A List Of Fintech Firms Providing Free Technology During The Coronavirus Crisis

Coronavirus, or Covid-19, is preoccupying everyone at the moment, and in different ways. Businesses in almost every sector face a rough ride ahead, as they close offices in response to protecting employees health and responding to government instructions to stay at home and avoid contact with others.

Meanwhile, most of us still need money. We have to pay for food and online products, and for that we depend on bank services. And at this critical time, the more traditional banks have been receiving support from the fintechs, so that they can continue to support their customers.

According to Ron Shevlin writing for Forbes, the fintechs are “extending free, discounted, or accelerated deployment offers to financial institutions.”

So let’s see what some of them are doing.

Active.AI has a pre-built virtual assistant that can be quickly customized with answers specific to the institution. It is offering a 30-day free trial.

Agolo is providing customers with AI-generated summary feeds focusing on the impact of coronavirus on various sectors such asFinance, Energy, Media & Entertainment, Health Care, Info Technology, etc. It is offering these feeds for free on the web and via social media.

Agora Teen is an interesting fintech that specialises in offering white-label solutions for teenager bank accounts pre-opened by parents. It is offering free access to its products.

BillGO helps track, manage, and pay bills in one place and it is offering its Prism app free to help everyone stay on top of their money.

Brace is a borrower platform and it is helping borrowers to seamlessly apply for mortgage assistance in the event that the hardship is caused by COVID-19.

Digital Onboarding is a fintech offering its clients unlimited usage at no extra cost to help educate their customers/members on how to access money and utilise digital services without visiting a branch.

Similarly, Horizn works with financial institutions globally making sure both customers and employees understand and know how to bank digitally. It is providing a discounted short-term licence package of our cloud-based Customer Digital Platform and Digital Demos, and like other fintechs, it is accelerating deployment to get banks up and running within two weeks.

There are many other fintechs who are rallying around the financial sector and helping those institutions that need to react quickly to support customers. It’s a welcome move from fintechs and it can only help to boost confidence in digital banking once we come out the other side of this crisis.

6 Tech Predictions for 2020

The tech world is constantly changing, and as we enter 2020 and a new decade, we will see even greater differences than we have seen over the previous ten years. Tech experts, who have their finger on the pulse, and are astute when it comes to making predictions about the coming decade in technology, have been discussing the key changes at various conference events worldwide, and I’ve selected six that I think are the most interesting, and significant for those working in tech.

We want more privacy

Privacy has been a major issue over the last two years, highlighted by the Facebook/Cambridge Analytica scandal. Consumers are going to pay more attention to how their data is collected, and how it is stored. As a consequence, more businesses will be looking for cloud-based solutions with privacy features that fully comply with the law and fair consumer practices.

Biometrics will produces more wearables

People are already wearing FitBits, but in the next few years we will probably see more interactive data tracking using heart rate and brainwaves for example, and using them to power personal experiences. One suggestion is that when you lower your heart rate, you’ll see a scene on your screen change colour and sharpness. Positive thoughts may do the same. In other words, we will be using more augmented or virtual reality. Sarah Hill, CEO at HEALium, sees it as a new form of meditation. She says, “These new kinds of meditation are harnessing the power of your body’s own electricity via your wearables to allow the user to feel content in ways that have never been done before.”

Recession-proofed credit

Few people will ever forget the last recession, so as rumours of another one filter through, more people are trying to prevent slipping into a bad credit rating situation by using credit-building fintech tools to bolster their credit scores in advance.”

More AI in publishing

Monetising content has always been an issue for online publishers, and this decade should present them with new solutions, such using machine learning and AI to predict readers’ specific interests and how likely they are to subscribe.

The advance of 5G

Many are agreed that this is going to be a 5G decade. It will probably evolve rapidly and we will see more enterprise applications, plus investment in 5G technology will rise significantly.

The assistant in your car

Niko Vuori, CEO of Drivetime, says, “It is estimated that there will be eight billion digital voice assistants in use by 2023. As voice assistants continue to dominate the home, the in-vehicle usage has remained relatively limited to navigation, despite being one of the only environments that truly requires a hands-free experience.” Expect to have much more voice-assistant technology in your car.

There are many more tech changes to come. What prediction have you seen that appeals to you the most?

Siri is witty, but knows her limits!

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Back in 1956, a man called John McCarthy coined the term AI for artificial intelligence. However it is only in recent years that we have personally witnessed the benefits of AI, and its mass scale adoption by larger enterprises. One of the things that has encouraged the use of AI is the need to understand data patterns, because companies want to know much more about their target audience and Ai allows them to gain useful insights into consumer behaviour.

There is much to be gained by understanding AI, including the fact that it is segmented into ‘weak’ and ‘strong’ sectors.

WEAK AI
Weak AI is also known as Narrow AI. This covers systems set up to accomplish simple tasks or solve specific problems. Weak AI works according to the rules that are set and is bound by it. However, just because it is labelled ‘weak’ doesn’t mean it is inferior: it is extremely good at the tasks it is made for. Siri is an example of ‘Weak AI. Siri is able t hold conversations, sometimes even quite witty ones, but essentially it operates in a predefined manner. And you can experience its ‘narrowness’ when you try to make it perform a task it is not programmed to do.

Company chatbots are similar. They respond appropriately when customers ask questions, and they are accurate. The AI is even capable of managing situations that are extremely complex, but the intelligence level is restricted to providing solutions to problems that are already programmed into the system.
STRONG AI
As you can imagine, ‘Strong AI’ has much more potential, because it is set up to try to mimic the human brain.  It is so powerful that the actions performed by the system are exactly similar to the actions and decisions of a human being. It also has the understanding power and consciousness.

However, the difficulty lies in defining intelligence accurately. It is almost impossible or highly difficult to determine success or set boundaries to intelligence as far as strong AI is concerned. And that is why people still prefer the ‘weak’ version, because it does not fully encompass intelligence, instead it focuses on completing a particular task it is assigned to complete. As a result it has become tremendously popular in the finance industry.
Finance and AI
The finance industry has benefited more than many by the introduction of AI. It is used in risk assessment, fraud detection, giving financial advice, investment trading, and finance management.

Artificial Intelligence can be used in processes that involve auditing financial transactions, and it can analyse complicated tax changes.

In the future, we may find companies basing business decisions on AI, as well as forecasting consumer behaviour and adapting a business to those changes at a much faster pace.

Artificial Intelligence is going to help people and businesses make smarter decisions, but as always we need to remain mindlful of finding the right balance between humans and machines.

The everyday uses of AI

When it comes to Artificial Intelligence (AI), many of the people I talk to think that it is either something that is coming in the future, or interest in it is limited to geeks. Some see it as a negative tool that will destroy employment for people. And they are surprised when I tell them that they are probably using AI in their everyday lives already — they just aren’t aware that something like a Google search is AI based. And those adverts you keep seeing on social media because one day last week you searched for ‘holidays in the Maldives’ — that’s all down to AI.

Here are some of the everyday uses of AI that you may not be aware of. They have been compiled by 12 experts from Forbes Technology Council.

1. Customer Service

Data analytics and AI help brands anticipate what their customers want and deliver more intelligent customer experiences — better than the old call centre one anyway.

2. Personalised Shopping

When you shop online and you visit a site and look at a product, you may find you suddenly get recommendations for similar products — that’s AI.

3. Protecting Finances

For credit card companies and banks, AI is indispensible, especially in detecting fraudulent activity on your account. It saves all of us from the pain.

4. Drive Safer

You don’t need a self-driving car to use AI. For example, lane-departure warnings, adaptive cruise control and automated emergency braking are all AI functions.

5. Improving Agriculture

Agriculture is an important element of our lives, because we all want and need to eat. AI is improving this important sector with the following examples: satellites scanning farm fields to monitor crop and soil health; machine learning models that track and predict environmental impacts, like droughts; and big data to differentiate between plants and weeds for pesticide control.

6. Our Trust in Information

Trust in information is one of the most critical issues of our current times. We are bombarded with images and articles that we just don’t know if they are telling the truth or not. Experts say that AI will change how we learn and the level of trust we place in information. AI will help us identify the deep fakes and all those methods of sharing ‘fake’ information, and that is very important.

The ways in which we use AI are growing all the time — and if you think you’re not using it, you almost certainly already are.