
FinTech 101: How financial technology affects everyday life [video] - urahara
http://www.reuters.com/article/usa-fintech-videoexplainer-idUSKBN19X2ZK
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spudlyo
Can we change the link to point to the full video[0]?

[0]:
[http://www.reuters.com/video/2017/07/12/fintech?videoId=3720...](http://www.reuters.com/video/2017/07/12/fintech?videoId=372088194)

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erikb
If this is fintech, traditional banks don't have to worry much.

The real tech is something that replicates every day things like paying for
something, checking bank account, transfering to other accounts or friends,
making saving plans, analysing how a loan for a car or house or investment
would fit into the current situation.

What AI can do on top is making assumptions about the future, e.g., based on
the last 3 years spending and the current loan you consider taking out, how
will your bank account look like in 10 years and why?

What AI can do is give risk/opportunity assessments for certain scenarios
based on anonymized data from all the users, e.g., getting a raise, moving to
another town, losing your job, getting divorced, having a baby.

What AI can do is figure out based on activity patterns (like a computer virus
scanner) when you get an offer that tries to cheat you, when you don't have
enough info to make a decision, or when someone hacks your account, stole your
credit card or similar. And last but not least it can tell you if you forgot
to pay the utility bill yesterday, because yesterday was the 1st and you
usually pay that on the 1st.

What AI, at least in its current form, is probably not able to do is talk to
you like a human.

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spking
Can confirm. Just this past week I observed mortgage loan officers taking
inbound calls from prospective customers. The nuances involved in answering
the huge spectrum of questions and complex answers around home loans (for
instance) won't be replicated by machines for quite some time. In general,
when people are making big financial decisions they will be more comfortable
talking to another person than AI until there truly is no detectable
difference anymore (20+ years away)?

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scribu
I enjoyed the overview about what fintech is.

But the middle of the video, the startup guy makes some bold claims about
their AI - essentially that it has human-level understanding of natural spoken
language.

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jsemrau
>a start up that builds an artificial intelligence platform for financial
services.

I didn't even started watching after reading this sentence. That's like saying
"System using Applied Mathematics in Financial Service"

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downrightmike
Adblock, adblock Plus and ghostery all together blocked 13 things. That's
after what Pi-Hole blocked.

