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When we think of companies that are at the forefront of technological innovations, global financial institutions are not necessarily recalled.

Instead, giant tech giants like Amazon, Apple, and Alphabet dominate the conversation around innovation and attract more attention.

However, with new technologies such as Artificial Intelligence (The Power Of AI & ML Technologies In Banking & Financial Sector) becoming mainstream, even the classic gatekeepers of the financial sector cannot ignore them.

Now, the biggest banks around the world are doubling down on their AI dramas.

Let us listen what’s their opinion on AI in banking

Capital One — United States

Sberbank — Russia

Also, in 2018 Forbes Global 2000 is Russia’s largest financial institution, Sberbank. Sberbank is no stranger to AI and has previously hosted competitions to promote innovation in space. In 2018, the Russian Bank hosted its “Classic AI Competition,” where teams from across the country were invited to use AI to compose a poem similar to the author’s claim of 1,000,000 rubles.

Recently, Sberbank hosted a demo-day event in Moscow, showing some of the top AI innovations in Russia. The event was showcased from the Sberbank and 500 Startups Accelerator Program, and as a result, seven finalist teams will go to the 500 Startups Startup Launch Program held in San Francisco. In addition to the finalists, Sberbank will continue to collaborate with all 30 teams competing in the accelerator batch to help them grow and integrate with the bank ecosystem.

The finalists include a project that uses AI to create tools for labeling large data sets, Mishka AI, a smart soft toy that incorporates AI to deliver child-focused content automatically, and a fabulous Healthcare AI Play promoting AI and neural networks. For the medical imaging field.

Like Capital One and other American banks, Sberbank is also expanding to new areas that were not historically significant. According to Bank President Hermann Greff:

Bank Hapoalim — Israel

Continuing on the Forbes Global 2000 list is Israel’s largest financial institution, Bank Hapoalim, which has not let the AI ​​trend overtake it. The Bank of Israel has chosen not only for economic opportunities in investing and partnering with AI teams but also for business activities.

Over the summer, Bank Hapoalim participated in a $ 30-plus million funding round for ThetaRay, a cybersecurity solution provider using AI to help financial institutions detect fraud and other irregularities in banking practices. As companies continue to grow and businesses expand operations to include more diverse customers, the amount of data that needs to be analyzed is much higher. Mark Gazit, CEO of Teataray, explained:

Final Conclusion:

Nowadays, there is no knowledge of buzzwords in the technology space. From 2017’s Blockchain Mania to the Internet-of-Things (IoT), Virtual Reality (VR) and Augmented Reality (AR), there’s plenty to keep track of. If buzz-worthy trends are here to stay and an important point to follow when analyzing what another flash in the pan is, then the most important financial institutions in the world can make a strong case for what they are betting on — and what AI looks like is a big bet.