scher, head of fintech investment at Lloyds Banking Group, says the development programme offers a “massive opportunity” for the financial services industry by streamlining operations and improving customer experience.

“We look forward to supporting Aveni’s growth as we invest in their vision of developing FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity,” he said.

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Fairexpay: Risk consultancy White Matter Advisory acquires 90% stake in fintech Fairexpay

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Treasury Risk Consulting Firm White Matter Alert On Monday he announced the acquisition of a 90% stake in the fintech startup Fair payment for an undisclosed amount. The acquisition will help White Matter Advisory expand its portfolio in the area of cross-border remittance and fundraising services, a statement said. White Matter Advisory, which operates under the name SaveDesk (White Matter Advisory India Pvt Ltd), is engaged in the treasury risk advisory business. It oversees funds under management (FUM) totaling $8 billion, offering advisory services to a wide range of clients.

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White Matter Advisory, based in Bangalore, helps companies navigate the complexities of treasury and risk management.

Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalised Remittance Scheme (LRS) Regulatory Sandbox, boasts features such as best-in-class exchange rates, 24-hour processing times and full security compliance.

“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technology platform and regulatory approvals to enhance its services to its clients,” the release reads.

The integration of Fairexpay’s capabilities should provide White Matter Advisory with a competitive advantage in the cross-border remittance and fundraising market, he added.

The release also states that by integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

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Rakuten Delays FinTech Business Reorganization to 2025

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tipranks

Rakuten (Japan:4755) has released an update.

Rakuten Group, Inc. and Rakuten Bank, Ltd. announced a delay in the reorganization of Rakuten’s FinTech Business, moving the target date from October 2024 to January 2025. The delay is to allow for a more comprehensive review, taking into account regulatory, shareholder interests and the group’s optimal structure for growth. There are no anticipated changes to Rakuten Bank’s reorganization objectives, structure or listing status outside of the revised timeline.

For more insights on JP:4755 stock, check out TipRanks Stock Analysis Page.

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White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

FinCrypto Staff

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White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

White Matter Advisory, which operates under the name SaveDesk in India, has announced that it is acquiring a 90% stake in fintech startup Fairexpay for an undisclosed amount.

This strategic move aims to strengthen White Matter Advisory’s portfolio in cross-border remittance and fundraising services.

By integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

White Matter Advisory, known for its treasury risk advisory services, manages funds under management (FUM) totaling USD 8 billion.

Founded by Bhaskar Saravana, Saurabh Jain, Kranthi Reddy and Piuesh Daga, White Matter Advisory helps companies effectively manage the complexities of treasury and risk management.

The SaveDesk platform offering includes a SaaS-based FX market data platform with real-time feeds for over 100 currencies, bank cost optimization services, customized treasury risk management solutions, and compliance guidance for the Foreign Exchange Management Act (FEMA) and other trade regulations.

Fairexpay is a global aggregation platform offering competitive currency exchange rates from numerous exchange partners worldwide. Catering to both private and corporate customers, Fairexpay provides seamless money transfer solutions for education, travel and immigration, as well as simplifying cross-border payments via API and white-label solutions for businesses. Key features include competitive currency exchange rates, 24-hour processing times, extensive currency coverage of over 30 currencies in more than 200 countries, and secure, RBI-compliant transactions.

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