Across the financial services sector, firms are looking to make their processes faster and less resource-intensive, with increasing numbers turning to artificial intelligence (AI) to automate their decision-making. On the face of it, this is a good thing for consumers, since their applications are dealt with sooner.
 
However, there are concerns that such efficiency comes with a caveat. What if the decisions being made aren't fair and cause financial exclusion by unintentionally discriminating against certain groups or individuals?
 

Scality announced its data storage predictions for 2023, capping a year of unprecedented ransomware attacks and unstructured data growth that complicate the work of IT teams to run efficient enterprise computing resources.

FactSet, a global provider of integrated financial information, analytical applications, and industry-leading services, today announced its collaboration with BMLL Technologies (BMLL) to offer the company’s granular order book history and analytics in the cloud.

bondIT, a provider of next-generation investment technology, announced today that it has raised $14M in a new investment round led by BNY Mellon, with participation by existing investors. As part of the investment, BNY Mellon will join bondIT’s Board of Directors.

AppTech Payments Corp. (AppTech) (NASDAQ: APCX), an innovative Fintech company powering seamless, omni-channel commerce between businesses and consumers, today announced two strategic new hires to expand its leadership team and enhance company operations. Deborah Hinderstein has joined AppTech as Vice President of Payment Operations along with Alexander Amaeze as Technical Product Manager.

Iliad Solutions, a worldwide leader in payments testing, is pleased to announce the appointment of Lisa Forsythe, as Customer Success Manager, supporting its growing financial services client base. She brings over 14 years industry experience gained at TSYS, a Global Payments company.

Tonga Development Bank (TDB), the longest-serving bank in the Kingdom since 1977, today announced that it has chosen European paytech BPC to be its HA’AMO 2 (solution partner), helping to accelerate digital transformation in the Polynesian banking sector.

People across the UK are continuing to buy physical presents such as toys and clothes for children, despite parents, family and friends all agreeing they’d prefer to give money, new research has found.

Sixty-one per cent of UK parents with children under the age of 18 said they would prefer friends and family members – such as grandparents – to cut down on physical present buying, with a similar proportion (60%) seeing it as wasteful to receive gifts their children quickly grow out of.

smartKYC announces Stephen Manly as the company’s new Head of Sales. 

Stephen will be responsible for driving revenue and sales team leadership. A consultative, enterprise sales professional for more than 25 years, Stephen has spent the last six years developing his subject matter expertise in KYC processes and technology. 

Finastra research reveals that Open Banking is now universally and unequivocally regarded as a key part of a bank’s landscape, with 99% of respondents considering it either a ‘must have’ or ‘important’, up from 94% last year. The proportion of global financial institutions that consider it a ‘must have’ has risen to 61%, a notable increase from 2021 (51%).